According to one study, nearly half of Canadians have no plans of downsizing their home. Meanwhile, 34% intend to do it eventually while 18% already have. Downsizing is usually considered after retirement. Or, in times like these, when things are tough financially. The idea of getting a large lump sum will appeal to anyone, even at the sacrifice of their longtime sanctuary — or their childhood home. What is Downsizing and Why Do People Do It? Downsizing most commonly refers to purchasing a smaller home after selling a large one. Financial reasons for downsizing are to cut down on the mortgage or to get rid of it and other debt totally. You might also just want to put the money towards retirement. Or perhaps your monthly bills needn’t be as high because of your large home. Persons also undergo physical downsizing because their house no longer suits their lifestyle or family arrangement. New empty nesters or persons who simply have gotten tired of maintenance might also want to downsize. Maybe it’s no longer safe for you to go up or down your stairs due to old age or health issues, or you want to be closer to family and friends. 1. Understand the Costs of Downsizing Downsizing has a lot of benefits, but there are also quite a few setbacks you need to look out for. Luckily, only 9% of homeowners regret downsizing, so once you’re aware, you should be among the majority who don’t. Anticipate the hidden financial costs of downsizing: Real Estate fees Land transfer taxes Condo fees (if applicable) Administration fees Home appraisal Legal fees Moving expenses Furnishing and upgrades for new home Expect emotional costs to downsizing Most likely, moving to a smaller home will mean that you’ll have to part with some of your belongings as they might no longer fit your new living space. The decision of what to keep and what to throw out is often challenging. Of course, if you’re able, you could look into storage unit rentals so you won’t have to give up anything. Or, at least, you won’t have to give up those things that matter the most. However, if you’re downsizing from a home you’ve lived in for a long time, there’s simply no way to get around the loss of memories that were made there. All the life events that took place will now only be in pictures. Understand All the Practical Costs Downsizing might also mean sacrificing a good neighbourhood. Or, at least, one you’ve come to know and love. You’ll no longer enjoy your favourite swimming park or see familiar faces. If you end up moving to a more rural area — which is common for cheaper homes — you also won’t have easy access to cinemas, museums, and amenities you would normally frequent. 2. Get the Most Out of Your Sale If you understand the costs of downsizing and still want to push through, here’s how you can come out on the winning side of the sale: Know that staging your home is not always required. House or condominium staging is typically a good investment, but if you’re looking to save about $4,000, this might be the area to do so. Adopt the buyer’s perspective. Before putting your home up for sale, look at it objectively and be blunt about things a potential buyer might not like. Additionally, make the necessary cosmetic upgrades, changes, and repairs so you don’t lose a good sale. Sell at the right time — and at the right price. If you have a swimming pool, summer might be the ideal time to list your property initially. In certain locations, each city has a “best time” to sell. Research and plan to suit your needs. When you do finally decide to list, be reasonable, otherwise, your house may go stale and end up with a heavily diminished value. Get the right people to do the job. There are many real estate agents and companies out there, but not all of them are the right fit for you. Stack up your options for agents, advisors, maintenance managers, insurance brokers, and tax advisors as needed. Don’t settle. It might take some time to get a sale for the price you want. If this happens, don’t automatically agree when your estate agent suggests you markdown your home. Decide if you want to change your agent, or consider other options. 3. Keep Your Downsizing Options Open While selling your home will offer a lump sum all at once, it’s important to keep in mind the costs mentioned above. You might want to entertain the idea of renting your home instead. By converting your home to an investment property, you could enjoy potential savings of around 30% or more. Costs like new furnishings and moving to a new home can be avoided, but they’re more controllable than, say, agent fees (especially if you choose the right company). A second alternative might be to abandon downsizing altogether and upsize instead. Your local bank might offer a reverse mortgage option suitable for your needs. There are positives and negatives to this choice, however, so make sure you look into it with great care. Conclusion Whether you’re downsizing, upsizing, or staying right where you are, it’s essential to understand the key elements to a move and other forms of estate planning. Relocate Stress Free is here to help you have a smoother ride for all of it. Reach out to us for your next move, and know that you’re in the hands of trusted, experienced professionals.
