When thinking of downsizing, many associate it with empty nesters and retirees, but smaller homes are quite popular with all age groups and lifestyles.
Whether you are looking to free up extra capital, lower monthly expenses, or reduce the amount of space in the home to fit your current needs, it’s important to remember that this is not a one size fits all project, and there are many downsizing solutions for everyone.
Here are a few ways that you can downsize your home:
Smaller homes aren’t just for singles or first-time buyers anymore!
With many new technologies, it’s much easier to share a small space with others than it used to be. Multi-function rooms are much easier to create and with the right storage in place, they can make for great space-saving.
When planning to move into a smaller home, it’s important to have a clear understanding of your family's needs so you’re not sacrificing things that are crucial to your day-to-day life and that it can meet your lifestyle demands.
Think Murphy Beds or raised beds with desk space underneath or multifunctional rooms such as spare bed/office/workout/reading room. The more you can do in one room, the fewer rooms and space you’ll need.
REDUCE COST OF LIVING
One of the reasons people are looking to downsize today is to cut down on the cost of housing.
Selling your home to move into a smaller or less expensive house means putting more into your down payment and lowering your monthly mortgage payments.
Depending on how far into your mortgage you are, and the cost of the home you choose to relocate to, you may even be able to pay in cash and rid yourself of a mortgage payment altogether.
For those aged 50+, the option of a retirement community is another great way to downsize.
Not only will you have a smaller home, but you may also have access to things you didn’t have before, such as; a swimming pool, games rooms, entertainment, golf, and much more!
CONDOMINIUM OR TOWNHOME
If you’re dreaming of a low-maintenance lifestyle, condos and townhomes are a great option.
These homes often offer a taste of luxury that single-family homes do not with amenities like swimming pools, saunas, theatres, gyms, security, and no yard work which give ‘home-time’ a whole new meaning.
Condos and Townhomes are also great for snowbirds or anyone who spends a lot of time travelling as your yard work is taken care of and security services are always on the lookout for any unwanted visitors.
Whatever your reason for downsizing, there are plenty of options and excellent opportunities awaiting you.