homes in oakville for sale

Top 4 Signs It’s Time to Downsize Your Home

downsize, home, outline

If you’ve ever thought of downsizing your home, there’s probably one overriding reason for it. You’re getting older. As unfortunate as that many sound, it can be one of the best parts of your life. In addition to having more time for yourself, if retirement is on the horizon, it can mean a great lifestyle change too.

And downsizing your home can be very helpful in how much enjoyment you get from your new lifestyle. Still, its your home and, if there isn’t a pressing need to move, you may want to stay as long as you can.

So how do you decide when it’s time to downsize your home? Here are just a few points to consider.

1. You Start to Spend More Than 30% of Your Income on Housing

This one can sneak up on you. Many of your housing costs have been the same or similar for a long time. And your retirement planning can mean that you expect to live comfortably. Still, retirement can open up possibilities that you never considered. Like entrepreneurship. Or you may face unexpected expenses, whether for yourself or family members. The 30% to 33% rule of housing costs versus monthly income is fairly universal. If you go over it, you can limit your retirement potential.

2. Home Maintenance Issues are Piling Up

This one can affect you even if you are already planning to downsize at some point. All those little things around the house that you tolerate because, well, they’re little, can add up. And that can affect the value you get for your home. From the condition of your roof to leaky faucets, the longer you wait, the more it will cost to get your home into shape.

3. You’re Paying for Things You’re Not Using

And you’re probably paying a lot more than you think. The pool you’re keeping around so the grandkids can use it when they visit? Make sure you understand the full cost of maintaining it, including.

4. You Don’t Need to Live Where You Do

Yes, at one point it made sense to live closer to work, or great schools. But if those things aren’t as much of an attraction as they once were, what about a downtown condo? Or a hobby farm?

To learn more about selling your home, check out our article How To Sell Your Home Virtually.

About Us

With 35 years of success in real estate, Invidiata prides itself in understanding the needs of their clients, achieving their goals and developing long-lasting relationships. The founder, Christopher Invidiata, has been recognized as one of the most successful real estate professionals in Canada and for over 30 years recognized as one of RE/MAX’s leading residential realtors in North America while servicing the Oakville, Burlington, Mississauga and Toronto markets.

The Invidiata team’s expertise and exceptional service has attracted Canada’s most influential families and earned them the #1 ranking team in Canada for over ten years and the prestigious honour of being named the #1 RE/MAX Team worldwide, multiple times. Invidiata has appeared on major media outlets, including CBC, CTV, CHCH, Breakfast Television, and The Globe and Mail. 

Recent Posts

Follow Us