“Downsizing” used to be a negative word, loaded with the implications of ageing, children leaving the nest, and parting with favourite possessions. These days, we’re meeting more and more home buyers who are looking forward to downsizing, excited by the freedom and flexibility that it will afford their lifestyle. By selling the home that worked best for their family, they’re finally able to buy the home that works best for themselves.
Downsizing has many benefits: Selling a larger home can unlock equity that can be used to shore up your savings, invest in your hobbies or lead to travel plans. It often means the ability to ‘upsize’ the standard and quality of your life such as choosing a central location closer to everyday amenities, doing less maintenance or just enjoying a brand new home with upscale features and the peace-of-mind that comes with a warranty.
While the prospect of life in your new dream home is exciting, we know it’s also daunting and we recommend taking the time to plan out your move. It’s less intimidating if you start the conversation early, and take it step-by-step. Determine what your priorities are – proximity to amenities, room for adult children, or a large patio to dabble in your gardening hobby. Meet with a decorator or planner who specializes in downsizing and de-cluttering. They can help you with the process including determining what your true priorities are as well actually moving things out. Meeting with a mortgage broker may help you understand the financial implications of this transition. Finally, choose a Realtor that you like and trust, who will scour the market with your special priorities in mind.
Savvy developers are designing homes geared towards the specific needs of the downsizing buyer. Arbutus Ridge by Cressey Development Group has been embraced by buyers who wish to remain in the coveted Westside neighbourhood, close to family and friends, and who value the larger sizes, larger patios, larger bedrooms and side-by-side washer and dryer. Additionally, Avra by Epta Properties in White Rock also boasts a very central and walkable location that downsizers want to be in and value details like higher ceilings, large windows and the 24 hour live-in caretaker.
Downsizing is a positive life change that many are choosing to make earlier, instead of later in life. We are seeing more and more people at our presentation centres embracing the transition and thinking about how to make it a positive life change.
[PICTURED: The brand new apartment homes at White Rock's Avra offer downsizers a chance to begin a whole new lifestyle: a sunny beach town location, fantastic building amenities (including a guest suite for vistors), and upscale interior features.]
