Emily Southey<\/a> | 14 minute read<\/span><\/p>\n[\/et_pb_text][et_pb_post_title title=”off” author=”off” date_format=”M j” categories=”off” comments=”off” featured_image=”off” _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_post_title][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width_tablet=”” width_phone=”100%” width_last_edited=”on|phone” max_width_tablet=”” max_width_phone=”100%” max_width_last_edited=”on|phone” custom_padding=”21px||||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@” align=”center” force_fullwidth=”on” _builder_version=”4.18.0″ _dynamic_attributes=”src” _module_preset=”default” custom_padding=”2px|||||” border_radii=”on|32px|32px|32px|32px” border_radii_tablet=”on|32px|32px|32px|32px” border_radii_phone=”on|0px|0px|0px|0px” border_radii_last_edited=”on|phone” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||11px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” global_colors_info=”{}”]<\/p>\n
Are you ready to downsize your home? Learn how to do so the right way with our guide. Below, we outline your downsizing options, offer some insight into the right time to downsize, and provide steps to downsizing your home for retirement.<\/span><\/span><\/p>\n<\/strong><\/h2>\n<\/strong><\/h2>\n<\/strong><\/h2>\nOptions for Downsizing\u00a0<\/strong><\/h2>\nWhen you think about downsizing for retirement, most people think of moving from a home to a condo or apartment. But there are several options for retirees thinking about downsizing, and we break them down as follows:\u00a0<\/span><\/p>\n <\/p>\n
\n- Move into a smaller home: We\u2019ll get the most obvious option out of the way first. Buying and moving into a smaller home is a choice that many retirees make. Small homes offer less square footage and usually include fewer rooms, which might be just what you need now that your kids are out of the house. Plus, there are plenty of benefits that come with a smaller place, like lower utilities, less maintenance, and lower property taxes.\u00a0<\/span><\/li>\n<\/ul>\n
<\/span><\/p>\n\n- Move into a townhouse or condo: Buying and moving into a townhouse or condo is another popular option among retirees. Like a smaller home, these options have less maintenance and lower utility bills. However, they might also offer a sense of community and a variety of amenities, like a sauna, pool, garbage collection, 24-hour concierge, and more.\u00a0<\/span><\/li>\n<\/ul>\n
<\/span><\/p>\n\n- Rent an apartment: Renting an apartment is another viable option for retirement. Renting is cheaper than buying, there\u2019s minimal maintenance, and like a condo, apartment living offers access to all kinds of amenities. Plus, if you rent an apartment, you might be able to afford to live in a more central location, such as in a city centre.\u00a0<\/span><\/li>\n<\/ul>\n
<\/span><\/p>\n\n- Buy an RV: If you don\u2019t like being tied to one place and love the idea of a post-retirement adventure, why not purchase an RV and travel the country? There are many types of RVs to choose from, including camper vans, motorhomes, and travel trailers. While the square footage is minimal, you won\u2019t have to worry about utility bills, mortgage payments, or home insurance.\u00a0\u00a0<\/span><\/li>\n<\/ul>\n
<\/span><\/p>\n\n- Find a senior community: Moving into a 55+ community might also be worth considering. Taxes are typically lower in these communities, you will live around people your own age and gain access to amenities like golf courses or swimming pools. The only downside is that the homeowners\u2019 association fees for senior communities can be high.<\/span><\/li>\n<\/ul>\n
<\/span><\/p>\n\n- Move in with a child or family member: If part of the reason you want to downsize is to live closer to a family member, such as an adult child, then one option might be to move in with them. If their situation allows for it, this could be a convenient option that allows you to spend time with your family and receive any health-related support you might need. You could even look into adding an in-law suite to the home that includes a private living area, bathroom, and kitchen.\u00a0<\/span><\/li>\n<\/ul>\n
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Nine Signs It\u2019s Time to Downsize for Retirement<\/strong><\/h2>\nIf you are currently debating whether it\u2019s time to downsize for retirement, we\u2019ve put together a list of signs that it might be the right time to downsize.\u00a0<\/span><\/strong><\/p>\n<\/strong><\/h3>\n<\/strong><\/h3>\n<\/strong><\/h3>\nYour monthly housing expenses have risen significantly\u00a0<\/strong><\/h3>\nIf housing prices have gone up, and since retiring you are finding it more difficult to make ends meet and pay off your monthly mortgage, this is a sign that downsizing is for you. Living in a smaller space usually translates to smaller monthly mortgage payments, alongside less expensive property taxes, maintenance, and utilities. <\/span><\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#edf7f3″ custom_padding=”32px||32px||true|false” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on” da_disable_devices=”off|off|off”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_text_align=”center” header_2_text_color=”#38505b” header_2_font_size=”2.63rem” header_2_line_height=”3.75rem” max_width=”800px” module_alignment=”center” header_2_font_size_tablet=”32px” header_2_font_size_phone=”27px” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”3.75rem” header_2_line_height_phone=”32px” header_2_line_height_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n
