Pros and Cons of Downsizing Your Home

Downsizing your home can be a real opportunity for those looking to save money, enjoy equity freed up from your existing home sale, and give you more free time.

What is Downsizing?

It is moving from your current home, to a smaller one for a variety of different reasons. You could be wanting to free up equity to enable you to afford to do those bucket list items that you have talked or thought about for so long; reduce the overheads of a larger home, its upkeep and the time spent cleaning! Maybe you had a family and now you are empty nesters or want to move closer to family and friends.

Buying a smaller, cheaper property will free up equity, reduce bills, may eiliminate a mortgage and reduce overhead costs - Freeing you up to spend more time doing the things you love and the funds to do it with!

Minimalist living has many benefits, including; lowering stress, saving money, less cleaning and maintaining; giving you more time and space for happiness. Enjoy more time for creating, exploring, spending with love ones, generally doing more of things you love!

Why would you not want to downsize?

Maybe you are used to the home size and location where you are and don't want to leave it. It certainly can be very hard, after years of aiming for more space to decide to move somewhere smaller. Maybe everything seems poky, and you cannot image fitting all your items into a smaller space. It is very natural for change to be hard and for us to resist it.

Downsizing is not compulsory and there is no need to downsize if you are opposed to the idea, but often it can offer a greater quality of life, freeing up capital, reduced outgoing costs and freeing up your time maintaining large homes and gardens. Of course, there are options if you want to free up your equity, you can speak to a Mortgage Specialist and see if you are eligible for an equity release, that way, you can stay put!

What should you do?

Think about it. Chat with your family and friends. Consult experts and ask lots of questions. We specialise in working with people planning on downsizing and formulating a plan to fit their needs. You can reach us by phone/chat/Whatsapp: 905.220.1848, Email: [email protected], submit the Contact Us or hit the chat button and start the conversation now!