Have your kids left the nest? Are you looking for some extra cash as you head into your golden years? Downsizing your current Ottawa home and buying a townhome or condo may be the answer. If you are a downtown dweller, you may even consider moving to a less expensive area, like Barrhaven or Kanata, where new housing projects are cropping up everywhere.
WHY DOWNSIZE TO A TOWNHOME OR CONDO?
The most obvious benefits of downsizing your home to a townhome or condo are financial freedom and, of course, less space to clean and maintain. But aside from those motivations, downsizing can be about planning for ageing in place.
A recent study on generational real estate trends revealed a strong desire among baby boomers and ageing adults to stay in their own homes as they age. Almost 90% of the study participants wanted to remain in their current neighbourhood for as long as possible. To do so, people are now thinking about what their housing requirements will be as they age.
The study showed that the key considerations for adults planning for their later years were:
- Single-floor living
- Full bathroom on the main level and,
- A bedroom (or potential bedroom) on the main level.
Based on these considerations, a townhome or condo is the perfect fit for adults looking to age-in-place.
The lock-and-go lifestyle that condos and townhomes provide suits the lifestyle of many retirees who want to travel or spend their winters in warmer climates.
Downsizing your home is a great way to simplify your life. After years of living in the same house, you’ve likely accumulated a whole lot of ‘stuff’.
Downsizing is the perfect opportunity to apply the principles of Marie Kondo and de-clutter your home. As evidenced by the popularity of books about the Japanese art of decluttering and the Swedish art of death cleaning, the decluttering trend is about taking stock of your life and it can be done at any age.
Getting rid of accumulated possessions that you no longer need allows you to focus on your priorities. It also reduces the burden on family members after you’re gone.
Less space also means less to clean and maintain. Many townhomes and condos include snow clearing and maintenance as part of the fees, services that become increasingly important as you age.
One consideration when downsizing your home is how it will impact your social support system. If you’ve lived in the same house for many years, moving away may mean leaving long-term friendships behind.
Often people intend to downsize, but when the time comes, they don’t want to leave behind the familiarity of their neighbourhood and the wider community.
However, with the surge in popularity of condos and increased development, you may not have to leave your current neighbourhood and community to downsize.
To stay in the loop about new builds in your neighbourhood, speak with our MacDonald Property Group real estate agents. With extensive knowledge and experience in the real estate market, our realtors have the know-how and resources to discuss with you upcoming developments and the best time to buy.
Downsizing is not always the financial windfall people anticipate. Condos can cost more per square foot than detached homes, partly due to their extra services and amenities. See our post on buying a condo for more details on condo living. However, for some, the benefits of the condo/townhome lifestyle far outweigh the additional costs.
Moving to a smaller home can also mean that you no longer have room for your adult children to move back in with you… this can be a pro or a con depending on your perspective.
PLANNING FOR YOUR FUTURE
It’s not too early to start planning for your later years. If you live in Barrhaven, for example, and want to maintain your current community of friends, our real estate agents can help you determine what type of home would best meet your future requirements and suggest adult oriented communities nearby.
The pandemic has led to an exodus of people moving from the city to smaller communities. As a result, condos have become a more affordable option in the current climate, while detached homes are in high demand. If you’re thinking about downsizing, now may be a perfect time to give our realtors a call.
Buy and Sell with Confidence. Choose The MacDonald Property Group.
At The MacDonald Property Group, we have a dedicated, national award-winning full-service team all under one roof, ready to provide the expertise you can trust. Our team and associates are recognized as the top 1% in North America since 2010.
With over twenty-five years of experience in all aspects of real estate, we have bought and sold well over a thousand homes. We’ve been honoured to help thousands of clients in Barrhaven and across the Ottawa area close a deal with confidence and satisfaction. Give us a shout and let us show you what we can do for you!