5 Things All Empty Nesters Must Know About Downsizing

Are you considering downsizing your home now that your children have flown the coop? Here are 5 things every empty nester needs to know about downsizing.

 

 

 

If you are on the fence about downsizing, you’re not alone! A significant number of Canadians, whether empty nesters or not, are considering downsizing. And for a good reason. Many individuals who are considering moving into a smaller home are people who:

  • Recently found that their home has become an empty nest
  • Are retired or are getting ready to retire
  • Want to move closer to their adult children
  • Are tired of house and yard work and want to spend more free time doing things they love
  • Live in a home that is larger than what they require in the present
  • Find that increased taxes and carrying costs are becoming too large a burden
  • Are ready to tap into the home equity they’ve built up

 

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With over 40 years of experience in Canada’s real estate industry, we have witnessed the stress and uncertainty that can come with buying or selling a home. Our team can help by providing an all-inclusive one-stop shop concierge service for all your downsizing and other real estate needs.

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5 Surprising Facts About Downsizing All Empty Nesters Should Know

Have your children left for university or marriage? If so, the house is most likely quieter than it’s ever been. Empty nest syndrome is a real condition and it’s at this stage in life that many people begin to consider downsizing their living spaces.

Downsizing isn’t just about moving into a smaller home; it’s a move that can prepare you for the future, make you feel happier, and cut your living costs significantly.

If you are considering downsizing, here are 5 things to remember when it comes to navigating this next step of your life:

  1. Take your time, but don’t move too slow: Your family home has a lot of memories and it’s no wonder that you want to hold onto it a little longer for nostalgia’s sake. While it’s okay to take some time after your kids have left to settle into a new routine, don’t wait too long to start downsizing. The longer you wait, the harder it will be to do.

  1. Keeping your bigger home comes with costs you haven’t thought about. Even if you’ve already paid off your home, there are still bills such as taxes, insurance, and energy bills that are higher with a larger home. By moving into a smaller space, you can cut these costs significantly, saving money for your retirement or even the holiday’s you’ve always dreamed of taking.

  1. Don’t just downsize the space, but the things in it too. Most people hold onto things that they don’t need. When you are downsizing your home, it’s the perfect time to declutter your home and get rid of anything extra. Let your children choose anything they want as inheritance (such as family heirlooms) and you can decide to sell or donate the rest. Remember, everything you take to your new home must serve a purpose.

  1. Think about your future lifestyle when choosing a new home. While you may not have any specific age-related needs today, it’s always a good idea to look at the next stage of your life and plan your new home accordingly. Are there lots of stairs? Are the rooms easily accessible? By planning, you’ll be set when you do need assistance.

  1. Downsizing can be emotional, but don’t be deterred. Your family home holds many memories, but remember that those memories are in your heart and mind. By downsizing, you’ll be doing the best thing for you and your spouse, and by selling your home, you’ll be opening up the opportunity for a young family to make memories of their own.

 

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With over 40 years of real estate experience, the Mel Star team in Calgary can help you find your dream home, no matter your needs, lifestyle, and specific preferences. To find out more about how we can help you transition into your new home smoothly and quickly, contact us at (403) 284-6333, fill in our contact form or visit in person at 206-2411 4 St NW, Calgary, AB T2M 2Z8.

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