At a certain age, many of us consider moving into a smaller home better suited to our needs. Downsizing is often a major upgrade and worthwhile for a lot of people. If you are considering downsizing or if the topic has been introduced to you and you may not be sure about it, here are the pros and cons to weigh.

Pro: More Savings

Reduce your monthly expenses with a space that is more appropriate in size and design for your present lifestyle. Cut your rent or mortgage payments, the cost of utilities, upkeep and maintenance expenditures, and more.

Pro: Sell Your Present Home

Sell your current home and have returned to you the equity you poured into it over the years. This could mean a sizeable cash payout. This windfall can be used to buy a smaller home or cover expenses in retirement.

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Con: Leaving Your Neighborhood

If you’ve lived somewhere for a long time, of course, it’s not going to be easy parting with the neighbourhood and the house. You may be accustomed to the local amenities, your neighbours, proximity to different things, and being anchored in a place you find familiar. Understandably, it’s challenging to walk away and downsize to carry on in a new home.

Pro: Easier Maintenance

Reduce the amount of upkeep that’s on your plate when you downsize and move into a smaller property. This saves you effort but also time and money.

Con: It’s Often Less Space

Though not always, downsizing often involves moving into a smaller space. It means taking a hard look at what you want to keep and get rid of, and adjusting to living with less square footage. Also, this means less storage storage.

Pro: Less Clutter

When you move, this is a time many will take to carefully consider what they’re taking with them. Clutter be gone! It’s the perfect chance to declutter, get rid of old furniture and items you no longer want, and create more space for where you’re at today and where you will be in the future.

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Pro: Connect With Others Doing The Same

Downsizing is common for empty nesters, divorcees, and retirees. There is a large community of people out there just like you. Learn tips and tricks, and find support if you’re not sure about downsizing.

Con: You Lose The Extra Bedrooms

You may have extra bedrooms where you’re living that you no longer use but enjoy having just in case. Downsizing may mean not having these to offer family and guests. If you only use these spaces not very often though, this may not be as big an inconvenience as it initially feels like it’s going to be.

Pro: It’s A New Start

When you downsize and move to an area like Etobicoke with improved walkability and an array of socio-recreational opportunities, you can have a whole new life. It’s a big chance to discover a new neighbourhood and embark on a new chapter. Take advantage!

It may be for financial reasons, health reasons, or simply for better quality of life but downsizing in Etobicoke may be exactly what you need to get you off the right foot and start the next chapter of your life.

Contact the real estate team at Adrian + Andrea to see what downsizing in Etobicoke may look like for you. Call (416) 319-6893 or send us an email at info@adrianandrea.com.