As surprising as this may be, downsizing isn’t just for the old or frail. In fact, there’s a new trend over the last few years where people in their 50s, 40s, and even 30s are selling their large properties in favour of something smaller. When inflation is high, or the real estate market takes a turn, it makes sense that many people set their sights on a more affordable lifestyle.

If you’ve owned a house for several years, cashing out the equity can be a serious boost to your quality of life. There’s the one-two punch of having more liquid cash and fewer expenses that can be comforting during challenging economic times.

However, the interest in downsizing isn’t purely financial. For many people, it allows them to enjoy more freedom and less stress, and can even open up the possibility of travelling or pursuing new skills. Is this an avenue you should explore? 

Signs You May Be Ready for a Change

Sometimes, the signs of whether you’re ready to downsize are easy to spot. Your house feels far too big and empty, and you’re growing tired of the expense and effort of maintaining it. Other times, the signs may be more subtle. 

How does it feel when you imagine living in a smaller space? If your first thought is, “Where will all my stuff go?” or the mere suggestion makes you feel cramped or claustrophobic, you may not be ready. 

On the other hand, if the thought fills you with excitement and you’re already making plans with what to do with your spare time, then downsizing may be overdue. Here are a few other signs that the time is drawing near: 

  • You have one or more rooms that you haven’t used in the past few months or even years. 
  • You have boxes from your last move that you haven’t unpacked yet.
  • It seems that whatever you are searching for is always on a different level from where you are.
  • You may have an entire room dedicated to clutter and knick-knacks that you don’t even recognize.

Do you need more ideas for a seamless transition? The posts below will help:

The Value of Planning Ahead

Downsizing isn’t necessarily your only path, but it may be the most straightforward. And it’s not like you have to get the ball rolling tomorrow. But if something is nibbling at the back of your mind, then a change in scenery can be just the thing to give you a new outlook on life. 

Planning ahead will help to streamline the entire process when the time does arrive. You can start simple:

  • Don’t worry about the small details yet. 
  • Map out what you want and where you want to go.
  • Now is a great time to begin thinking about all your belongings. What will you keep? What will you not miss if you get rid of it?
  • What are your plans after your house sells? Will you buy a new one? Or travel the world?

As with many things, the first step is often the hardest when downsizing. Once you start making plans, you may be pleasantly surprised at how quickly everything else can come together.

Decluttering and Getting Organized

Whether you decide to downsize or not, decluttering is always a good idea. Once your house is shiny and organized, you may fall in love with it all over again. Or you may wonder why you ever needed all that stuff to begin with. In any case, if you’re downsizing, you’re not taking it all with you. Luckily, you’ve already started to think about this step. Now, it’s time to roll up your sleeves and get to work.

  • Start gathering up some boxes and label them, keep, donate, or discard.
  • Take it one room at a time and begin organizing things into those labelled boxes.
  • Carry a couple of boxes out to the car, or recruit some family members to help.
  • Take your unwanted items to a charity donation centre or thrift shop where they can bring joy to someone who needs them more than you.

Decluttering is often one of the most overwhelming aspects of downsizing. However, by taking it in small increments, it becomes much more manageable. Whether you decide to sell your home or not, having it clean and organized allows you to enjoy your living space more.

Buying a house in the GTA can be challenging in today’s market. The resources below can give you a competitive edge:

A Look at the Market

Before deciding whether to buy or sell, a little market research will pay off. It’s not that you need to wait until conditions change to take your next step. However, knowing what you’re up against will allow you to capitalize on any advantage you have, big or small. For example:

  • A competitive seller’s market where many buyers are searching could simplify the process of selling your home, but make it more difficult to purchase a new one once your transaction closes. In this case, you may decide to find a new house before putting yours on the market if you are financially in a position to do so. 
  • If the market is slow, your house may take longer to sell and may not earn quite as much as when multiple offers are the norm. However, you’ll have more options to choose from when you begin your home search, making your next purchase less rushed and stressful. 

In either situation, you have strengths and weaknesses. Knowing them will help you to get the best possible results. A local real estate agent can help you analyze the market and take advantage of any hidden opportunities. 

By understanding your goals and where you stand, you can act on your own terms and do what is right for you when it’s right for you. 

Do you have questions about downsizing in the GTA in the current climate? I am happy to provide honest advice about your options. Reach out to damir@damirstrk.com or call 416-884-7925 for more information.