Is It Time To Think About Downsizing? What Empty Nesters Should Consider

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While your house may have once been full and bustling with activity, if you have recently become an empty nester, you may find yourself wondering if you still need all of that space. The fact is that maintaining a larger home than you need can be difficult (and expensive), and what was once your dream home can quickly become a burden to maintain.

Our circumstances change as we age, and choosing to downsize your home once it no longer meets your needs could provide you with extra time and money to do the things you truly love. If this sounds appealing to you, and you are wondering if now is the right time to downsize to a smaller home, keep reading to learn more about when you should consider downsizing.

Is it Time to Downsize?

So how will you know when it is time to consider downsizing to a smaller home? Ultimately, this will depend on your unique circumstances and what you are hoping to get out of retirement. Just because you have become an empty nester does not mean that you need to start looking at new homes the next day. Some people like tending to a large garden and having plenty of space for family and friends to stay when they visit. While downsizing is not for everyone, here are a few signs indicating that you may want to consider moving into a smaller home.

You're Overwhelmed by Maintenance

Once your kids have all moved out, you will find yourself with a big home to maintain on your own. This can become particularly overwhelming as you age, as some tasks may become harder for you to perform than they once were. Maintaining your house can quickly become overwhelming, as you may find it difficult to stay on top of cleaning so many rooms, caring for the garden, and performing repairs around the house.

If your home has begun to feel like a source of frustration, it may be time to consider moving into a home that is more manageable and better fits your needs. For instance, if you are finding it more difficult to do yard work, moving into a condo where all exterior maintenance is taken care of may be a better option for you. Don't let your home become a source of stress or an unmanageable burden.

There's Lots of Empty, Unused Space

It may also be time to consider downsizing if you have a lot of rooms in your home that go unused. Once your kids have all moved out, you may come to realize that there are whole rooms in your home that just collect dust. Why pay the mortgage, property taxes, and utilities on a 4 bedroom home if you only spend time in the master bedroom/bathroom, living room, and kitchen? Having so much space can quickly become a burden, as each room you do not use represents wasted space that you will have to spend time cleaning and maintaining.

Additionally, you will inevitably spend money heating, cooling, and repairing entire rooms that are not being used, eating into your retirement income. Downsizing can then not only save you money, but it can remove a burden from your shoulders. It may then be time to think about your actual needs once you become an empty nester. Do you need multiple bedrooms anymore? Is a formal dining room necessary if you aren't having as many people over for dinner as you used to? These are important things to think about as you consider downsizing.

You're Often Away From Home

Now that you are empty nesters, and you have your golden years ahead of you, you may have dreams of traveling the world or going on extended trips in your RV. However, if your plan is to spend the majority of your time traveling, do you really need such a large home? In fact, you may already find that you are gone so much that your house has begun to feel more like a home base where you recharge between trips.

If this is the case, significant downsizing may be in order. Why spend the time and money maintaining a large home you are never in? In fact, once you begin traveling, it will likely be necessary to downsize in order to keep things manageable. Otherwise, you may spend your precious days at home cleaning and maintaining your property. An added bonus of downsizing if you plan on traveling is that the money you will save by living in a smaller home can add to your travel budget, allowing you to take your dream vacations.

You Want a More Active Social Life

Oftentimes, young families move to the suburbs for access to better schools and a quieter, slower-paced lifestyle. However, now that you are empty nesters, you may find that your priorities have changed. In fact, without kids, you may find that the remoteness of the suburbs has begun to feel isolating. By downsizing and moving into a townhome or condo closer to the city, you will now have access to more shopping opportunities, restaurants, and entertainment venues. Particularly if you are retired, moving closer to the city may be essential in helping you to maintain an active social life.

Are There Any Downsides to Downsizing?

Of course, while there can be many benefits to downsizing, it is important that you take some time to decide whether downsizing is the right option for you. The fact is that you may have gotten used to the space and privacy that a large house in the suburbs provides, and moving to a small townhome or condo in the city may not be a good option for you. Additionally, you will also have to think about what you are willing to part with. When going from a 2,000 square foot house to a small one-bedroom condo, you may find that you have to get rid of half of your belongings to make everything fit. Of course, many people find this minimalism to be attractive in retirement, but it is something that is important to keep in mind if you tend to hold onto things that have sentimental value.

Are you considering downsizing?

If you are considering downsizing in Toronto, feel free to contact us for advice on the next steps you should take.

Ready to Downsize? Consider Taking The First Steps Today!

Ultimately, many people find downsizing to a smaller home to be an attractive option once they become empty nesters. Moving into a smaller home can save you time and money as you will no longer have to worry about the maintenance and upkeep on a large home that you no longer need.

If downsizing and simplifying your home sounds attractive, consider talking to a realtor today to find out about your next steps. When downsizing, there are a lot of decisions that you will have to make, and things you will have to consider, before you begin looking at new properties. An experienced real estate agent can help you to determine what neighborhood and property type will best meet your needs, and they can help you find the perfect retirement home.

If you are considering downsizing in Toronto, feel free to contact us for advice on the next steps you should take. Contact us today at 416.459.2007 for more information.

Candido Faria
Candido Faria
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