Is 2023 the year of the downsizer? If you own a home in Toronto or the GTA, there are several reasons to consider a move to something smaller. It isn’t just about age or retirement. People at all stages of life are trading their larger homes in favour of a more carefree lifestyle.
Selling a Toronto house in the current market can provide an excellent return on your investment and help fund whatever you decide your next step will be. In this article, we’ll look at what types of people are choosing to downsize and what options may lie ahead.
Early Retirees
The coronavirus pandemic forever changed the way we think about work and what matters most in life. People began reevaluating their priorities, and many decided to leave the workforce altogether. Downsizing from a larger home while in peak health can help fund an early retirement where you’re free to travel, explore new hobbies, and live your life to the fullest.
Retirees Who Need Support
As the population ages, some older people find they need more support to assist with the daily tasks of life. Mobility issues and other health concerns mean these retirees want to stay close to family members who can help them when needed. Secondary suites, retirement homes, and assisted living centres are all viable solutions.
The more successful your sale is, the better off you’ll be when downsizing. Knowledge of the current market will help:
- How to Find the Right Realtor® For Your Luxury Listing
- How to Promote Your Luxury Toronto Home in the Current Market
- What Buyers in Toronto Want Right Now
Snowbirds
Your family is grown, and the travel bug calls! With work obligations in the rearview mirror, you’re free to get out and explore the world. What better way to do that than to head south for the winter? You can experience a new culture and way of life while escaping the frigid cold weather. However, Canada will always feel like home, and you’ll return when the summer sun begins to shine. A small condo, townhouse, or even a room in a loved one’s house can suit your needs while you’re home.
Active Retirees
Luckily, you’ve invested your time and reached retirement age with your health intact. You’re looking forward to experiencing all that Toronto has to offer that you didn’t have time for while you were working. Downsizing won’t just give you an influx of cash to support your active lifestyle. You’ll also have less home maintenance to worry about and can pack up and go whenever a new adventure calls.
Early Downsizers
Who says you have to wait until you retire to downsize? Moving to a smaller home means living in tighter quarters, but it may just bring your whole family together. All that money and time saved on mortgage payments and maintenance can now go towards other things that matter to you. Save for your child’s education, invest your extra funds, or treat your family to a thrilling vacation no one will forget!
What should you do first when selling your home? These resources will help you get the best results:
- How to Prepare Your Home When You Have No Time
- Tips to Make Your Home Appeal to Younger Buyers
- Lighting Techniques That Give Your Home a Facelift
What Amenities Do You Want?
Now that you know what type of downsizer you are, the next step is to decide where you want to be after you sell your home. One of the best things about retiring in Toronto is that public transit gives you easy access to every amenity in the city. That said, your choice of neighbourhood will depend on what you are passionate about.
- Do you love the peace and serenity of nature? Perhaps a condo in High Park or Swansea is right for you. Step outside and enjoy the scenic trails any time of year.
- Do you prefer a bustling area full of shops, restaurants, and lively festivals? Bloor West Village might be the place for you. You’ll have access to every convenience and excitement within walking distance of High Park.
Toronto really does have something for everyone, and a local real estate agent can help you find that perfect retirement destination!
What’s Your Housing Structure?
Deciding where you want to be is a massive step in the right direction. Once you know what neighbourhood amenities you’re looking for, it’s time to narrow it down even more. Let’s look at what housing options are available and the pros and cons of each.
Rent an Apartment
Should you sell your house and then rent an apartment? Financially-minded folks might recommend against it because renting doesn’t allow you to build equity. However, there are some advantages you can’t deny. Renting gives you a sense of freedom and flexibility you can’t find otherwise. Does the hot water stop working in the middle of the night? It’s the landlord’s responsibility. You can come and go as you please without worrying about maintenance. And if you decide you want a change of scenery, you can pick up and leave as soon as your lease expires.
Buy a Condo
A condo gives you much of the freedom an apartment does while allowing you to build equity. Since you own instead of renting, you can sell it in the future and take advantage of rising housing values. The downside is you will have condo fees which can rise gradually as the building ages. But the building management will cover most maintenance, allowing you to enjoy a worry-free lifestyle.
Build a Secondary Suite
Do you want to downsize without moving or leaving your loved ones behind? Why not build a secondary suite right on your existing property? Adding a basement apartment, in-law suite, or garden suite can add value to your home while providing the perfect, carefree solution to your retirement lifestyle!
Do you want to discuss your downsizing options in more detail? We are local real estate experts who would love to help you get started. Reach out to us right here or call 647-232-7317 to get your questions answered with no obligations.