Does Downsizing Make Sense For You?

October 28, 2020

Downsizing generally entails moving from a larger property to a smaller one. This can mean going from a home to a condo or rental, or simply a smaller home. Many people consider doing this after a major life milestone, like retirement or adult children moving out on their own. However, while it can be a practical decision, that doesn’t always mean that it’s ideal. So, does downsizing make sense for you? Here are some points to consider that may help you decide before you reach out to the top realtor in Victoria, BC.

Does downsizing make sense for you?

How Hard Is It To Maintain Your Home?

While there is a major financial component to your downsizing decision, let’s first assume that money isn’t an issue. Many people might be able to afford a home or have it paid off already but still struggle with upkeep. This is especially the case with older homes that need a lot of repairs or homes with large yards that lead to regular maintenance. Homeowners, in these cases, need to decide whether or not they will pay people to do this for them or do it on their own. After a while, you may want to avoid both and opt for something that requires less time with housework or lawn care. If this is the case, then downsizing may make sense for you.


Has Your Family Structure Changed?

The priorities people have are going to change a lot during their lives, and where you live is no different. For a young couple planning to start a family, proximity to great schools and recreation for their children may be a high priority. When those children are grown and out on their own, suddenly, this may not be as paramount. However, you still may be paying a premium on some of those early benefits through property taxes and the like. As a result, downsizing may allow you to choose a home that’s more compatible with your current lifestyle. If you’re interested in seeing the beautiful listings we currently have available, you can find them on our page for listings around Victoria, BC.


Trying To Save Money?

Now, we can start talking about the financial side of downsizing. One of the biggest reasons people opt to go for a smaller home is to increase their cash flow. This manifests in a number of ways. For example, you will likely be paying less on your mortgage in your new home than you are before. In addition, you may be able to save on utilities, as it costs less to heat or cool your smaller home. With this said, don’t automatically make an assumption here. Try to do your due diligence to ensure your smaller home is also a less expensive one. This is an area where speaking to your real estate agent is a good idea. They will be able to help you find the best option for your specific needs.


So, Does Downsizing Make Sense For You?

People have a lot of points that they need to consider when deciding whether or not they are ready to downsize. Even after you commit to the decision, you still need to find a new home that meets your criteria, while also being an appealing place to live. This is where the support of the best realtor in Victoria, BC comes in. Explain why you are downsizing, and they can connect you to the best fit for this new phase of your life. Ready to get started? If so, then please Reach Out to our team today.