Many Londoners in their later years consider downsizing and begin looking for Condos for Sale London Ontario. Because of the potential financial benefits and lifestyle enhancements. Moving to a smaller property after the kids have left the nest and work life is winding down may seem like the obvious move, but many Londoners are unsure whether downsizing is right for them.
A recent survey on downsizing in Canada discovered that nearly half of baby boomers have no plans to downsize, making Condos for Sale London Ontario the focus of the discussion.
Simply put, Londoners are unsure about the realities of downsizing. It is not as simple as selling your home, purchasing a smaller home, and pocketing the difference. In fact, many residents who haven't downsized are skeptical of potential savings, and a third of those who plan to downsize are unsure about the costs of Condos for Sale London Ontario.
We'll start with the basics, and please don't hesitate to contact us if you have any questions about Condos for Sale London Ontario or need clarification on your situation.
What is Downsizing
Downsizing entails selling your home, which is usually a single-family home, and purchasing a smaller home, which is usually a townhouse, Condos for Sale London Ontario, or bungalow. Downsizing can mean different things to different people, but it typically entails moving to a smaller, less expensive home, often with less square footage, with a significant difference between the selling price of the old home and the cost of the new property.
Why Do We Downsize
Although many people downsize for the financial benefit of liquidating a portion of their net worth to fund retirement, others downsize to reduce maintenance costs on a property that isn't being used to its full potential. This is where Condos for Sale London Ontario come into play.
There are a variety of reasons why Londoners choose to downsize, but the majority of them are financial and practical. The following are some of the most common reasons why people choose to downsize:
- Their homes have become too big for them
- They travel to warmer climates in the winter and don’t need to pay for the upkeep of such a large space in the winter
- Housework, yardwork, and maintenance become too much or they would prefer to have more free time and consider Condos for Sale London Ontario
- Cutting monthly expenses like heating, hydro, and taxes becomes a priority later in life
- Moving closer to family in another part of the city
- They need or want to downsize to pay off their mortgage or other financial obligations
- The money from downsizing can help fund a more comfortable retirement
As many advantages as there are to downsizing, it is a life-changing decision that should not be taken lightly. Individual circumstances differ, and downsizing isn't for everyone, even if the real estate sale and moving process goes smoothly or there are great Condos for Sale London Ontario.
Prospective downsizers should be aware of all the costs, risks, and considerations that can arise as a result of downsizing. When downsizing, keep in mind that there is more to consider than just finances. Emotional attachments to a home, local amenities, and lifestyle choices are all important considerations.
The Financial Considerations
Buying and selling real estate, including Condos for Sale London Ontario, has a cost. On top of the cost of staging, marketing, and putting in the effort to find a buyer willing to pay top dollar for your property, there are government taxes to consider.
Although hiring a real estate agent to sell your property will cost you money, it will be well worth it if you choose the best real estate agent for you, and buying becomes just as important when looking at Condos for Sale London Ontario.
For starters, you avoid the hassle of dealing with all of the administrative and legal aspects of selling your home. That can be a full-time job in and of itself, and it's not something most downsizers want to think about while planning their new life and making moving arrangements.
Most importantly, the right real estate agent will maximize your profit on the sale of your property. That extra profit can more than cover the cost of the agent's commission, and you'll also get excellent service when purchasing that Condos for Sale London Ontario.
Condos for Sale London Ontario
Condominiums are a popular downsizing option, particularly among older Londoners. The convenience of most condo amenities, combined with the lack of maintenance responsibilities, make condominium community living an appealing option.
That extra convenience does come at a cost. Condo fees should be carefully considered and budgeted for when looking for Condos for Sale London Ontario to get an accurate picture of finances.
If you're thinking about downsizing, give us a call or send us an email. Even if you aren't ready to sell and are simply looking for answers to a few questions or concerns, one of our team members would be happy to help you make sense of downsizing and share some of the insights we've gained over three decades in the Toronto real estate industry.
Looking for Condos for Sale London Ontario? Search MLS listings today to find you next dream home. Contact Realtown,Yasir Khan, Sales Representative at RE/MAX.