Have your kids gone off to school or moved out of your home, leaving the nest for good? You
might find yourself suddenly aware of all the extra space in your house. Maybe you have plans
for the additional bedrooms, such as a sewing station or home gym. Or perhaps you are
dreaming of lower square footage instead. If you’re ready to downsize your home, we
recommend considering these three factors.
Imagine the Possibilities of a Smaller Space
Your children have moved out, and you’re considering downsizing, but you feel a special
attachment to the family memories in your home. One crucial detail to keep in mind is that
downsizing does not mean retiring or starting over. It simply means a new chapter of your life is
about to unfold. If you’re on the fence about what to do, start by imagining what you hope to do
for yourself now that the kids are gone. What sort of lifestyle do you wish to cultivate? Do you
plan to spend time in your garden? Would you prefer to travel instead and reduce your at-home
expenses? Dream big, then think about how your house size fits with those dreams.
Important Financial Questions
Another factor that can help you decide whether downsizing would be a good strategy or not is
to consider your financial situation. Could downsizing help you reduce your utility bills by moving
into a smaller place? Could it help you save money for your retirement? There are many ways
downsizing could benefit your finances, and talking to financial advisors can help you with
your financial planning.
Plan Ahead for Your Move
When you move into a smaller space, you’ll find that you suddenly have a lot of extra
belongings, including furniture, decor, linens, and more. You can plan ahead for the change by
sorting your items into categories, such as:
- Pass on to family or friends
You could even arrange a garage sale or post your items on a marketplace app to earn a bit of
Professional Financial Planners in Edmonton
If you’re thinking about downsizing your home and are looking for mortgage advice, contact me
today to learn more about what your mortgage options could look like and how we can set you
up for long-term financial success.