Whether you’re an empty nester, approaching retirement, or just seeking an easier lifestyle, downsizing your home can be a huge upgrade in quality of life. And, as two of Ontario’s most dynamic and sought-after areas, Durham Region and the Kawartha Lakes are great places to make this change.
As local Durham Region and Kawartha Lakes real estate agents, we’ve helped countless downsizers make a smooth transition into the next chapter of their lives. In this blog post, we’ll share some of our top tips on everything you need to know about downsizing your home in our neck of the woods.
Curious about what the buying process will look like in today’s market? Click here for insights on current opportunities for buyers in Durham Region & the Kawartha Lakes.
Why Downsize in Durham Region & the Kawartha Lakes?
There’s a lot to love about downsizing and the payoff will look different for everyone.
That said, one of the biggest advantages of downsizing your home is the freedom. A smaller home requires less time and effort to maintain, allowing you to focus on activities you enjoy rather than spending weekends on household chores. This can lead to a simpler, less stressful lifestyle with more time (and energy) to use towards what matters most to you.
Downsizing often means a reduction in overall energy consumption, which can have a positive impact on the environment. While shrinking your carbon footprint isn’t always a top priority for everyone, it is a bonus. Plus, less energy consumption usually means lower utility costs, too.
On that note, along with lifestyle, there are financial perks to downsizing. Because smaller homes typically come with lower property taxes, utility bills, and maintenance costs, downsizing can potentially give you a boost in financial flexibility.
Looking to buy a home in Durham Region or the Kawartha Lakes? Check out these other pages from our site for helpful info and insights!
- Is Now the Right Time to Buy a Home in Durham & Kawartha Lakes?
- What Are My Mortgage Options in Today’s Market?
- How to Find a Reliable Real Estate Agent
What Are the First Steps of Downsizing?
Whether you’ve already made the decision to downsize your home or are just playing with the idea of it, a great way to get the ball rolling is by reaching out to a local real estate agent – ideally one who has direct experience with supporting downsizers. As someone with professional expertise in the downsizing process, they can help you put together a personalized plan of action that includes all of the important choices, like whether it’s better to buy or sell first.
Finding Your Next Home
From a homeownership perspective, downsizing lets you move into a manageable space that’s better suited to where you’re at in life. However, the perfect home will look different for everyone.
Before rushing to the market, take time to consider what your needs are today and what they may look like tomorrow. This is a good chance to reflect on which parts of your current home are essential and what you won’t need from your next place. Planning for the long term ensures that your new home remains a perfect fit as your needs evolve.
Start with space. How many bedrooms and bathrooms will you need? How important are extra rooms or dedicated living areas? Next, consider your health and any potential future health needs. For example, a smaller, more accessible home may be better suited to your long-term well-being than a townhome with a lot of stairs.
Assess your current financial situation. While downsizing can help you free up equity from your current home, it’s important to have a solid plan in place for the purchase of your next place and the future in general. If you need guidance, don’t be afraid to talk to your financial planner or real estate agent.
Downsizing from the Greater Toronto Area to Durham Region & the Kawartha Lakes? Click here for our tips on transitioning to life in a smaller community.
Durham & Kawartha’s Downsizer-Friendly Communities
One of Durham Region’s most vibrant communities, Port Perry has a lot to offer – especially for downsizers. In addition to its laid-back lakeside atmosphere, the town’s lively art scene, strong local amenities and a great health and wellness network make it an ideal home for downsizers.
Located in North Durham, Uxbridge is another charming hub of arts, culture, and nature. While homes in Uxbridge are either detached bungalows or two-storey homes, there has been a recent addition of some condominiums and townhomes – providing even more options for downsizers.
Westshore Village is an idyllic and serene retirement community nestled right on the shores of Lake Scugog. Featuring a wide range of housing options, including assisted living suites and life-lease bungalows, Westshore Village provides a unique lifestyle that prioritizes independence and privacy.
Looking to sell your home soon? Check out these other blogs for important insights!
- Do I Need to Make Property Upgrades Before I Sell?
- How to Price a Home to Sell
- Is Now a Good Time to Sell My House?
Steps to a Great Sale
For a lot of people, their home is the most valuable asset they own. So with that in mind, you’ll want to set yourself up for a great sale in order to get a strong return on your investment. After all, there’s a good chance that the funds earned from your sale will not just play into what you can afford from your next home, but also your long term financial planning.
Decluttering
Decluttering your current home will be a big part of the downsizing process. It’s an important step in not just getting your home ready to sell but also deciding what’s coming with you to your next home.
From start to finish, totally decluttering your home could take weeks or even months. With that in mind, it helps to stay organized. To keep things easy, tackle one room at a time. Start with less emotionally charged spaces, like storage areas, before moving on to more personal areas. As you go through the home, categorize your belongings into one of four groups: sell, donate, recycle, or throw away.
While certain belongings may feel hard to let go of, downsizing is a great opportunity to embrace simplicity and get rid of items that you may not have room for, or that no longer serve a purpose to you. Approach the process with gratitude for the memories associated with your current home and excitement for the new chapter ahead.
Getting Market-Ready
Making the most of your home sale starts by ensuring it looks its best. Especially right now, when buyers are working with a lot of inventory, making a splash on the market will require standing out from other listings. So, once you’ve cleared out the clutter, it’s time to make any changes or upgrades that you might need to get the best result.
When it comes to this step, every single home is unique. While some may benefit from a few small improvements like a fresh coat of paint, others might need formal renovations in order to reach their full potential.
Setting the Right Price
Pricing your home to sell is a bit of a balancing act. For instance, if you price too high, your home may spend longer on the market than you’d like – which as a downsizer, could interrupt the timeline of your move. That said, if you price too low because you want to sell as quickly as possible, you could also be leaving money on the table.
Just like the other parts of your downsize, working with a real estate agent is absolutely essential when it comes to pricing your home. We hate to sound like a broken record, but it’s true! Choosing a strategic listing price for your home starts with a Comparative Market Analysis (CMA), which your agent will perform to help you get a better idea of where it will stand in the current market.
Get Ready For Moving Day
With the real estate steps of your downsize behind you, it’s time to get ready for moving day. Regardless of when you get possession of your new home, it’s always best to plan in advance.
Consider hiring professional movers with experience in downsizing. They can provide guidance on logistics, and packing and ensure a smooth transition. Don’t forget to let people know about your change in address. Notify your utility companies, healthcare providers, Canada Post, and any other relevant parties.
Downsizing from your farm or agricultural property? Explore these blogs for specialized tips.
- What Are the Costs of Selling a Farm or Agricultural Property
- Why You Should Sell Your Rural Property With a Specialist
Downsizing With Puckrin & Latreille
When you’re ready to make the transition into your next chapter, we’re ready to help. From finding a great home to selling your current one, we know the downsizing process inside and out.
With over 175 years of combined experience, we’ve bought and sold practically every type of home – in every type of market. Knowledgeable about every community, neighbourhood, and type of home in our area, we’ll help you find the perfect place based on your needs and budget.
Looking to downsize your home? We’re here for you. Call 905-985-7300 to reach our team or click here to send us an email.
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