8 Ways to Reduce the Stress of Moving During the Holidays
Moving during the holidays can be a challenging task. Not only is it the busiest time of the year commercially, but you have to ensure to keep gifts hidden from the kiddos and, of course, watch the weather. There are benefits, however, such as lower rates during what is an off-peak moving time. This is especially helpful considering that the effects of the weather might make it difficult for friends to assist you. If you are among those trying to get in your move before the peak of the holiday season, here are some ways to reduce the stress of relocating in late November or December. Plan Ahead Nothing beats a well planned out move. As early as you can, start packing items you won’t be using soon, and make arrangements to have utilities turned off. Also, secure a moving company way ahead (Go with Relocate Stress Free if you want to dispel the rest of the stressful situations that might arise during a move). Be mindful of the weather when you schedule the move, and have a contingency plan in case you need to stay somewhere temporarily on short notice. Purge Your Home A de-cluttering session significantly cuts down on the stress you might encounter during a holiday move. Deep cleaning your home means you will have less to pack into boxes and move. In addition, you will be making space for the “stuff” that comes along with the season. Gifts, decorations, and more might be on their way to your new home. The holiday season is one of the best times to donate items you no longer use. The entire family can play their part in choosing items to give away, showcasing their holiday spirit. Secure Important Documents Once you’ve planned ahead and don’t have to rush your move, you should have enough time to secure your most important documents. Keep things like birth and marriage certificates, bills, and bank records organized. You are also going to want to have your moving contracts, closing papers, and rental agreements somewhere. A document showing a list of contacts should be kept in a folder close by in case of emergencies. Be Mindful of Cold-Sensitive Items Moving during the winter is vastly different from moving in the summer. Sub-zero temperatures will put items like glass, wooden furniture, electronics, houseplants, and musical instruments at risk of damage. Protect your belongings by placing them in layers of bubble wrap, using thick blankets, and using insulated packing materials. Consider storing electronics in airtight containers. Further, remember to put liquids in containers that will allow for expansion and avoid breakage when frozen. Finally, protect wooden furniture by waxing them no less than two weeks prior to moving. Check the Weather and Adapt Always be sure to stay updated on the weather as you get closer to your move. You may have to change certain arrangements or simply take steps to avoid cleaning stress. The wet sidewalks might see a lot of muddy boots entering your home. Try placing flattened cardboard boxes to prevent a messy floor. Better yet, go with plastic sheets to avoid water. Check Your Taxes and Reduce Costs The financial strain of moving will have you looking for any option to cut costs. You may want to consult with an accountant or use tax software to find out if you’re able to deduct moving-related expenses. Organize Items Intentionally Since you might be decorating as soon as you step into your new home, be sure to pack decor in an easy-to-reach place. In addition to those, put familiar items altogether so that you can brighten up your new place right away. Those items that hold sentimental meaning and truly make your home a home will be needed immediately for the holiday season. You’ll want to make a shortlist so you know exactly what to pack. Buy a vacuum sealer. Just for this time of year, you should purchase a vacuum sealer to store summer clothes since you won’t need access to them for a few months. This will help reduce the moving space you require and protect your items. Conclusion Moving during the holidays should bring about joy, not stress. Enjoy the drive to your new home, bask in the decorated sites, and make it as stress free as possible.
Moving in Fall 2020? — These Dos and Don’ts will Help
Hesitated with moving during the summer? If so, you can breathe easy now that the fall season is here. Fall typically means cooler weather and a much easier moving process without the sun beating down your back. Of course, the provinces of Alberta, Saskatchewan, and Manitoba all faced unexpected strong winds and showers during their abrupt transition to fall in early September. This leads us to the first “DO” for moving during fall. DO Be Mindful of the Weather While the fall season is admired for having temperatures that are just right — not too hot and not too cold — you never know what can happen. We’ve already had one surprise. The fewer surprises you have when moving, the better. DO Purchase New Moving Supplies Usually, we’ll look to friends and local businesses for free boxes when moving. While this is a great way to save money, there’s a risk that comes with doing that this year. The coronavirus is still alive and moving around. To put safety first, it’s best to buy new supplies like boxes, packing paper, bubble wrap, and tape, rather than borrowing from others. DO Prepare a Checklist As we mentioned, there’s nothing worse than an unexpected surprise when moving. Avoid this by having a checklist in place so you are fully prepared and on top of the moving process. Your checklist may include finding the right moving company a month ahead, hosting a garage sale, getting the forms for an address change or doing it online, scheduling disconnections, and canceling subscriptions. DO Declutter Before you Move Not decluttering before a move, especially if you’ve followed our second tip, will lead to more spending. You’ll have to use more boxes — which you’re buying this time around. It might also mean more movers and increased charges from the moving company. It might be a hassle for you to declutter beforehand, but you will thank yourself when you unpack at your new home. Additionally, decluttering will give you a fresher start on your journey. There’s no doubt you have some junk laying around that needs to throw — not come along with you to your brand new home. DON’T Pack Last Minute Last-minute packing is the absolute opposite of what you want to do for a successful move. In your head, you might calculate that it will take you much less time than you truly need to pack. Remember, time flies. The stress of moving is already a weight on your back, so don’t overburden yourself with rushed packing. Start by packing those items you use least often, and work in small portions. DON’T Hire Movers too Late Allow yourself enough time to choose professional movers by hiring early. It takes time to scout out the right company for your needs. But if you take too long, their available slots might get filled. Last-minute hiring could also mean a bigger price tag among the few choices you have left. Ideally, you’ll want to secure moves at least two months in advance, and a month at the latest. DON’T Forget to Share the News Moving can take up a lot of time and mental energy. Although it’s in your checklist, it’s worth mentioning that you ensure you inform the right people about your move. Sometimes, phone calls are a hassle. Yet you will want to let close relatives know about your new location. You will also have to update your bank, post office, and organize things with your utility provider. Final Thoughts Moving can be easy once you have the right team of movers — speak to us to find out if we are that team — and stick to these dos and don’ts. If you’re moving this fall, also keep in mind the risks presented by COVID-19, and take the right precautions. The week before the move, you should be able to sit back, relax, and smile with confidence.
