Guide to Downsizing Your Home

Downsizing your home can be a big decision. For some, it may be downsizing because their children have grown up and moved out. Others may be facing retirement and downsizing to simplify their lives. Regardless of the reason, we’ve prepared the ultimate guide to help you in this process.

The Ultimate Guide to Downsizing Your Home

As time goes on, it’s starting to feel as though your home no longer fits your lifestyle – perhaps the kids have moved out and the space is feeling too big or empty, or it’s becoming a chore to keep cleaning. Perhaps you simply want to switch to a simpler and more maintenance-free home. Time to Downsize!

As people age, many find that they no longer need the same amount of living space they did when they were raising a family. For some, this realization leads to downsizing: moving into a smaller home that is easier to maintain and more affordable. If you are considering downsizing your home, there are a few things you should keep in mind. First, downsizing can be a big lifestyle change, so it is important to make sure you are prepared emotionally and practically. Make sure you declutter your belongings and get rid of anything you won’t need in your new smaller home. You should also research different downsizing options to find the one that best suits your needs. For example, some people downsize by moving into a retirement community or assisted living facility, while others move into a smaller house, townhome, or bungalow. There is no right or wrong answer; it all depends on what will work best for you. Downsizing can be a great way to simplify your life and reduce your housing costs, but it is important to do your research and make sure you are prepared for the change before you take the plunge.

Let’s take a look at what the home buying process looks like when you decide to downsize your home.

1. Planning to Downsize

How Do I Know When It’s Time To Downsize?

It may not be immediately clear when the best time is to downsize - you may find you just have a general feeling that your home doesn’t fit anymore, or you may have specific issues that need to be resolved, but the solution of downsizing hadn’t crossed your mind yet. Try taking a look at some of the telltale signs that it’s time to downsize.

6 Ways to Tell It’s Time to Downsize
Getting on the Same Page About Downsizing
Downsizing Isn’t That Hard (We Promise!)
Dreaming About Downsizing: Learn to Make the Most of Your Move

Am I Financially Able To Downsize?

When buying a new home, most people’s main concern will be: can I afford to buy a new home? Fortunately, as a downsizer, there’s a good chance you’ll have a lot of equity already built up in your existing house which you can use to your advantage. In fact, over the long term downsizing could even save you money! If you’re still unsure, you can use a mortgage calculator to help you budget.

6 Financial Benefits of Downsizing Your Home
Mortgage Affordability Calculator

2. Finding The Perfect Property

The Right Home Model For You

Once you’ve decided that downsizing is the right choice for you, it’s time to shop around for your new home! Most home builders have a wide range of models and floor plan designs available, so it shouldn’t be too difficult to find a home that fits your lifestyle perfectly.

Choosing the Perfect Floor Plan for Downsizing
3 Fabulous Home Styles for Downsizers

Choosing a Builder

Finding the right home isn’t just about choosing the right model, however - you’ll also want to go with a reputable builder who’ll take care of you and ensure only the best materials are used in your build. When downsizing to simplify your life, the last thing you need is to have to deal with a bunch of repairs and hassles.

What Should You Look for in a Home Builder When It’s Time to Downsize?
Who Are the Best Home Builders in Edmonton (and 7 Tips for Comparing Them)
Choosing a Custom Home Builder in Edmonton
Sterling Homes named BEST Home Builder 2021 by CCA

What Amenities Do You Need?

Aside from the building itself, you should also consider the area you’re planning to live in. What kind of amenities will you need, and what will your commute be like to reach them? If you need quick access to medical facilities, supermarkets, specialty stores or any other services you use frequently, a little bit of planning now will save you a lot of time and effort in the future.

How To Choose A Home To Match Your New Lifestyle
6 Amenities To Expect in a New Community

3. The Home Buying Process

Getting Started

Once you’ve found the perfect property to buy, you’ll have to navigate the home buying process. This can seem daunting at first, but if you know what to expect and take things one step at a time, you’ll find it much easier to get through. We’ve put together a series of guides to help you through this process and give you a good idea of what to expect.

How To Buy A House: What You Need to Know
What You Need to Know About The Home Buying Process
10 Home Buying Mistakes and How to Avoid Them
How to Handle Buying and Selling a Home at the Same Time

The Down Payment

As with buying any home, the first part of the downsizing process is going to require you to make a down payment on your new home. If you already have enough cash in savings, this should be easy to achieve. If not, there are several options you can explore, including using the equity already built up in your home.

How Much Do You Need For a Down Payment?
Tips and Tricks For Saving For a Down Payment
Can I Borrow A Down Payment?
5 Benefits to Making A Larger Down Payment

Getting a Mortgage

Once your down payment is secured, you’ll need to apply for a mortgage. The exact amount you’ll qualify for can vary depending on a number of factors, including how much you put down for a down payment and how good your credit score is. You’ll also need to have all your paperwork in order, so we’ve put together a handy guide to help you be prepared.

Mortgage Pre-Approval
Mortgages in Canada: Your Mortgage Document Checklist
Can You Pass the Stress Test in Edmonton? Here Are Some Tips to Help You Prepare
Everything You Need to Know About Mortgage Insurance
What Is A Good Credit Score In Canada?

4. After the Sale

Taking Care of Closing Costs

Once the sale is finalized, you’ll still have a few extra costs to take care of before the entire process is finished. It’s a good idea to put aside some money ahead of time for these and to research them to avoid any last-minute surprises.

How Much Are Closing Costs?
The Costs to Buy a Home and Other New Home Costs You Should Plan For

Making Sure Your Move Goes Smoothly

Once everything is taken care of, it’s time for moving day! While this is an exciting time, it can also be stressful if anything goes wrong. That’s why it’s a good idea to prepare for the day ahead of time to ensure that everything goes like clockwork. If in doubt, you can always hire some professionals to take care of things for you.

Solutions for Moving Twice
A Checklist For Moving Into Your Newly Built Home
Tips for Choosing a Moving Company
The Cost to Hire Movers