What To Look For When Downsizing Your Home Or Buying Recreational Property

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If you’ve been following the real estate market lately, you know there are some pretty big changes happening. Luckily, with change comes opportunity! If you’re nearing retirement age, looking to downsize, or want to take advantage of the current buyers market to invest in a recreational property, it’s a great time to buy real estate. Here are my pro tips to make the transition into a smaller property smooth sailing!

Plan Well In Advance

Like most people, you have at least a general idea of when you’ll retire or when your kids will leave the nest. This gives you plenty of time to plan for your big move! Downsizing can be time-consuming and tough, especially if you’ve lived in the same home for decades. Planning ahead can help you stay organized and prioritize the stuff you want and need in your home (and life). Planning also helps to reduce the emotional stress of downsizing; it can be mentally tough to let go of those sentimental items and memories that make a house a home.

Consider Your Future Life

When you’re downsizing, it’s all about the future! Your needs for your retirement or vacation property will likely be very different from your family home. As you prepare to downsize, don’t just consider your current needs; think about your life and lifestyle in the future. For example, a single-level home without stairs could be a great option since it can be easily modified to suit your changing mobility needs. A condo may be suitable if you’re looking for a recreational property since a strata typically handles yard maintenance and exterior renovations. Remember to consider your needs for multiple bathrooms and guest rooms—features that make it easy for friends and family to visit!

Create a Budget

Saving money is one of the biggest reasons to downsize to a smaller property. But before you decide to take the next step, make sure you consider all of the costs! If you’re eyeing a condo, it’s essential to budget for strata fees, utilities, and additional maintenance costs. If you’re downsizing to a smaller home, you may be able to reduce (or eliminate) your mortgage payment, but there are still expenses like property taxes, insurance, maintenance, and emergencies. As you get older, you may also need to hire handypersons, gardeners, and landscapers to look after your property—expenses that can come as a surprise (and financial hit) if they aren’t budgeted for.

Decide on a Location

The most exciting part of downsizing your home or buying a recreational property is deciding where to live! You have the freedom to move wherever the wind takes you, but keep in mind that a location that looks great on the surface may not work as you get older. Consider properties close to the services you need now and in the future, like hospitals, recreation centres, seniors activity centres, and grocery stores. The location should also match your lifestyle! If you crave peace and quiet, it’s not a great idea to buy a condo beside a busy highway or nightclub. If you’re a social butterfly, an isolated property on a remote island probably isn’t the right choice for you.  To help you decide, an experienced real estate advisor can help match your interests and needs to the right property! 

Are You Looking To Downsize or Buy a Recreational Property?

I understand the unique challenges of empty-nesters and buyers looking to simplify their housing needs. With patience and understanding, I look out for my client’s best interests and advise them on properties that suit their lifestyles and investment goals. Reach out today to learn more about exciting real estate opportunities on BC’s Sunshine Coast!

Interested in selling or buying? I CAN HELP YOU

Hi, let’s connect on helping you with your property needs.

Heather Freeman

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