Is Downsizing Worth It?

Few things are more challenging than selling your long-time family home filled with years of memories. It’s a completely different experience than when you bought your house in the first place. In many ways, downsizing is an even bigger, more life-changing decision, and certainly not one that you will make lightly. 

The constant question at the back of your mind is whether or not downsizing and buying a smaller home is worth it, or if it’s better to stay where you are for now. In this post, we’ll go over a few of the pros and cons of simplifying your life by downsizing. 

Moving on to a new chapter? Read our Ultimate Guide to Downsizing Your Home.

Pro and Con # 1: You Will Have to Declutter

One of the first steps to downsizing your home is going through everything you have and deciding what to keep, donate, sell, or discard. It’s a time-consuming process, to say the least. Many of us have accumulated belongings over the years that we have completely forgotten about or never even used. 

Letting go of simple, practical items with no emotional attachment is the easy part; you just have to set aside the time to get organized. Sorting through sentimental belongings is a different story. 

These are called “keepsakes” for a reason – because you never want to part with them. However, you can’t take everything when moving to a smaller space, and you’ll have to prioritize your most important items while getting rid of almost everything else. 

Decluttering can be overwhelming in so many ways. That is why we’ve placed it at the top of the list of disadvantages. 

Once the task is complete, however, your house will seem so spacious and free, which is also why it’s the number one advantage! Even if you decide to stay where you are for the foreseeable future, going through your home and sorting your belongings is a worthy endeavour. 

Have you decided to go through with downsizing your home? Here are some more resources that can help:

• How to Purge Your Home Before Selling It
• 3 Things Seniors Should Know Before They Sell Their Home
• How to Help Your Parents Declutter

Pro # 2: You Can Free Up Your Equity

Selling a larger family home in favour of renting or buying a smaller place offers significant financial advantages. Real estate values have risen substantially over the last two decades. If you originally purchased your property 10 or more years ago, your equity and purchasing power have also grown. 

Downsizing can mean a higher quality of life during your retirement years, allowing you to pursue hobbies, travel, or create even more memories with your loved ones. Depending on how much equity you have built over the years, downsizing could potentially allow for an earlier retirement than you thought possible. 

Con # 2: You Might Miss Your Home

Some people move on to their next phase with excitement and anticipation and never look back. Other homeowners will struggle a little more. The more drastic the change, the more time it can take to become accustomed to a different space. 

Starting over can be an exciting chapter, but it is completely normal to miss your old home, at least for a while. Once you get settled, you can get to know your neighbours while inviting long-time friends and family members to enjoy your new home and neighbourhood. When that happens, you can honour your past memories while looking forward to future experiences.

A smaller home or a condo isn’t your only downsizing solution! This could also be your opportunity to leave winter behind and enjoy a sunny destination. Learn more in 5 Steps to Becoming a Snowbird.

Pro # 3: You’ll Have More Time and Money

Downsizing your home means more than living in a smaller space; it creates a convenient, more carefree lifestyle. Gone are the days when you’d wake up and think about that long list of maintenance. You no longer have what seems like acres of grass to cut or trees to trim. 

A smaller house also means spending less time cleaning and more time on what you want to do. Perhaps you’ll lose yourself in that book series you were always too busy for, and maybe those funds that were set aside for repairs can go to that all-inclusive vacation you always wanted. 

Thinking about your next steps and where you should live once your house sells? The posts below can help you plan:

• Can Downsizing Really Make My Life Easier?
• What to Look For in a New Home if You’re Retired
• Are Condos Good for Seniors?

Con # 3: Moving Is a Lot of Work

Ultimately, the question of downsizing depends on the person. You may not quite be ready to give up your existing home just yet, and that is perfectly okay. The key is in deciding when, if, and how you will embark on this journey, on your own terms and on your own schedule. 

Whether you’re on the fence about a smaller place or you are already packed and eager to go, there’s no question that moving can be a lot of work. It starts with preparing your existing house for sale in a way that maximizes your results. At the same time, you’re on the hunt for the right home to move into once yours sells. 

This process involves intense cleaning, organizing, and often, some heavy lifting. However, there is also good news! An experienced, full-service real estate team will do more for you than negotiate the terms of your sale and purchase. The Lino Arci Team can arrange for everything from cleaning and decluttering to home staging, moving, repairs and renovations, and unpacking.

When you’re ready, we are here to give you our undivided attention and provide unparalleled service to make every aspect of your move stress-free and even enjoyable. 

Do you have more questions about downsizing?
Our team is proud to offer industry-leading support for our clients. Call 416-571-2724 to get in touch or email us at info@arciteam.com.