June 14, 2023 | Selling

When to Downsize Your Home: 10 Signs It’s Time to Sell

It’s not uncommon for empty nesters or for newly retired couples to consider downsizing. In fact, a number of our clients are doing just that!

Our lives are always changing and it can be hard to predict what your future needs will be. What once may have been the perfect home for you and your family may now seem too large or overwhelming to maintain.

Letting go of the family home can be a tough decision especially after years of building so many amazing memories. However, here are some key signs that it may be time for you to start considering a downsize move:

1️. Your home no longer fits your needs or physical abilities

2️. Your monthly housing expenses have risen above 30% of your income

3. Your monthly budget leaves little leftover cash

4️. You’re feeling overwhelmed with home maintenance

5️. You want or need to convert your home equity into income

6️. Your career or family no longer ties you to your current location

7️. You’re not using all of your property (unused rooms, amenities, or yard)

8️. You want to live closer to your kids and grandchildren

9. You’re ready for a lifestyle change! Perhaps you’re ready to travel and have a more turn-key home that leaves you worry free!

10. You’re ready for a change of scenery! Out with the old and in with the new

If some of the above points describe your situation, it may be time to start thinking about your options. While this may seem like a difficult process and journey to embark on, it can also be a very exciting one.

There are SO MANY positives that come along with letting go of a larger home and downsizing to a smaller home/property:

➡️ Less financial burden

➡️ More time to enjoy family/friends, travel & leisure

➡️ Physically less demanding (if you buy a condo, you’ll no longer need to maintain the exterior of your property)

The initial thought and process seems daunting, but the reward is so much greater!

As always get in touch with our team, we would love to be a resource for you!

Are you thinking of listing your home for sale? Whether you’re ready to act or just have a few questions, we are here for you! Reach out by emailing hello@theoreillygroup.ca or call 905-512-5323 to connect with us today.