Is it time to think about right-sizing?

Over the past few years, we have experienced unprecedented challenges in the new construction real estate industry. The pandemic, supply chain issues and interest rate increases have all taken their toll, not only through potential purchasers waiting for rates to settle and the market to pick up, but also through owners of large single-detached homes doing the same. If you own a large, detached home and have been sitting on the sidelines when you might have otherwise sold and moved into more suitable accommodations, now is a great time to assess your situation and act on your decision.

Lifestyle benefits

Right-sizing after spending decades in a large lowrise home is a big decision, but also a freeing one. You might find yourself an empty nester or senior rambling around in a home that is just too big for your needs. Maybe you prefer to move into a smaller detached home, or even a townhome or semi, so you still have a yard for gardening. For a lot of mature buyers, taking care of a yard and garden are important pastimes. You could look for a bungalow for easier one-level living in a community located close to amenities, perhaps even some within walking distance.

Then again, you may be ready for a condominium lifestyle for the benefits of having a vertical community that fits your needs. Again, one-level living is easier to maneuver, plus you enjoy having exterior and common area maintenance handled for you. If you are able to finally travel the way you have dreamed, locking your suite door and leaving is a breeze, feeling confident that your home is being looked after while you are away. Today’s condos are built close to local amenities, and many even have some retail spaces in the lobby. Gardeners take note: You may even find a condo that offers rooftop gardening spots. Many right-sizers choose boutique condominiums that are more intimate than highrise towers. It’s all a matter of preference.

Numerous perks

Whichever lifestyle is your cup of tea, remember that buying new brings with it numerous perks, including Tarion warranty coverage. This adds a level of confidence that brings welcome peace of mind to mature buyers. So, how can you prepare for your move? First start decluttering your decades worth of “stuff.” Remember that today’s adult children do not want the same number of knickknacks their parents and grandparents likely own. Spring is around the corner and is the perfect time to hold a yard sale or use consignment stores for more valuable items. Your cast-offs may be someone else’s treasures.

Then consider carefully where and how to shop for a new home or condo. Location, location, location is first on most people’s lists. Perhaps you can move farther away from an urban area, or maybe you live on a rural property and want to relocate to a place where you can walk to amenities. Either way, you can find houses or condominiums that will appeal.

One thing we have all learned is that we do not know what the future will hold. Right now, you can start making plans to right-size. The resale market needs your lowrise home. You will know when the timing is right to realize your new housing dream.