When you think of downsizing, you think of empty nesters or retirees, right? Well, it's actually becoming more common to downsize for other reasons. Small families, couples and singles of all ages downsize in order to enjoy life, reduce expenses and help provide opportunities for their children. It's all about their needs and life situations that lead them to make such a decision. Here are the main reasons why more people are looking at downsizing before becoming empty nesters and retirees:

A header image of moving boxes in the corner of a room. 

1) Reducing the Cost of Living

A wooden plank balances on top of a ball. On either side of the plank sits a house and a stack of coins. Concept image to convey the balance of finances and the home.

Reducing cost is the number one way to save money, whether you're a business or an individual. In recent years, people have opted to ditch landlines in favour of their cellphones. They've cancelled their Satellite TV packages to sign up with cheap streaming apps. They've become mindful of energy waste and consciously cut back to save on utilities. The same thinking is being applied to mortgage payments. Selling your home and moving into a smaller and/or less expensive home means that you can put more into the down payment, reducing your monthly mortgage payment. Naturally, you have to consider if the space reduction and neighbourhood change will hurt you or the needs of your family.

2) Giving up the Homeowner Workload

An interior photograph of a condominium layout.

Some people want to trade in the workload of owning a home for the maintenance free lifestyle that condo living provides. This living also provides certain luxuries and/or amenities that single-family homes do not, like swimming pools, security, parking garages, etc. Single-parent families, travelers, those with disabilities, and those in ill health are ideal candidates for this type of living. The main points to consider here are if the condo fees are affordable enough to forgo the workload you're used to, as well as being affordable enough for your income level.

3) Freeing Up Finances

An image of a calendar focused on the first day of the month. Red ink spells out, "RENT IS DUE"

Selling a home to rent may sound strange, even backwards depending on how long you've been a homeowner. Choosing not to purchase after selling frees up the equity in your home, allowing you to make other investments, achieve financial fitness, and/or live off of the income your investments generate. Renting also provides another type of maintenance free living, where any repairs or renovations are covered by the landlord. Depending on the landlord and type of rental unit you may be moving into (a house vs apartment), there may be amenities like those found in condo living provided to you at no extra cost per month. With this option, you need to make a list of your needs, expenses and debts - weighing them against each other to figure out if this option is suited for you. 

Overall, downsizing isn't just for the elderly (or advanced-age-approaching). More people are taking a serious look at their lives and the cost of living to determine what type of living arrangement is best for them. If you're one of these people and you think you may need some help, reach out to us! Our advice and knowledge is completely free, and it can help your next adventure be a walk in the park....maybe even the park of your new neighbourhood! 

Posted by Admin Staff on


Email Send a link to post via Email

Leave A Comment

e.g. yourwebsitename.com
Please note that your email address is kept private upon posting.