\u201cA townhouse, also known as a townhome, is a type of residential real estate property that shares exterior walls with neighbouring homes. They are typically larger than a condo but smaller than a single-family home.\u201d<\/strong><\/h2>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||24px||false|false” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on” da_disable_devices=”off|off|off”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”23px||38px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” global_colors_info=”{}”]<\/p>\n
Your monthly budget is stretched thin<\/strong><\/h3>\nIt\u2019s normal for your financial picture to change after retirement. But if you\u2019re frequently dipping into your savings account to cover housing expenses, this might be another sign that it\u2019s time to downsize. Downsizing to something more affordable, even a few years in advance of retirement, can save you thousands of dollars each year.\u00a0<\/span><\/p>\n <\/p>\n
<\/strong><\/h3>\nYou\u2019re overwhelmed with home maintenance<\/strong><\/h3>\nOne of the most common reasons to downsize is because you are feeling overwhelmed with the burden of maintenance. Maintenance of a home can be a lot at any age, but it can become especially tedious as you get older. From mowing the lawn and shovelling the snow to painting or making minor repairs, the maintenance that comes with homeownership can easily get to be too much. And shelling out hundreds if not thousands of dollars each year on maintenance services may not be an option. If the upkeep of your home has become too much and you don\u2019t want or can\u2019t afford to spend your hard-earned money on hiring landscapers or repair people, it might be time to downsize.<\/span><\/p>\n<\/strong><\/h3>\n<\/strong><\/h3>\n<\/strong><\/h3>\n<\/strong><\/h3>\nYour home no longer suits your lifestyle<\/strong><\/h3>\nJust as people can grow out of relationships or jobs, they can grow out of homes. It\u2019s possible that as you get older, your home will no longer suit your lifestyle. For example, if you begin experiencing mobility challenges and your current home exacerbates these with all its staircases, high cabinets, or steep driveways, it could be a sign that it\u2019s time to move on. Ultimately, many seniors prefer one-level homes with specific amenities, like wide hallways, limited steps, walk-in showers, and close proximity to hospitals or public transportation. Make sure to carefully assess your current needs and consider whether your home is meeting them.\u00a0<\/span><\/span><\/strong><\/h3>\n<\/strong><\/h3>\n<\/strong><\/h3>\n<\/strong><\/h3>\nYou\u2019re the oldest resident in your neighbourhood<\/strong><\/h3>\nAnother common sign that it\u2019s time to downsize is if you\u2019re the oldest resident in your neighbourhood. If you\u2019ve remained in your home as all your old neighbours have slowly left, trading their single-family homes for smaller properties or quieter neighbourhoods, this could be an indication that it\u2019s time to pack it in (if for no other reason than you\u2019re feeling lonely or isolated now that many of your friends have left).\u00a0<\/span><\/p>\n <\/p>\n
<\/strong><\/h3>\nYou have no ties to your current location<\/strong><\/h3>\nIf you no longer have anything tying you to a specific location, such as a career or family members, this could be another sign that you\u2019re ready to downsize. Perhaps you\u2019ve always wanted to try living in a different city or province, or maybe you want to move to be closer to where your sibling or child lives with their young family. Whatever the reason, not having any ties to your current home or neighbourhood might be an indication that moving into a new place is the right decision.\u00a0<\/span><\/p>\n<\/strong><\/h3>\n<\/strong><\/h3>\n<\/strong><\/h3>\n<\/strong><\/h3>\n<\/strong><\/h3>\nYou\u2019re not using much of your property\u00a0<\/strong><\/h3>\nA large portion of your property being unused might also mean that downsizing makes the most sense. For example, if you and your partner still live in the same four-bedroom home you had when your kids were in the home, and today it is mostly empty, downsizing might be a great option. After all, even though your kids have moved out, by remaining in that home, you are still responsible for cleaning it, paying property taxes and insurance on it, and heating and cooling it. Similarly, if you once worked from home but have since retired, you may find that your office is largely unused. At the end of the day, if you spend more of your time in only a few rooms in an otherwise large home, downsizing could be a great fit. <\/span><\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.24.2″ _module_preset=”default” min_height=”35px” custom_padding=”0px||0px||true|false” da_disable_devices=”off|off|off” global_module=”1002″ saved_tabs=”all” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”54px||48px|||” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on” da_disable_devices=”off|off|off”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” global_colors_info=”{}”]<\/p>\n
