There are financial and emotional decisions you need to make before you think about downsizing your home. Are you considering selling your home in order to retire? Moving to a smaller home or a more affordable community, may seem like a sound financial strategy. But, according to an Ipsos survey, 27% of downsizers stated the costs were more than they expected. This suggests that the expenses from downsizing your home can add up quickly. Almost half of Canadian homeowners aged 55+ said they have no plans to downsize. Furthermore, within this group, 93% say they are happy with their current living arrangements. Some reasons people found it important to stay in their current home included staying close to family, friends or their community. Emotional attachments and memories were also important considerations.
The other side of the Downsizing your home dilemma
31% of homeowners in the most recent survey say they need the equity from their homes in order to live comfortably in retirement. Before rushing into any decisions, consult with an expert and consider the different options available to you. Should you sell? Should you downsize? Should you rent? Is a Reverse Mortgage strategy right for you? What is the best way to stay in your home while enhancing your retirement years?
These are serious questions that have many different answers based on individual preferences.
Don’t rush into any decisions, carefully and diligently consider all possible scenarios. Finally, home prices and economic conditions vary throughout Canada. Housing markets are vastly different and must also be considered. Lastly, real estate fees, legal costs, land transfer and estate considerations must all be part of your decision making.
Many of your questions can be answered with the help of a qualified Ottawa mortgage broker.
Please give me a call at 613-867-8076 or send Jennifer Rossides an email at email@example.com Start today to find a Smart Mortgage Solution that’s right for you.