For people of a certain age, or those whose kids have flown the coop, downsizing may seem a logical next step. However, there are lots of things to consider before making the big move.
First, what does downsizing mean to you? It doesn't always mean moving to a smaller home.
"Downsizing takes on many looks and feels: some people living in large family homes still want a big home but with a more suitable floor plan," says sales representative Debra Feldman of Forest Hill Signature Real Estate in Toronto.Downsizing from four bedrooms to three bedrooms (a master bedroom, an office and a guest room to be used for grandchildren sleepovers or a caregiver down the road) may be preferred. However, these buyers may still want the same amount of space for general entertaining, she says.
Some people may want to move from the suburbs to the city to have easier walking access to the local coffee shop, yoga and culture, while others may prefer to downsize in the neighbourhood they are most familiar with, Feldman says.
"People need to wrap their minds around how they live now and how they see themselves living in the future. Will a formal living room get used? Might a more informal layout, such as a great room, suit one's day-to-day lifestyle and visiting children and grandchildren better?"
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