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Downsizing happens at any age

If you’re reading this, it has probably crossed your mind, that you may want to live in a smaller (less costly) home. Perhaps your children have grown, and it’s quiet at home. Is the home you currently own feeling a little empty? Or maybe you just want less responsibility (yay!)

On the other hand, you may be thinking about retirement in the coming years. Are you planning to leave eventually? Or stick around?

Either way, we’ve got some really handy insights in this article. We hope you enjoy the read…

Let’s cover the who, what, when and why’s.

Who?

We typically find those suitable candidates for downsizing show at least 2 of the following characteristics:

  • Shrinking housing needs due to changing family style
  • Financially conservative (risk averse)
  • Planning to relocate out of town within 10 years
  • Mobility issues
  • Tired of property upkeep/expense
  • Reduced budget due to the economic downturn

Unless you are some sort of zen-guru, it can be hard to see ourselves as a good candidate for potentially downsizing. This is probably related to how we view ourselves as we age, and as our budgets change.

That is probably why some people look back, and wish they’d started thinking about it a little sooner…

What?

As explained in this recent Globe and Mail article, downsizing, can mean different things to different people, and your choice of what to downsize to, is really personal. It can be heavily influenced by recent market conditions.

In Alberta, ‘downsizing’ has a different meaning

The study found significant regional differences in attitudes, with the hotter markets of Ontario and British Columbia at odds with the softer market in Alberta.

In general, Albertan respondents told researchers they want to renovate and stay in their current homes over the next five years rather than downsize – and many noted they are still waiting for their children to leave. Via theglobeandmail.com

Here are some common options that our clients typically consider (and why):

  • Smaller single family home, with a smaller lot to maintain
  • Moving from a 2-story executive home to a bungalow for ease of access
  • Purchasing an apartment-style condominium for frequent coming and going
  • Moving from a detached home to a duplex due to nervousness about the economy
  • Moving into a mobile home simply to have a smaller mortgage payment

So you see, there are lots of different options. The key to achieving “downsizing Valhalla1I made this up. Learn about Valhalla here[/efn_note”, is to match a home to your current (not past) budget and lifestyle.

When?

We find that people’s urges to downsize can happen at any age!

That might sound strange, I think because we have an image of downsizing as something that retirees do as they leave middle age behind them.

But the truth is, that we often help clients downsizing in their 20’s, 30’s, 40’s 50’s and of course in their 60’s.

The thing that all of these people have in common, is that either their lifestyle, mindset or budget is changing. The only thing that’s different this time, is that the home they will eventually move into to will be smaller/cheaper as opposed to larger/more expensive.

Where?

There are suitable properties all throughout Fort McMurray for a person in your situation, however the specific homes to look at will be highly dependent on what makes you, you.

For example, if you value peace (me too), we know/love the peaceful spots.

If it’s amenities you want, we’ll suggest well-priced listings in safe areas, right next to the stores/restaurants you desire.

Our specialist buyer’s agents are experienced in guiding people through this process. They are kind, understanding, and can help take your stress away through being super organized and informative.

This doesn’t have to be sad at all: It can be an exciting journey you’ll all go on together, with the destination being your perfect home.

Interesting Article. What Can I Do Now?

In the back of your mind, you might be thinking about your current home’s value. That’s a natural thought, and a smart one. In fact, that’s where we should start; the market has changed so it’s important to have a really updated, accurate analysis in hand, so we can squeeze out every hard-earned penny for you.

After the listing presentation, a separate consultation will take place (at a time that’s convenient for you) to meet with your very own buyer’s agent. This is an exciting planning meeting!

If you choose to hire us, our specialist listing agents will work hard to sell your current home for top dollar, through world-class marketing. They’ll help you with anything from decluttering, to home staging. They’ll earn your trust at the start, then take care of your needs, because they love what they do.

You’ll be sure to downsize successfully, if indeed, that is the right choice for you.

Our team’s job at this early stage, is simply to provide you with the highest quality information, so you can make the best decisions for you and your family.

Thanks for reading, and please feel free to contact The A-Team at any time!

Footnotes

Disclaimer: The A-Team is a team of associates at Walsh Real Estate (2010) Ltd o/a RE/MAX® Fort McMurray, 9919 Biggs Avenue, Fort McMurray, Alberta, T9H 1S2. Each office is independently owned and operated. The licensed associates are Tom Albrecht, Breanna Albrecht, Denise Hildebrand, Aaron Chalmers, Heather McCandless, and Rita Sobkowich. Eric Dunham, mortgage specialist with RBC®, is not affiliated. We also recommend Amanda Stuart at TD Bank® and Mariam Fawaz at Mortgages for Less®.

Licensed and Regulated by the Real Estate Council of Alberta.