You want to live closer to your family<\/strong><\/h3>\n<\/strong><\/p>\nWanting to live closer to family is one of the most popular reasons that retirees downsize. Whether your children have children of their own or not, living closer to family can vastly improve one\u2019s quality of life. For this reason, many seniors choose to purchase condos, rent apartments, or move into 55+ communities near their families.\u00a0\u00a0<\/span><\/p>\n<\/strong><\/h3>\n<\/strong><\/h3>\n<\/strong><\/h3>\n<\/h3>\n<\/h3>\nYou want a lifestyle change<\/strong><\/h3>\nOne final sign that it\u2019s time to downsize is simple: you want a lifestyle change. If you’re unhappy in your current living situation and are looking for a change of pace, a new house might be just the thing. As discussed above, seniors have plenty of exciting housing options, from apartments, condos, and townhouses to RVs, assisted-living facilities, and 55+ communities. Life is short, and now that you\u2019re retired you deserve to do what makes you happy. If moving into a new or smaller home is better suited to the life you want to live, then this is the only reason you need to downsize!\u00a0<\/span><\/p>\n<\/strong><\/h3>\n<\/strong><\/h3>\n<\/strong><\/h3>\n<\/strong><\/h3>\n<\/h3>\n<\/h3>\nHow to Downsize Your Home for Retirement<\/strong><\/h2>\nReady to downsize your home for retirement? Follow the step-by-step guide below to ensure a smooth and easy transition.<\/span><\/span><\/p>\n<\/strong><\/h3>\n<\/h3>\n<\/h3>\n1. Start retirement planning early<\/strong><\/h3>\nIt\u2019s best to begin the downsizing process as early as possible (maybe even before you\u2019re retired). Early retirement planning is key if you want to avoid feeling overwhelmed. Generally speaking, we recommend starting the planning process a minimum of six months before you want to move. From there, you can take it slow. Use one of the following methods to ease yourself into the downsizing process.\u00a0<\/span><\/p>\n <\/p>\n
\n- One-a-day method: Declutter your home by donating or throwing away one item per day (or the number of items that corresponds with the day, for example, giving away five items on the fifth day of the month).\u00a0\u00a0\u00a0<\/span><\/li>\n<\/ul>\n
<\/span><\/p>\n\n- Four-box method: Limit your options on what to do with a particular item by committing to keeping it, donating it, throwing it away, or selling it. This will help you avoid putting half your items in storage. Restrict your options for what to do with a particular item by only giving yourself four options.\u00a0<\/span><\/li>\n<\/ul>\n
<\/span><\/p>\n\n- Closet hanger method: This is a great option for clothing. Position all of your closet hangers so the hooks are facing away from you. Then, every time you wear an item, turn the hanger hook back toward you. After a few months, get rid of any clothes that are still facing away.<\/span><\/li>\n<\/ul>\n
<\/strong><\/h3>\n<\/h3>\n<\/h3>\n2. Tackle one room at a time\u00a0<\/strong><\/h3>\nThe thought of decluttering an entire home \u2014 especially one that you may have lived in for decades \u2014 can feel intimidating. Make it easier on yourself by only tackling one room at a time. Create a schedule that breaks down each room into manageable, bite-size pieces. For example, you might tackle the powder room on day one, followed by the primary bedroom on days two and three, the living room on days four and five, and the kitchen on days six, seven, and eight.\u00a0<\/span><\/p>\n<\/strong><\/h3>\n<\/strong><\/h3>\n<\/strong><\/h3>\n<\/h3>\n<\/h3>\n3. Measure the spaces in your new home<\/strong><\/h3>\nTo downsize effectively, it\u2019s important to know the exact size of your new space. Ideally, you will have an idea of the square footage and the shape of each room, which can help you determine which pieces of furniture and decor are worth moving. Take photos and videos of your new home and bring a measuring tape to help you evaluate whether your current furniture will work in your new space. <\/span><\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” background_color=”#f0faf4″ min_height=”334.8px” custom_padding=”3px||0px|||” da_disable_devices=”off|off|off” global_module=”849″ saved_tabs=”all” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.20.2″ _module_preset=”default” height=”1px” custom_padding=”0px||0px||false|false” locked=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ admin_label=”Column” _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_button button_text=”post popup button” button_alignment=”right” module_id=”dipi_popup_id_295151″ _builder_version=”4.20.2″ _module_preset=”default” positioning=”absolute” horizontal_offset=”-10000000px” z_index=”-1000000″ global_colors_info=”{}”][\/et_pb_button][et_pb_code _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}”]