Downsizing Your Home? — 8 Things to Do First
Downsizing to a smaller home is a bigger step than most people think. The benefits are also often overlooked. It’s more economical, easier to clean, and homier. Parents who become empty-nesters are big on downsizing. People also downsize due to divorce, lowered income, or because they have to move for various reasons. Thankfully, only 9% of people who downsize regret it. Whatever the case, downsizing will bring about drastic changes. Some are inherently good – like getting a fresh start. Others are not as great. Avoid downsizing challenges with these tips. 1. Establish the right mindset. You may want to find someone you trust who is a good listener to open up to about moving. The act of packing can draw a lot of memories that might be difficult to dwell on. Having to let go of certain items may also take a toll on you. However, you shouldn’t see it as a loss, nor should you feel too connected to things (family heirlooms are an exception). Instead of looking back with regret, focus on where you want to see yourself in the future and how the items you decide to keep will fit into that bright, new plan. The right mindset also means planning ahead. Make sure you hire a reliable moving company and schedule ahead of time so you’re not left with the headache of doing things on your own when you want to move. 2. Take pictures of your old home. Taking pictures of your old home is great for three things when it comes to downsizing. First, you get to look back at the space where memories were made and know that you will always have a piece of those items you eventually throw away. Second, pictures help you decide what items you absolutely want to keep that you were previously going to toss. If your eyes go quickly to certain items in a photograph, it probably means you shouldn’t let them go. Third, you can use the design and arrangements from your old home to get an idea of how to do the new one. Your new home will, of course, be different, but it will still be you. 3. Pare down items and only keep your favorites. Expand the idea of downsizing to all aspects of your new home. You probably do not need several spatulas in the kitchen, and the “good” grater likely does the job each time. Throw away the rest of each item. Similarly, it might not be the best idea to carry over entire collections. If you’ve received tons of wine over the years, feel free to keep your favorite bottles and sell off or give away the rest. 4. Examine your new home with care. This might be obvious, but it’s tempting to just pick up your favorite large pieces of furniture and pray that they will fit into a smaller home. Instead of doing that, be more precise. Get the measurements for each room of your new home and know beforehand what will and won’t fit. That way, you’ll avoid the headache of struggling to fit something in and possibly having to let it go last minute. 5. Discuss items of value with family. If you’ve lived in your home for a long time, chances are your relatives are attached to certain items of sentimental value. Their feelings will make it easier to decide what to keep and what to toss. 6. Keep, Toss, and Donate — and Start Early. Again, your family needs to be part of this process. You may want to go as far as having them go through their old high school memorabilia and decide what they want to hold on to. Each day, you can set apart some time (about 30 minutes) to clear out a small area of your home. You only need three boxes — labeled “keep,” “toss,” and “donate,” to get the ball rolling. Remember to keep your mind open to alternatives for certain items. You can digitize photos and scan receipts you may need. Be strict but forgiving when it comes to what you throw out. 7. Get Help From Friends Friends can help you both physically and by giving advice. That old attic that’s filled with junk is not a one-man job. Ask anyone if they’re willing to pitch in, keeping in mind any allergies and being mindful of heavy loads. Speaking to persons who have already downsized is a huge help. They can fill you in on what to expect and motivate you about the wonderful realities that come with a smaller space. If you’re not acquainted with anyone who has downsized, reach out to an experienced company for help. 8. Stop ordering and acquiring things. Now is the time to stop any impulsive shopping. Change the way you look at acquiring things. More items typically means more clutter. In a newly-downsized home (or any home), clutter is the last thing you want. A useful rule is to get rid of one thing every time you buy something new. This will keep your home clean and organized and will leave you with no regrets about downsizing. Conclusion The most important thing to consider when downsizing is the reduced space. While you might have grown into your clutter over the years, you will inevitably appreciate the clarity of a cleaner environment. Once you’ve properly prepared to downsize, everything else should be a breeze. After moving, make sure to celebrate in any way you can. Treat yourself, call a friend, or have family over. It’s time for a new journey.