Downsize Your Home, Rightsize Your Life: How to Choose the Ideal Smaller Home

When you've lived somewhere for many years, it can be tough to say goodbye. But if you (or a loved one) currently have a home that is bigger than necessary or is too high maintenance, it may be time to trade unused square footage for a smaller, more manageable space.

Take it from the downsizers who’ve been there: Although living small might require some adjustments, it can also be liberating––especially if you're in a stage of life where past responsibilities have given way to new possibilities and adventures.?

With that in mind, we recommend focusing your search around three key factors: desired lifestyle, optimal design, and long-term accessibility. Read on for specific tips, then call us for a free consultation. We can help you identify the types of homes that are best suited to living large with less.

DESIRED LIFESTYLE

The best part of downsizing is the lifestyle you unlock when you trade square footage for convenience. With fewer chores and home maintenance tasks to worry about, you can instead channel your energy into other pursuits.

As you compare potential homes, keep in mind the type of lifestyle you envision. Do you plan to travel? If so, a home with extra security, such as a condominium or gated community, may offer peace of mind. Or do you plan to have friends and family stay overnight? In that case, you may want an extra bedroom or a floor plan with flex space.

Alternatively, a senior community that offers catered meals and housekeeping may be a better choice if you or a spouse need extra support.

Action item: Write down the activities you hope to add to your life or continue with going forward, as well as the chores and responsibilities you'd love to drop. We can use those answers to help shape your house hunt.

OPTIMAL DESIGN

Even though your new home will be smaller, that doesn't mean it has to feel cramped. Look for features that can help make a space feel bigger, like high ceilings and large windows. And efficient layouts with flexible, multi-purpose rooms and few, if any, hallways work especially well for small-scale living.

Don’t write off a home too soon, though, if it feels congested because of poor design. Cosmetic issues are often easy to fix. We can advise you on which features would be easier or more challenging to modify.

Action item: Make a note of your must-keep furniture and other items. Then pull out a measuring tape and write down the dimensions. Once it's time to visit homes, we'll have a more accurate sense of what will fit and how much space you’ll need.

LONG-TERM ACCESSIBILITY

According to survey findings, the vast majority of older Canadians would prefer to age in their own homes, but only about half currently live in a home with the features to make it possible. [1,2]

Choosing an accessible home will improve your odds of staying put for longer. For example, a single-level home or one with wide enough stairs for a stair lift or access to an elevator may be a more practical choice than a home with lots of narrow stairs. Alternatively, a home with at least one ground-level bedroom and bathroom may also work well for you.

?

Action item: Jot down the accessibility features that are most important to you. We can reference these guidelines as we consider potential homes and suggest ways to adapt a property to meet your current or future requirements.

BOTTOMLINE

You don't have to compromise on comfort to downsize successfully. We can help you strategize your next move and identify the best new home for you—whether that's a smaller home for rent or another one to call your own. And we’ll go the extra mile to maximize your current home's sales price so that you’re set up for financial security.

The above references an opinion and is for informational purposes only.? It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1.???? IPSOS

2.???? Statistics Canada