Over the past 18 years I have talked to many people about downsizing their home. What I found was this was an extremely emotional decision for many people and they needed special care and counseling as they realized they were moving into the next stage of their lives. After all we could be talking about the house where they raised their children or maybe they need to downsize for economic reasons. These can be very trying times for many people.
I have learned over the years there are many different reasons for downsizing and each reason needs to be dealt with on an individual basis and not always does the homeowner have to make a change. For example, a senior couple who would prefer to stay in their current home, but finding it very difficult to keep up with the maintenance, I might suggest they hire the necessary service providers to take care of the maintenance issues provided they have the financial ability. Or maybe one of the spouses loses their job and in a panic they feel they need to sell and buy a smaller home. After analyzing the situation it could be just a matter of re-amortizing their current mortgage and it now becomes very manageable with just the one income.
Last week Ann talked about condo living. This is a choice for many people wishing to downsize as it provides the freedom they are looking for – no maintenance – when travelling they just lock the door and know everything is taken care of – and usually not enough room for the kids to move back in!!
Many people have told me that after they downsized they appreciated having that equity they had built over the years to do special things like help their children buy their first home, travel, or help the grand children with their education.
Whatever your reason for downsizing is, make sure you do your homework and get the proper help you need to make the right