Recently I was asked to give some thoughts to the Toronto Star on the Real Estate market and how current trends are impacting seniors. An article about housing prices being down and seniors being more likely to stay in their homes as a result may seem like a strange piece for a professional Specialty & Senior Move Manager to want to participate in, but I have never been afraid to tell it like it is. Downsizing trends may look scary right now, but there are plenty of options still available to seniors.
I have been in the downsizing business for over twenty years now, and have seen my share of ebbs and flows in the Real Estate market. Prices rise and fall, but there will always be plenty of people out there who need help with staying organized in their homes, or getting ready for a move. There are a few lessons that I have learned along the way with Downsizing Diva that I would like to share, at a time where it seems like the only certainty is more uncertainty.
First, the economics of downsizing are probably still beneficial to you, even if housing prices have dropped a bit from the record highs seen over the last few years. Condo prices are down as well, so you will still likely generate profit on the sale of your home that you can invest and generate income off of. The operating costs (maintenance, property taxes, etc.) of owning a condo will also be lower than owning a home, so you will save money there too. There are plenty of calculator tools out there that can help inform your decisions.
Second, it is okay to take some time wrapping your head around a move. As we mentioned in the Toronto Star article, it took George and I five years to get on the same page about downsizing from a house to a condo. Maintaining our house was getting challenging, and though we were both still in good health, we wanted to move early enough to enjoy our new and more convenient space, make the transition on our terms, and stay connected with our community. To this day we have never regretted the decision.
Third, you want to have a plan for what is next before your hand is forced. Start de-cluttering now, so that it is easier to make adjustments to your home as you age, or to move when you are ready. For example, we had 29 file drawers in our home when we were getting ready to move. If I hadn’t been so busy helping others downsize, I would have encouraged George to sort through those drawers in the five years before we finally decided to move, and the whole process would have been less stressful. If you are thinking about moving but are waiting for prices to come up a bit, get started on organizing now. Senior & Specialty Move Managers like us can come in to help you get more comfortable in your home, whether you want to stay long-term, are getting ready to move, or are actually moving.
If your current living arrangement doesn’t work for you, and you feel stressed, disorganized, or even unsafe at home, move sooner rather than later. You will be so glad that you did. It is far easier to make a transition when you want to, rather than when you have to. There are lots of responsibilities associated with home ownership that become more challenging as you age. Condos are popular for a reason; you can still own your home, and maintain your independence. If a condo doesn’t feel like the right fit for you, look into Retirement Residences or Naturally Occurring Retirement Communities (NORCs). Think about what supports and community engagement you want and need. There will be a place out there that suits your lifestyle.
Our overall health, mobility, cognition, social lives and other circumstances can change quickly as we get older. Even if the current trends on the housing market suggest that you should stay at home for a little while longer, now is the time to be taking steps to prepare for the future. Downsizing Diva can support you, no matter what option you choose.
