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If your children have moved out, or you’re growing tired of the upkeep required of your 2+ bedroom house, you may be considering downsizing. Doing so may save you time, energy and money, and allow you to design the life you’ve been dreaming about. While there are limitless reasons you may want to downsize, this decision may raise a lot of questions and feelings of uncertainty. Factors to consider when thinking about living in a smaller space include getting rid of bulky furniture and possessions or putting them in storage, having a smaller kitchen, having less outdoor space, and having more limited accommodation for guests. If considerations like this are holding you back, remember that this is an adjustment phase, and that it will bring plenty of new lifestyle perks. Downsizing your home doesn’t mean you need to downgrade your lifestyle; a small luxury house, a large penthouse condo, or an upscale townhouse could offer a significant improvement in quality of life. Below, we outline a few of the great upsides of downsizing.

Save Money.

By selling your house to move into something cozier, you may free up money that would have otherwise been spent on property taxes, utilities, property maintenance and substantial mortgage payments. This savings can then be utilized to invest in your retirement savings, go on an opulent trip, or help your children build equity by supporting them in their first home purchase.

De-clutter. De-stress.

Another benefit of downsizing is that you have motivation to divest yourself of things that have taken up space and collected dust over the years. While you may throw out some personal possessions, you can also benefit your local community by donating gently worn clothes and furniture, or you can try to sell unwanted belongings at a live auction or at a garage sale.

Get the Upgrades You’ve Always Wanted. No Reno Required.

Another benefit of downsizing is that it provides the opportunity to acquire new furniture, adopt fresh interior design looks, and upgrade to the kitchen or bathroom you’ve always wanted. Across Canada, there is an abundance of bright, spacious and modern condos and small houses with remarkable views, new hardwood floors, and state of the art appliances. That’s the beauty of downsizing – you don’t have to sacrifice the quality of your lifestyle just because you’re moving into a smaller space.

Moving into a Condo

Because of the low maintenance required and the opportunity for equity appreciation, many Canadian homeowners (and potential owners) find condos very attractive. Condo ownership may be a good fit for singles, couples without children, young families, and retirees. Many developments are geared specifically to these segments or to a mixture of these segments. Benefits of condo ownership include:

  • Relatively More Affordable: Condos are a more affordable option in markets with increasing home prices as their values appreciate more slowly than single-family residences. While renting is also an affordable option, condo ownership offers tax advantages and allows you to build equity.
  • Less Upkeep: Living in a condo frees time that would be spent on property upkeep such as maintaining a backyard or garden, cleaning a pool or hot tub, power washing the driveway, or repairing a leaky roof.
  • Lifestyle Choices for Seniors: Condos offer an attractive lifestyle to retirees as they are often in central locations, which allows them to walk to buy groceries or to meet with friends. Most condos are also wheel chair friendly as most buildings have elevators and suites are single-storey. There are also many condo communities dedicated specifically for seniors, which is great for those who want to socialize and partake in local activities.
  • Convenient Locations: Often, condos are located in central areas where grocery stores, cafés, shops and restaurants can be easily accessed. For the most part, there is a greater selection of condos in central neighborhoods, while houses tend to be in more remote residential areas. Furthermore, should you choose to live in the centre of the city, you can get more exercise, reduce your carbon footprint and save money you would spend on gas by walking or cycling.
  • Built-in Amenities: Most condos offer a variety of pleasant amenities including, but not limited to, fitness centres, communal terraces with barbeques, party rooms, swimming pools, saunas, hot tubs and tennis courts.
  • More Safety & Better Security: Because of the closeness and relative permanence of occupancy, and because most condos have controlled entrances, condos tend to make owners feel more safe and secure. Many modern buildings also have 24/7 security guards who patrol the premises as well as around-the-clock concierge services.

Moving into a Townhouse:

Townhouse ownership is a nice option for young couples, new families and retirees. A townhouse offers more space than a condo, often has a small yard or balcony, but usually comes at a lower price and with less upkeep requirements than a house. Benefits of townhouse ownership include:

  • Less Outdoor Work: Owning a townhouse requires less outdoor work than a home, as townhouses typically have less green space, and have smaller balconies and driveways.
  • Lower Price: A townhouse can be a great option for first-time homebuyers, particularly for couples as they offer more space than condos but at less cost than a full-size house. These reasons also make townhouses an attractive option for those seeking the feel of a house and the comfort of a more traditional residential neighbourhood, but without the costs and maintenance requirements.
  • Better Security and Social Community: Townhouses often offer residents a greater sense of security because of close proximity to neighbours. They’re also an ideal choice for people who feel isolated living in a house as townhouses offer an environment more conducive to socializing with neighbours.
  • Communal Amenities: A townhouse community may offer amenities and perks that include a communal swimming pool, hot tub, sauna, tennis court, community building, playground, and security services.
  • Homeowner’s Associations: While they have fees associated with them, townhouse ownership associations and committees typically arrange for lawn care, snow removal, outdoor maintenance and trash removal, saving you a significant amount of time, energy and stress each year.

What Are You Waiting For?

Whether you’re an empty nester or just thinking about your housing options, downsizing will allow you to enter the next life stage refreshed, with less clutter, and more opportunity for enjoyment. If you have any questions about downsizing or about luxury condos, penthouses, or small houses, our local real estate experts are here to help.

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