Baby Boomers — Is It Finally Time to Downsize Your Home?
Posted by Garman Group on
In our last blog post, we talked about what baby boomers are looking for in this housing market, which often leads to the question of figuring out when it’s time to downsize. We’ve come up with this list of things for you to think about when deciding if you should start looking for a smaller home.
You Have Less “Stuff”
It’s not just baby boomers who suddenly find themselves with empty bedrooms and the need to downsize, it’s become a huge trend these days to purge all excess “stuff” and live minimally. There’s no need to keep a large home if there aren’t enough people or things to fill it. Of course, you need to make sure this is a realistic way of life for you to live before you commit to a smaller home.
Do You Love Entertaining?
If you love having a house full of people or have family come to stay often, it may not be feasible for you to move to a smaller place where that’ll have its limits. There may be some options in the housing market to downsize yet still have some bonus space, though. Your qualified REALTOR® will be able to help you find something along those lines.
Can You Handle the Maintenance?
Larger homes come with more maintenance, which can get costly even if you’re able to do it yourself. And if you’re finding you’re not able to do it yourself any longer, this may be a sign that it’s time to consider downsizing to a smaller property.
How Is Your Mobility?
If your home is large and/or has a lot of stairs, this can prove to become increasingly difficult as your mobility issues increase. If you’re just starting to have issues getting around or find yourself becoming wary of all those stairs, you may want to be proactive and move before your pain levels and mobility get worse.
Have Your Financial Goals Changed?
Sometimes, after retirement, you may find your income isn’t as much as it once was. Or, now that you’re retired, you want to treat yourself to a few extravagant trips or a new vehicle. In this case, downsizing to a more affordable home will open up a financial avenue for you.
Do You Want to Travel?
If travelling often and for longer periods of time is a goal for you in the near future, a larger home could soon look and feel neglected. If you’re simply looking for a home base between trips and have little-to-no time to keep up on maintenance, then downsizing is most likely the right choice for you.
Talk to Us at the Garman Group
Downsizing can be a major decision to make, so if you require further information or would like to see what downsizing options there are for you in the Victoria housing market, contact us at the Garman Group. Even if you’ve successfully bought and sold homes in the past, the real estate market and rules for buying homes in Victoria have changed in the past few years. We’re here to help bridge that knowledge gap.