Money Matters
The bulk of Canadians have a massive chunk of their personal equity tied up in real estate which makes sense as it is often the largest purchase of their lives. As such, it also holds the highest potential re-sale value. Selling a larger home to move into a smaller one can free up finances to help make retirement a reality or provide a a cozy cash cushion. The trouble is deciding if the hassle involved in moving is worth the financial rewards.
Identity Crisis
Most of us like living in a comfortable environment that reflects who we are and enjoy sharing that space with friends and family. Many individuals see downsizing as a “downgrading” experience, trading a prestigious property for a lesser version of what they have. So the question becomes… are you your house or can you separate the two and see yourself happy in a smaller space?
A Clean Break
Let’s be totally honest here… a smaller house means less space to keep clean; less hour spent vacuuming, sweeping, washing, dusting, painting, fixing and worrying. The relief from letting go of the housework and maintenance itself could be motivation enough to move, but take it a step further and imagine what you could do with all that extra time.
The Guest Room
The reality of the situation is this, having multiple unoccupied rooms to accommodate out of town guests can be very important to some people, but how much value do you place on this unoccupied space and how often is it actually needed? In a downsized home, you can still have guests and employ space savers such as a murphy bed, convertible sofa, or even book a nearby rental or B&B as accommodation for those occasional visitors.
Health Matters
Living alone in a big old house can often create feelings of isolation which has been proven to be one of the biggest health risks of old age, not only mentally but physically. Downsizing to a neighborhood that encourages social interaction, either through design or demographics, can be a health-smart move.
Cutting Back
Packing a house can be a stressful situation, especially when the final destination is a much smaller living arrangement. You need to ask yourself if you are ready to let go of a good percentage of your belongings. Thinking through where possessions like furniture and and household items will go in a smaller space, can give you a realistic idea of what can come with you and what can’t. Letting go of once cherished objects can be hard, so take your time and have a good look at what really matters to you. After all, reassessing the way you live and ways it can be improved is never a waste of time.