In real estate, downsizing provides homeowners with a wealth of opportunities. Every year, thousands of people are choosing to purchase properties that are smaller and less expensive than the ones they currently own. You may want to downsize because you need a smaller space after your children have grown up and moved out, or simply because you desire a lower-maintenance home for retirement.
Downsizing is an excellent way to convert your home equity into capital that can be used to fulfill your dreams of traveling, golfing, fishing or whatever it is that you love doing and that makes you happy. One key benefit that attracts homeowners to townhouses and condos is the convenience of maintenance-free living. Less space means less time spent cleaning and dusting; you will also not have to mow your lawn ever again. Ask yourself: how many rooms does my home have? Of those, how many do I actually use? Take a tour around your home and assess how much space you use on a regular basis. If it’s 100%, stay put; if it’s 65% or less, you could be suffering from an “empty room” syndrome.
A smaller space can mean reduced mortgage payments and property taxes. Less square footage requires less heat and light which means you’ll spend less on energy. This all adds up to savings that will finally allow you to make that trip to Italy you’ve always dreamed of, or wait out cold Canadian winters in Florida. This would still leave you with enough money to invest in your financially secured future (an example of a wise investment would be the syndicate mortgage, discussed in the previous issue).
Once you make up your mind to downsize,
Let your current home go!
Saying goodbye to the family home, in which you hosted friends and family for holiday dinners and other special occasions for decades, can be a difficult emotional decision. But remember, downsizing will finally allow you to fulfill your dreams, which is a luxury. Please contact us in regards to your real estate and investment needs. We will be honoured to help.
Aneta Malinski (647-472-6402)
and Violetta Haluszka (416-732-0672)
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