As adults reach retirement age, many are ready to downsize in an effort to save money and eliminate a lot of the non-essentials that only serve to take up time. A smaller space is easier to maintain and make feel cozy, and on top of that, it’s a chance to trim your bills and reinvest money into your long-term plans. What if you really like your current home though? If it’s paid off, it’s yours. If it’s almost paid off, keeping up with your mortgage a little while longer may make it a done deal. Maybe you want to keep the home in
the family or aren’t sure whether selling it is the right move for you. That’s okay, too. There are ways to downsize without moving or to downsize in South Etobicoke and keep your current residence.

Moving In With Family To Downsize

Inviting family to come and live with you or moving in with family can be a strong bonding experience. You can reconnect with family you may not see as often as you like and it’s a reciprocal relationship as well. Everyone benefits. If anything happens, they’re there for you and vice versa.

Downsize And Live In A Basement Suite

If you own a home with a livable basement suite, downsizing to the basement and renting out your top floors can be another way to downsize without moving. This way, you receive regular income monthly that can go towards either paying off what’s left on your mortgage or towards savings. This may also be another way to invite family to stay with you while still giving everyone their own space.

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Downsize By Buying Or Renting A Condo

The simplest way to downsize without moving from your South Etobicoke neighbourhood is to move into a condo. Sure, it’s technically moving but you’re staying in your neighborhood, with the people you know and where all you’re most-relied on amenities are. The benefits of downsizing to a condo make up a long list but here are some of the main selling points.

  • Never have to worry about property maintenance or repairs again. It’s all done for you.
  • Access to on-site amenities, depending on the building, such as a swimming pool or exercise
    rooms.
  • If you happen to buy or rent a renovated condo, that often means new appliances and lots more.
  • Live closer to your kids or grandkids if there are local condo listings near their residence.
  • Have access to a good location. Condos aren’t built in the middle of nowhere. They’re typically
    along public transportation routes and with lots surrounding them, from restaurants to libraries,
    schools, and grocery stores.
  • Withdraw the equity you’ve paid on an existing mortgage and be able to actually use that capital.

Downsizing isn’t a spur-of-the-moment decision. It takes some thought to discover what feels best and right for you and your needs. Finding a real estate agent familiar with downsizing and working with older couples or adults can be very helpful as well. If you’re looking to downsize in South Etobicoke, Toronto, reach out. We’re Adrian and Andrea, and we’re here.