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.
Just Moved In? Make Your House a Home for the Holidays
If you’ve moved this Christmas, you’re still getting used to both your outside environment and being inside your brand new home. Things are fresh and, well, it might feel a little strange. If you need Christmas decor, chances are you will want to buy locally. This is the case for 55% of Canadian consumers, who are being more mindful of giving back due to the events this year. Whether you’re shopping local or online, you still have the task of turning your new house into a home and filling it up with the spirit of Christmas. Here’s how you can do that. Realign Your Decor Your new house might be painted in a different colour from your previous location. This means you may have to purchase decor that better fits in with the new palette. Christmas trees, which saw purchases worth over $91.2 million just two years back, are not of the one size fits all type. Make sure you get one that’s suitable for the room you want to set it up in. Watch the Plasterwork Your house may or may not have new plasterwork, which reportedly takes about a year to fully dry. While a lived-in house feels homey, it’s probably better to not destroy any walls right away. It’s not why you went through the ordeal of moving. For the time-being, steer clear of wall-mounted decorations and all heavy items in general. You might not feel at home just yet, but keeping the house as it was when you fell in love with it will help you get there. Take Advantage of New Decorative Spaces While the walls may be off-limits for now, there will likely be other sections of your home you can take advantage of when setting up holiday decor. Perhaps you now have a staircase or a front garden. Liven up the staircase with garlands and bulbs. Put Santa and reindeer decor in your garden if you’re so inclined. Meet Your Neighbours You will want to be on friendly terms with your new neighbours for the holiday season. Take the time to get acquainted, from a safe distance, of course, and share some warmth for the season. Be Active in the Community These days, many small towns and even big cities are holding virtual events as a workaround due to the pandemic. People will always find a way to celebrate what they love. If you’re a Christmas lover, try scouting for activities that might be going on this season and take part. It might be different and odd, but it’s something you’ll likely enjoy in the end. Start New Traditions Your virtual event could turn into a tradition for the family. Who knows? You could also start your own traditions in your new home. Let the family give their best ideas, It’s okay to feel sad about not being able to visit old friends and family this time around, but don’t let it keep you back from having a festive spirit. Have fun trying options for a new tradition. It may not quite feel just right this year, but that’s all part of the fun of having a new home. You’ll get another chance next season. Stick to Your Usual Habits Even as you adopt new traditions, don’t forget to practice old habits. Nothing beats cuddling up around the television and watching Christmas films as you wait for the big day to arrive. Eat your usual Christmas meals, bask in your decor, and embrace your new environment. Get ready for the new year with a positive spirit. About to Move? Perhaps you’re just on the verge of moving and not quite in your new home yet. Maybe that’s what’s going to be your big step to start the new year. If that’s the case, reach out to our experienced team of professionals at Relocate Stress Free to help make your holiday moving experience as magical as Christmas itself.
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.