When it’s time to downsize, one of the biggest questions that comes up is “what are my options for homes?”.
It’s important to consider the different styles of homes that make sense to downsize to.
There are many different pros and cons, so it’s worthwhile to explore and take time to think about the different home styles when downsizing.
Rancher
A Rancher-style home is a single-story detached house. Typically, with an open layout. The beauty of the Rancher is that you still get a large home, without the hassle of stairs.
Making it ideal for those that need space and want to age in place or aren’t ready for a smaller condo or retirement home.
Pros to Consider
No Stairs: Say goodbye to stairs without having to sacrifice for a smaller-space and enjoy single-level living. This makes it easy to access every part of your house.
Own Driveway or Garage: Ranchers also offer their own driveway and sometimes garage. If you prefer to have a private indoor garage for your vehicles or projects, this is a great pro with this home type.
Yard Space: Want to downsize but not ready to give up a yard? Ranchers offer a great way to have private yard space that may be smaller than what you have now.
Cons to Consider
House Maintenance: The Rancher style home still requires home maintenance, an expense or time requirement. Things like hot water tank replacements, plumbing upgrades, roof repairs, etc., all fall onto you still.
More Exterior Work: While yard space is nice, you’ll still need to consider that pressure washing, exterior painting, window cleaning, etc, is all part of owning a house, even if you downsize.
Higher Property Taxes: Detached homes typically have larger property taxes because the values of your home and land are larger than other home styles like a condo. Here is an example of residential property tax rates in Vancouver.
Recommended Reading: Checklist for Downsizing Your Home
Duplex or Townhouse
A Duplex or Townhouse can be a great option to downsize to. You get the best of both worlds between a condo and detached house with a larger space, without the maintenance.
Pros to Consider
Low Maintenance: Downsizing to a townhouse offers the main pro of low maintenance. There may be some yard and exterior maintenance and that is usually handled by the strata corporation.
Some outdoor space: Still want outdoor space? Many duplexes or townhouses offer some small backyard or front porch space.
Community Vibe: With homes so close to each other, there is a fun community-vibe to townhouse living. Great for socialising with neighbours and meeting new people.
Cons to Consider
Stairs: It can be hard to find a Townhouse or Duplex that doesn’t have stairs. One of the main benefits to buying a townhouse or duplex is for larger square footage.
Strata fees: Living in this type of home also means there will be some sort of HOA or Strata Association fee you’ll have to pay into. This added cost every month is typically not ideal when downsizing and looking to save money every month.
“Dead” Square Footage: One of the cons to buying a duplex or townhouse is the ‘dead’ square footage, wasted from things like large entryways or wide staircases.
Condo / Apartment
Condos or apartments are typically one of the most popular choices for downsizing, especially in Metro Vancouver. There are tons of different condo and apartment options across Richmond, Burnaby, Vancouver, Coquitlam, etc.
Condos offer that smaller-space living so you can leave behind the maintenance and yard projects that a detached home brings.
Pros to Consider
Zero maintenance: The great thing about living in a condo or apartment is the nearly zero home maintenance required. All outside lawn care, tree watering, exterior pressure washing, etc, is all handled by strata and contacted companies.
Amenities: Condos typically have great amenities such as swimming pools, indoor basketball courts, Saunas, workout gyms, and more. There is even a condo in Burnaby with an artificial beach!
Security & Community: Condos offer a great sense of security. Most buildings require a key fob code to get into the building, and additional key fob verification for using elevators or accessing other stairwells. Some buildings also have private security and concierge to assist.
Cons to Consider
Strata Fees: The major con for condos when downsizing is the Strata fee. These fees can range from $300 per month on the low end to nearly $1,200 on the high end. This all depends on your building’s health, so make sure you spend the time to assess the condo corporation’s financial health.
Limited or Zero Outdoor Space: While zero outdoor maintenance can be nice, you’ll typically sacrifice any outdoor space with condo living, unless you live on the ground floor.
Additional Strata Rules & Bylaws: Hate rules? Well, condos typically have lots of rules that residents need to follow. These are set by the strata to ensure peaceful living for all residences living amongst each other. But sometimes these rules can be hindering.
Recommended Reading: Common Mistakes When Downsizing [+ How To Avoid]
Mobile Home
Mobile homes or manufactured homes offer a great option for those looking to downsize and save more money from the previous sale. Mobile home parks typically lease the land the home is on, so you’re not buying the land outright, like a detached home.
Pros to Consider
Affordable: Mobile homes offer lower costs than a traditional detached home, like a Rancher. The build costs are significantly less and the land is typically leased, so you don’t need to come up with the upfront payment for expensive land in BC.
Outdoor space & Community: Mobile homes typically offer access to your own outdoor space for your home. And given the proximity to your neighbours, mobile home parks typically develop close-knit communities.
Flexibility: Should you ever need to do a major relocation, you can always consider transporting your manufactured home to the new lot. There are many companies that do this now.
Cons to Consider
Resale value: Typically, manufactured or mobile homes depreciate in value when it comes time to sell. If you’re planning on selling to move into a retirement home or assisted living down the road, this may not be the best investment.
Climate and Weather Risks: These types of homes are more susceptible to extreme weather like we get in BC. Make sure yours is insulated properly for our conditions.
Assisted Living or Independent Living Communities
Looking to ditch all that yard work and have help with you as you age? Assisted living or independent living communities can be a great option as you age.
Pros to Consider
Amenities: Similar to the benefits of a condo, retirement homes typically have lots of different amenities. This may involve music rooms, large reading spaces, bus transportation for in-town trips, and more!
Medical Support: The biggest pro for downsizing to these types of homes is the level of support and medical care one can receive. There are typically doctors, nurses, and many other levels of medical support in these homes.
Maintenance-Free Living: Say good-bye to home maintenance. Not only the exterior yard work and cleaning, but many places will also take care of the cleaning on the inside. Including vacuuming, dusting, sanitization, etc.
Cons to Consider
High Monthly Fees: Retirement homes or assisted living facilities typically have very high monthly fees. This is to cover the housing, food, medical support, and other necessities required to provide this experience. Learn more about the associated costs here from ComfortLife.
May Feel Isolated: Over time you may feel isolated at a home. This is a common complaint and con to consider.
Community Changes: The diverse community feel can dissipate in retirement homes. As many of the living standards are for 65+ people, and thus you don’t hear or see young families in your direct community.
Choosing Your Home Style When Downsizing
If you’re really unsure, we recommend renting for a year or two after you sell your current home. This route will allow you to rent a Townhouse, Rancher, or Condo, to see if you like the idea of that style of living.
Lastly, you’ll also want to consider how this fits your financial situation and future budgetary needs. If you’re downsizing and also planning to retire, assessing your cash flow needs and home prices is a major consideration.
For example, a condo may offer a more cost-effective downsizing option versus a rancher home. Given the lower monthly costs and overall cheaper prices for condos versus detached homes in Metro Vancouver. Greater Vancouver Realtor reported in September 2024 that the average detached home was $2,022,200, while a condo was $762,000.
Final Thoughts
Making that final decision for the home type you’ll downsize to is not easy. There are pros and cons to each type of living.
Take the time to consider what’s going to fit you best and make sure you chat with a trusted Realtor, like Daniel John, about your options when downsizing.