5 things you need to know about downsizing

1. It’s not just for retirees

Most people think of downsizing as something that empty nesters do when they no longer need the space to accommodate their family. But in fact, says New Westminster Realtor® Tracey Davies, it’s something of a trend for young families too. “People start to think, ‘Why do I need the big yard when I could have a townhouse with all the amenities I need nearby, reduce the commitments and responsibilities of a house and yard, and use the money I make for trips and experiences?’” she says.

2. It can take a long time

“People shouldn’t be surprised if it takes years,” says Tracey. “It’s a really big decision and sometimes an emotional one – this could be a family home that someone’s lived in for years. It’s not just a transaction.” Tracey believes says that clients can be reassured that a conversation with a Realtor® doesn’t mean a commitment. “It’s something that needs to be thought about and discussed with other parties like the family, the lawyer and the bank. At a first meeting, I might just be giving clients information about what’s involved, and that’s OK.”

3. You need to do the math

A lot of number crunching needs to take place before you can get started on downsizing. “You need to know exactly how much money you’re going to get in your pocket before you go shopping,” says Tracey. “People often expect to come out with a lot, but sometimes that’s not the case if, for example, you want to downsize to a penthouse. You really need to talk to whoever handles your finances before making any decisions.”

4. Think 20 years ahead

You might put downsizing on the back burner because you’re fit as a fiddle now, but that might not be the case a decade down the line. “Ultimately it’s better to move when you still have control,” says Tracey. “If you’re downsizing for an unhappy reason, your kids and caregivers will do their best to find the best new home for you, but ideally you want to be the one making the decisions about where you live.”

5. Your Realtor® can help with more than the house

The logistics of going from a large family home to a condo can be overwhelming, but that’s where an experienced Realtor® can help. “I’ve been doing this a long time so I can provide all kinds of advice on movers and storage, for example,” says Tracey. “I know where you can donate goods, and who are the best cleaners. It saves you doing the research and eliminates one more cause of stress when you’re moving house.

To connect with Tracey, visit Traceydavies.com, phone 604-761-4138, or email traceydavies@shaw.ca.

 

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