• CALL, TEXT OR EMAIL
  • 519-466-1835
  • robert-longo@coldwellbanker.ca
  • Login
rlrlrlrl
  • Meet Rob
  • My Listings
  • Sell With Rob
  • Buy With Rob
  • Read Our Blog
  • Contact
✕

As we proceed through our life we are often striving for ‘bigger and better’ things: whether that is a bigger house, a bigger car, a bigger income, a bigger family… we always seem to have the need or desire to expand on the type or number of possessions we currently have. However, the flip side of this is ‘downsizing’. The most obvious and common ‘downsize’ people make is to downsize their property. There are many reasons why people to choose to downsize their property.

One of the most common reasons people downsize their property is financial. If you own, for example, a large five bedroom home and wish or need to release some of the equity of your house, you may consider selling your house and buying a smaller 2 or 3 bedroom property in a cheaper area. This often happens when grown up children have flown the nest and parents feel that they perhaps no longer need as much space and may benefit more from the money they could release if they downsized. If done properly, and depending on the size of the mortgage, a downsize such as this could mean that money is released to boost income, top up a pension fund or add to an existing savings account.

The other financial benefits of downsizing your property may include lower taxes, lower maintenance fees, a saving on utility bills and less time needing to be spent on the upkeep of the property.

Other reasons for downsizing include lessening the burden of carrying out the upkeep of a big house, moving to a quieter, more rural area or moving to a waterfront property, or moving to be nearer to family or friends.

However, taking the decision to downsize your property should not be taken lightly and, as with most things in life, there are things that can go wrong and things that should be given careful consideration. For example, you would need to weigh up the cost of actually moving! In addition, you need to consider the affect the move will have on your family and lifestyle: will you still have a place for your family and friends to sleep when they come to visit?

Downsizing a property is often a good option for people who are reaching retirement and wish to release some money for whatever reason, however, it is decision that should be made over a period of time and with careful consideration given to the affect it will have on all areas of your life.

 

Rob Longo, Sales Representative    ABR, GREEN, RSPS    Magic Realty Inc.    805 N. Christina Street    Sarnia, Ontario    www.roblongo.ca    www.magicrealty.com
Share

Related posts

February 16, 2021

The New Construction Process


Read more
February 11, 2021

Is This a Buyer’s or Seller’s Market?


Read more
January 28, 2021

5 Foolproof Tips For Showing Your Home


Read more
Coldwell Banker Logo

THE NORTH STAR GUIDING
YOU HOME.

  • About Rob
  • Thinking Of Buying?
  • Thinking Of Selling?
  • My Listings
  • Your Homes Value
  • Blog
  • Contact
  • Testimonials

 

ROB LONGO
ROB-LONGO@COLDWELLBANKER.CA
519-466-1835

Join Our Email List:
To Discover The Difference

We respect your inbox. We only send interesting and relevant emails. Privacy Policy
Powered by YOAPress.com
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.
Agent Login

Sign into your account

Create an account

Reset Password

Reset Password

Register here! Forgot Password? Back to Login