Congratulations! If you’re reading this, you’ve most likely made the exciting decision to downsize your home.
You’re looking to make this process as smooth as possible.
Here are some common mistakes to avoid and tips on how to better tackle these challenges, so your downsizing experience is as smooth as possible.
Let’s dive in!
Common Mistakes
Downsizing Without a Goal
If you’re downsizing without a goal, it’s going to be hard to stay motivated and be happy with the end result. These goals not only help you, but they will also help your family, friends, and professionals support you best.
Common goals for downsizing include:
- Increased savings;
- Change of lifestyle and community;
- Family proximity;
- Accessibility to amenities;
- And more…
For example, if your main goal for you is to be closer to family, this will help your Realtor and family members better support you during this process.
No Budget and Financial Plan
Downsizing is a big job on its own. Without a budget or financial plan, you’re only making it harder on yourself. It’ll be much harder to find your next home without a financial plan in place.
When you’re downsizing, setting a budget for what you expect to pay for your next home will help find the right property. It sets up your Realtor to find properties that make sense for your goals. And it also helps you answer other important questions like how much equity you’ll use, if you’ll need more financing, how this impacts your retirement, etc.
A financial plan helps you answer detailed questions about your downsizing process, ensuring you get the most out of this experience.
There can be some hidden costs when downsizing that you may not expect, like any increases in property taxes if you move cities. Or the cost for junk removal if you need to dispose of items before moving.
Even items like upgrades and repairs that need to be made before your current home is sold. All these things add up which is why it’s important to have a budget and financial plan in place.
Other expenses to consider when downsizing:
- Property taxes;
- Moving expenses;
- Strata Fees;
- Move-in Fees;
- Mail Forwarding;
- Junk Removal;
- Etc.
Underestimating Emotional Impact
The emotional impact of downsizing is one of the hardest areas when it comes to downsizing. Not only is each room filled with amazing memories that you’ll cherish, but sometimes you may need to part with certain belongings that you’re emotionally attached to as well.
On top of that, you may have strong ties to your current community or neighbourhood that you may have to leave.
It’s a lot to handle! That’s why it’s important to understand this life impact, embrace it, and ask for support from friends and family when you need it.
If you underestimate the emotional impact of downsizing your home, you’ll have a much harder time making progress. Whether that’s accepting the right offers, moving with excitement, and making the most of your new community.
Ignoring Practical Needs
A major mistake when downsizing in the Lower Mainland is choosing a new home based on aesthetic or initial emotional feelings, without considering practical needs like accessibility, maintenance, or proximity to services.
For instance, it’s common in the downsizing process to be drawn to properties that are similar to your current home. Especially in regards to square footage, location, etc. It can be challenging to think about reducing your square footage and usable home space, or having a smaller yard. But you’ll need to consider the future practicality of it all.
We recommend going through your list of wants and needs for downsizing, and to ensure that they align with the practical needs of your future.
This way, you won’t run into the problem of buying a home that doesn’t actually help you reach the practical goals of downsizing.
Not Researching the New Area Thoroughly
While the Lower Mainland remains consistent in having amazing views, temperate weather, and easy access to mountains and oceans, each city has its own unique pace.
Certain cities and neighbourhoods also have unique amenities. So, it’s important to take some time to answer questions like:
- Is it important to have access to parks?
- Walking access to beaches?
- Do you need short drives to the mountains?
- Is proximity to healthcare facilities important?
- Do you require easy access to transit?
Also, downsizing too quickly may force you to choose an area that you originally thought you’d love, but end up disliking.
That’s why having an experienced and local Realtor is invaluable when downsizing in the Lower Mainland. for you in your downsizing process. We’ll be able to advise you on what neighbourhood and even building is right for you and your goals. We can help you understand the pros and cons, nuances, and right fit for different neighbourhoods, depending on where you want to live.
We also have these thorough Lower Mainland area guides to give you a sense of the community, what to do, educational systems, and more!
Unique Mistakes
The common mistakes are usually quite impactful if missed, but here are some of the unique downsizing mistakes we see and how to avoid them.
Lack of Proper Planning for Pets
Pets are like family members. So when downsizing, it’s important to plan and approach your downsizing review with your pets top of mind.
If you’re going from a big detached house to a smaller condo, you’ll want to make sure that this change is fit for the pet. You’ll also need to make sure that the strata bylaws for the building even allow the pets you have. Whereas some buildings do not allow pets at all. Some may allow small to medium sized dogs, and other pets. It’s important to include this detail in your home search.
Similarly, proximity to quality vets and dog parks might also be an overlooked requirement for your downsizing needs.
Failing to Secure Adequate Storage
Not securing enough storage for all your belongings is a mistake that you can easily make when downsizing. Failure to have proper storage will make your new home feel cramped. Or during move-in day, you’ll have to make a last-minute purchase of a storage locker in your area, which can be expensive and annoying.
To avoid this downsizing mistake, it’s important to give yourself the time and space to declutter, throw away any junk, and plan what you need to move. If you need storage in advance, get that organised so you don’t create headaches on moving day.
Forgetting to Update Legal Documents
If you haven’t moved in a long time, it’s easy to forget all the things that are tied to your address. Not only do you need to set up mail forwarding but changing addresses for any pensions, government benefits, powers of attorney, wills, and other accounts is crucial.
Making these comprehensive lists of what to change before you sell and make your move. That way, when you move you can easily update your address via email, phone calls, or online account updates.
Ready to Downsize?
Downsizing doesn’t have to be a source of stress or sleepless nights. Remember, you don’t have to face the challenges of downsizing on your own.
It’s natural to consider the logistical hurdles, neighbourhood changes, and financial concerns that come with this process. Ultimately, overcoming these challenges to find the right property is worthwhile.
If you need assistance navigating these challenges, we’re here to support you in downsizing across the Lower Mainland. With the right guidance, you can avoid common mistakes and make your downsizing journey smoother and more successful.
