Downsizing: making a smooth move to a smaller property

Moving from a large house to a smaller property is much more than a transaction: it is a change of lifestyle. Less maintenance, more freedom, sometimes a more central neighbourhood. But it also means leaving a place full of memories. Here is how I support my clients through this transition.

Clarify your goals

Why do you want to make a change? To reduce your expenses, free up capital for retirement, move closer to your children, avoid stairs? Your goals guide everything else: the type of property, the area and the budget.

Do the real math

People often assume a smaller property is always cheaper. That is not always the case. A well-located condo can sell for the same price as a house in the suburbs. Compare:

• the likely selling price of your house;
• the price of the properties that interest you;
• the costs of selling and buying (broker’s remuneration, notary, welcome tax, moving);
• your new monthly expenses, including condo fees.

Understand co-ownership

If you are looking at a condo, the condo fees replace part of the maintenance you used to do yourself. Before buying, you need to review the minutes of the meetings, the budget, the state of the contingency fund and the study that supports it, as well as the maintenance log. A well-funded contingency fund and a well-run syndicate help you avoid unexpected special assessments. This is also a risk covered by Royal LePage’s Royal Protection, under certain conditions.

Sell first or buy first?

That is the big question. Selling first gives you a precise budget, but you may need temporary housing. Buying first lets you choose without pressure, but you need to be able to carry two properties for a while. We can also negotiate possession dates that line up. I help you choose the safest strategy for your situation.

Prepare your house for sale

A family home that sells quickly and at the right price is a well-presented home. Decluttering is a natural part of downsizing: take the opportunity to sort, donate and sell what you will not keep. I then take care of showcasing your property: presentation advice, professional photography and targeted marketing.

Take the time you need

Start early, ideally several months before your target date. Sort room by room, involve your family for items of sentimental value and measure your future home so you know which furniture will come with you.

Caring support

Selling the house where you watched your children grow up takes gentleness. I support my clients with patience, at their own pace. If you are thinking about this step, treat yourself to a free valuation of your property: it is the best place to start.