Posted on October 13, 2015

Is it time to downsize?

If you’re tired of yard work and cleaning an empty house, it’s time to consider downsizing to a condo. For those edging towards retirement age, moving to a smaller space can be an important step in simplifying your life. It can also save you time and money in home repairs.

“For many retirees, it can pay to downsize sooner rather than later,” writes market and investing reporter Tom Lauricella.

The Globe and Mail’s Downsize Your Home Worksheet can help you calculate financial considerations before downsizing, though many experts agree that you shouldn’t wait to downsize based on market speculation.

“The waiting game is risky if you’re hoping to cash in on decades of price appreciation,” writes Rob Carrick. “Consider selling now, while the real estate market is defying the many predictions of a slowdown.”

Many people continue to live in empty homes that are far too big for their needs. Condos can provide a great middle ground because homeowners can live in smaller spaces that are more suitable day-to-day, while having access to shared amenities, like the ones offered at Beedie Living’s Crown and The Austin.

In a condo, you don’t have to clean the gutters! Your strata fees go towards everything from building maintenance to landscaping, leaving you more time for hobbies and other activities.

Downsizing can also be an opportunity to move to a more walkable community like Station Square, which offers a variety of amenities at your doorstep. Nowadays, most condo buildings have in-house fitness centres, so you can easily stay in shape!

Experts advise that those making the move from a single-detached home to a condo should think long term. Choose a place that’s accessible, somewhere you can grow old and still be comfortable.