We are proud to continue our Real Estate Spotlight Series, where we help you learn from industry professionals as you navigate Ontario real estate. Finding the right fit for any professional service is important. As part of our commitment to honest, transparent and personalized real estate services, we are proud to share our network with you.
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This month’s Spotlight features Keith Chen, a Senior’s Real Estate Specialist. Keith Chen has earned his SRES designation and able to meet the special needs of maturing clients interested in selling, buying, relocating or refinancing residential or investment properties.
Keith offers his insights into the considerations for downsizing.
Downsizing on your current property can be a huge decision. Here are some questions to ponder when you consider downsizing.
Is downsizing the right move for you? WHY are you downsizing?
Are you looking to save money from the bills of a larger home? Will the additional savings fund your wish to travel more by allowing you to pay less on property taxes and maintenance (such at heating bills and other utilities) for a large home after your kids have moved out?
Work out your non-negotiables – make sure you have enough space for your daily activities. Let’s assume you have downsized, will you have enough space for your hobbies and/or that new business you are considering?
Plan ahead and play with the dimensions – if you are seriously considering downsizing, measure out the space which you may moving into, put furniture in there and see how it feels.
Do you really need all the things accumulated in your home, which you have gathered over time?
Whether or not you decide to downsize, this exercise is very helpful.
Set aside time to go over each item in your home and be very present to it. Do you really need all the things you own? Why is it meaningful to you? As you do this, having a spreadsheet with the following headers is helpful. Here’s an exercise to get you started:
Sell, Keep, Donate/Give away/ Store (offsite).
As you go through each item in each room, think where they belong under this list and write down so you can act on it later.
Letting go of your belongings can be an emotional process – give yourself permission to grieve. This will take time.
Consider Hidden Costs
If you do decide that downsizing is the way to go, what repairs does your home need to get it ready for sale? Will your existing furniture fit into your smaller home/condo or will you need to donate/sell your existing furniture and purchase new furniture to fit the new space.
Additional costs include moving, property taxes, and storage. If you are considering purchasing a condo or townhouse, these types of property have a maintenance fee which you should factor as an ongoing cost.
You may want to double check to see if you will really be saving money or if you are better off to stay in your existing home.
For more questions about real estate or downsizing, please feel free to contact Keith at keith@keithchen.ca or 416-300-9099.
Disclaimer: Information made available on this website in any form is for information purposes only. It is not, nor is it intended to replace, legal advice. Contact Chu & Huang Law to discuss a specific legal issue and please note that contacting Chu & Huang Law, on its own, does not create a lawyer-client relationship.
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