From Supersize to Downsize: House Downsizing

downsizing toronto

Over the past year I have found more and more of my clients starting to implement their exit plan.   With the kids finished school and living on their own it’s time to get on with the next phase of your life.

A key component of that plan is determining the date on when you will be downsizing your home.  Do you really need to be rattling around a half empty 2,500+ square foot home?

From experience downsizing is not a spontaneous act.   Like any action you want to put some serious consideration on what the advantages and disadvantages will be:

POSITIVES

  • Increase Cash Flow:  With selling a larger Toronto home and moving to either a smaller place or relocating to another city you will most likely see more money in your pocket.
  • Smaller Living Space:  No one likes housework.  With a smaller living space there is less to clean and therefore you have given yourself the gift of more leisure time.
  • Lower Utility Bills: Not only will you reap a cost saving with a smaller unit, but with less energy consumption you have given a great contribution back to the environment.
  • Less Stress:  It is not healthy living with stress.  Having a better cash flow and a decrease in the demands of a larger home it will give an added boost you your overall happiness.

NEGATIVES

  • Fewer Belongings:  Of course we all have an emotional attachment to some of our things.   You will be required to make the difficult decision of what personal belongings we are keeping and those that can be given away.
  • No Room For Entertaining:   If you are the type who love hosting family holiday dinners, huge backyard parties or accommodating overnight guests then expect to definitely scale back.
  • Space Restrictions: We all need some place where we can be by ourselves and in a smaller living space this might be more difficult.
  • Loss of Status:  For some it is the prestige of owning a large home which by its sheer size gives the impression of success.  A smaller home will send a message of being somewhat more modest.
  • Lifestyle: Moving out of your neighbourhood or giving up your backyard may force you to alter some of your favourite hobbies or activities.

We all have plans.   So downsizing can allow you move on and tackle some of the things on your bucket list.   In breaking away from the pack it can be a liberating experience.

Jettisoning the ideas of “bigger is better” or “SUV over compact” can give you the agility to reclaim yourself.    It’s a great feeling to get back in motion and see what new experiences are on the horizon.