“Should I stay or should I go now … ?”
— The Clash
The year is 1982.
You’re a couple in your mid-twenties, recently married. Interest rates are stable at around 10 per cent, and it’s the perfect time to buy your first home, one big enough for a family of three – or more – to grow into.
If this was you, then I have a bomb to drop of which I’m sure you are already fully aware. That was 35 years ago! E.T. was the biggest box office movie, and you were probably listening to “Eye of the tiger” by Survivor in your Ford Escort wishing it was Magnum P.I’s Ferrari (I had to throw some 80’s nostalgia in).
The time has flown by. Your home has weathered your family of three or more through the years, and you, as parents and now grandparents, are getting close to retirement.
You are about to ask yourself a question that the Newbigging-Pearson Real Estate team hears daily in Niagara: “Is now the right time to downsize?”
The answer we give is usually both yes, and no.
The truth is, it really depends on the person. I can think of a bunch of solid arguments to both stay in your family home, or move on. The key is to have a plan, regardless of your decision. Start by asking yourselves some questions to determine whether downsizing is right for you:
* “Are we fit enough, both physically and financially, to manage this home for the foreseeable future, or do we have disabilities looming?”
* “Do we want a smaller, more easily up-kept home, like a condo? One that would allow us to take time for travel and be less physically demanding?”
* “We aren’t interested in travel, but selling our family home will provide us with extra retirement income. We could indulge our hobbies. How about that?”
* “Are we looking to leave a financial legacy to our children? Perhaps selling now is the right time, so we can see them enjoy their inheritance.”
Whatever your decision, whether it’s to upgrade your home and stay put, or to consider downsizing by investing in a bungalow on smaller property, or a condo purchase, look for things you love about your family home, and try to find these on a smaller scale in your new home.
For example, if you love gardening and travel, a small, ground-level condo may be for you. With everything on the same level, you’ll have ease of upkeep, plus with a patio or deck, you’ll be able to host your family for a barbecue and create a garden on a smaller scale. This will give you plenty of time “off” home maintenance for other interests, like travel and hobbies.
Keep in mind, a condo need not necessarily mean living in an apartment building.
Niagara is a beautiful region with 12 municipalities, where various styles of homes for sale are readily available. Condos for sale or lease are also available in traditional taller buildings, and also in low-rise buildings, town-homes, or “garden” type, smaller homes on one level. Many condos for sale in Niagara are available with garden access, but one of the beautiful things about this is the owners are not responsible for grounds maintenance.
Sure, if you have your own pots of pretty flowers or some tomato plants, you do need to look after them yourselves. Generally, though, communal gardens are maintained by the condominium association, into which the owners pay dues, monthly.
Whatever you decide to do, our Newbigging-Pearson Real Estate team is here to help you proceed. If you are ready to make changes, or just want to discuss your home’s 'sellability', give us a call!
Reach our offices at 289-686-1552, or send us a message via our website HERE, on our contact page.
Let’s talk!