Worried About Downsizing? You Should Be!

Downsizing. The word itself has such negative connotations – losing a job, downgrading a lifestyle – no wonder when people hear the word ‘downsizing’ they immediately associate it with a negative experience. But downsizing your home isn’t a negative experience at all – with the right Realtor, downsizing can be a life-enhancing experience that opens up new opportunities you may never have even considered.

That’s why at the Mahoney Real Estate Group, we never suggest people downsize – we help them rightsize. 

Rightsizing means taking a look at your living situation through both a quantitative and qualitative lens to find the optimal living space for your lifestyle. This may mean relocating closer to grandchildren, to an area with public transit, or simply to a more convenient living space with less maintenance!

Much like there was only one best option for Goldilocks, the secret to successful rightsizing is finding your perfect fit. This doesn’t simply mean finding the right sized house but also the right neighbourhood, the right amenities, the right price, etc. There are so many factors to consider that the best way to turn your downsizing into a rightsizing is with the help of an experienced, trusted advisor. 

For those considering rightsizing, especially those who have been out of the real estate market for 20 or 30 years, this blog post will give you an idea of some of the main factors you’ll want to consider. Keep in mind, this is only meant as guidance and isn’t a comprehensive list of considerations; for personalized, professional advice please reach out to us by phone or email.

To Sell Or Not To Sell…

How many years have you lived in your home? For many, that answer is likely decades, and much has changed in the market and in your neighbourhood since you were last involved in the real estate market. Over the years, our lives evolve; priorities change, communities emerge, and the focus shifts from where you are living to how you are living. 

Are you looking for a smaller space in order to better use the equity built up in your home? Have you outgrown your neighbourhood and need a change of scenery? Maybe you have family you want to move closer to. Maybe it’s just time. Whatever your reasons, rightsizing is a decision that deserves to be taken seriously, and the more advice you can get from experts with experience, the better.

Typically, the first choice downsizers are faced with is whether or not to sell their current home before looking for their rightsized home. While every situation is different, at the Mahoney Real Estate Group, we generally encourage our clients to search for and buy their rightsized home first and then sell their current home. A lot of people find this counterintuitive, but experience has shown us it’s the best way to ensure your rightsized home is the best fit for you. Having a place to call home before selling your existing one relieves a lot of stress and anxiety and allows you to take your time and calms your need to rush into decisions you may later regret. Whether you’re purchasing a new home, plan to build that dream cottage, rent or want to buy pre-construction, having a secure place you can call home is always favourable.

Taking the time to do a proper situational analysis, finding properties that fit the criteria from that analysis, and finally choosing the property that best suits you is a formula for success every single time. 

 

What Can You Live Without?

Organizing, feng shui, decluttering – whatever you call it, any move will involve the inevitable ‘purging’ of unnecessary items. Keep in mind that living without and doing without are two very separate concepts. Doing without means denying yourself something central to your lifestyle while living without means that item is no longer needed for you to live your lifestyle.

When we first evaluate a client’s needs, one of the first areas we look at is the list of can/cannot live withouts. These are rarely physical items, either. Of course, the trampoline in the garage that hasn’t been used in 15 years is an easy ‘live without’, but what about living in proximity to a park, public transit, loved ones and friends? In our experience, it is these ‘intangibles’ that truly make a house a home, not the items inside. 

Don’t forget about the small stuff! The mother of a friend of ours, who lives in Canada and has had a car garage for the last 40 years, recently discovered that the ‘great deal’ she got on a condo without underground parking is now an absolute nightmare in the winter. 

Understanding what your must-haves are – from huge questions like where geographically you want to live to smaller questions like do you need a front lawn – will help guide your decision towards the rightsized home that’s perfect for you.

 

When is the Right Time to Rightsize?

Not sure if it’s the right time? At Mahoney Real Estate Group, you’ll have the support of my hand-picked team of experts I have curated to help you make the best decision. We’re not here to make a commission – we’re here to earn clients for life. We’ll help you evaluate your lifestyle and situation and decide whether rightsizing is the best option for you. 

At Mahoney Real Estate Group, we understand rightsizing. It’s a passion for us as we feel it is one of the most exciting and engaging stages of real estate investment but yet gets a bad rep. It is such an important transition in people’s lives, yet one that is often met with little research and rushed decision making. What some people fail to realize is that although they went through the real estate selection process decades ago, so much has changed in both their lifestyle. Looking at the situation through a fresh pair of eyes is critical. 

The right professional on your side can also save you money as experience pays off. Consider this recent example: I recently listed a home for $1.45 million – what I estimated it’s actual value based on my analysis and experience. After 4 days on the market, my clients received five different offers. Two of the offers were under asking and two were slightly over. But none of those even mattered because the fifth offer came in at $150,000 over asking! Clearly, the agent of these potential buyers thought there would be a bidding war and advised his clients to go as high as their budget would allow. Had these clients gone with an experienced agent who knew the market, they could have saved $150,000.  

 

Unfortunately, there’s only so much information that can be shared in blog post and we’ve only just begun to scratch the surface of considerations when downsizing. For instance, here’s a little-known industry secret: the vibe or general lifestyle of residents in a condo building can be greatly influenced by whether or not the majority of residents are owners or renters. It’s an important consideration, and one most buyers without expert help fail to include in their decision making.

 

Whether you’re ready to rightsize or simply looking for more information, please reach out to me, Sean Mahoney, Founder of the Mahoney Real Estate Group. Together, we’ll work hand-in-hand to rightsize your real estate and make sure that this exciting part of your life is a simple, enjoyable, and rewarding experience.