As we approach retirement,  

many of us are faced with the age-old conundrum of whether to downsize our homes. It's a difficult decision that requires a careful weighing of the pros and cons. On the one hand, a smaller home can save you money on maintenance, costs of utilities, taxes, and other expenses. On the other hand, it can also mean giving up space, privacy, and memories associated with the home.

If you're on the fence about downsizing, there are a few things to consider. First, will you miss the space that you're giving up? If you're used to a large house with plenty of room for company or hobbies, downsizing to a smaller home may feel cramped. However, if you're tired of maintaining an oversized home, you may find that downsizing gives you the freedom to focus on other things, like hobbies, travel, or spending more time with family.

Another factor to consider is financial. Downsizing can save you a significant amount of money in property taxes, utilities, maintenance, and mortgage payments. For example, if you currently own a 4,000 sq. ft. house, downsizing to a 2,000 sq. ft. home can save you thousands of dollars each year. This extra money could be used for travel, hobbies, or building up your retirement accounts.

But downsizing isn't without its challenges. Personal belongings and cherished memories may be lost or have to be left behind. And if you're moving to a new area, you may be leaving behind family and friends. However, you can offset the emotional impact of downsizing by planning ahead, decluttering, and holding onto meaningful possessions. of course you will need to trash some stuff, sell your house, donate , declutter,keep, sort and recycle. All those fun things... But yes this will simplfy your life. 

One of the biggest advantages of downsizing is the freedom to travel. Owning a smaller home means that you don't have to worry about maintenance and upkeep while you're away. This is particularly true if you choose a townhome or condo where landscaping is taken care of. You can travel without having to worry about your home, which can be a huge relief if you're someone who likes to hit the road regularly. Condos near the Subway offer an efficient means to get Downtown to your old favourite business haunts.

If you're considering downsizing, it's important to be realistic about your needs and wants. While downsizing can save you money and reduce your stress level, it may not be the best decision for everyone. On the other hand, if you find that your house has become more of a burden than a joy, downsizing may be just the answer.

To wrap it up, downsizing is a personal choice that requires careful consideration. A smaller home can save you money, make it easier to travel, and simplify your life. But it can also mean giving up space, memories, and cherished possessions, as well as leaving behind family and friends. Ultimately, you'll have to weigh the advantages and disadvantages and decide whether downsizing is the right choice for you.

Posted by Kathy Gordon on


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