Easy Tips to Help You Downsize in Toronto

Downsizing in Toronto has been a pretty hot topic lately. Whether you’re an empty nester, a retiree, or simply seeking a more minimalist lifestyle, downsizing can be an attractive living option for this next stage of your life. It can not only save you money, but it can also help set you up financially for the many years ahead.

Many of my clients ask me how to plan for this next phase, and when the right time is to do so. Having a plan puts you in a good position – you’ll have steps in place and if you want to begin the process, you’ll know what to do. And if you decide to stay where you are for the time being, that’s ok too. There is no pressure in having a plan because you’re in control.

The Benefits of Downsizing

Downsizing in Toronto does have many benefits and all of these should be considered as you begin to think about the process.

If you’re realizing you’ve been using less and less of your home as the years progress, condo living might be an option to consider. Not only will you have less space to worry about cleaning and furnishing, but you’ll also be able to say goodbye to some dreaded chores like lawn care and snow shovelling.
Before making such a big decision, take a look at what we think are some of the biggest benefits of downsizing.

Downsizing Benefit: Freedom
Many people who are nearing retirement have a lot of considerations to make about their upcoming lifestyle change. But the most exciting factor has to be that of newfound freedom! You’ll have plenty of time to travel the world, spend time with your family and experience a new slower pace of life.
Condo living has become more and more popular among retirees, as it opens the doors to an easier lifestyle, and the ability to leave for weeks at a time without a worry at all about what is happening with your traditional house.

Imagine purchasing a part-time home in Florida, Arizona or even Overseas, and not having to worry about weekly maintenance with your house. No lawn to keep, no pool to clean, and no leaves to rake. The freedom that condo living provides is what makes it so attractive to those who will be retiring soon.

Built-in Security
Another factor that makes condo living an idea to consider is that of security. Most new condo developments in the GTA are very focused on resident security. You would be challenged to find a new building that doesn’t have a 24-hour concierge, as well as additional measures to make you feel safe. Key scanning entrances and security cameras are becoming the norm, as are secured parking and diligent neighbours who are always keeping a watchful eye.

Lower Housing Expenses
Many new condo owners are shocked at the monthly fees that are associated with living in a condo. Think about the monthly maintenance fees that you typically spend on your home – they can be quite high, especially when your house is of a substantial size. Think about all of the seasonal costs associated with snow removal or the swimming pool in your backyard. When doing a side-by-side comparison, you’ll typically find that these numbers end up being quite similar.

One thing to watch out for is a new development that has all of the amenity bells and whistles. If you’re downsizing, you may not necessarily need a giant pool, shared workspace area, a podcast studio and massive fitness facilities in your building.

Pick some of the amenities that are important to you and keep that in mind as you look with your buyer’s agent. With fewer amenities, your maintenance fees won’t soar
through the roof as the building ages.

Easier Maintenance
Moving into a condo means you won’t have to worry about shovelling your walks, mowing your lawn, putting the garbage to the curb and weeding your gardens. Your condo’s yearly maintenance fee will cover all of these, leaving you with more time to do the things you really want to do.
Another consideration is that you won’t need to worry about any issues with an aging home – no roof to replace, no deck to replace and no trees to maintain.

Downsizing in Toronto – Is a Condo Right For You?

Downsizing in Toronto doesn’t have to be a negative. It allows you to explore life with a new sense of adventure and freedom you otherwise may not have the opportunity to experience. Take into account all of your lifestyle wishes and wants, then make a decision that will allow you to have the best retirement experience possible.

So what do you want out of your new home? It’s likely a very different answer now than five or ten years ago, and I’m seeing firsthand from my clients, that it’s not necessarily “downsizing”, but right-sizing their living situation to suit their current and future lifestyle.

Getting into the Toronto real estate market after living in your family home for 20 or 30 years may seem overwhelming. Still, with some strategic real estate planning, it can be a very exciting time in the next phase of your life.

My Downsizing Guide – A Free eBook

I’ve written a detailed eBook on downsizing in Toronto that you can read to help with this next very important phase of your life. In this guide, I cover more benefits of downsizing, and how the Toronto condo market could be the right move for you. If you want to learn more, I invite you to download it for free.

And if you have any questions- whether for an immediate move or assistance in planning for a move in the coming years- I’m here to help. You can reach out anytime to set up a time to chat.