The Look of Downsizing Has Changed: Let’s Examine what that means
Downsizing used to mean just that: simply moving from a bigger place, (usually a detached family home) into a smaller one (usually an apartment or something ‘senior-friendly’.)
Traditionally, this was a process that saw us reducing our amount of stuff, dropping square footage, and even freeing up some money in the process. But, things are changing quickly, and in addition to the array of emotions that already exist in a later-stage move, adding confusion in simply is not helpful.
Let’s take an up-close look to see how the meaning and the entire process of downsizing has changed.
Downsizing no longer necessarily means a drop in square footage. While it may, sometimes people desire a different layout or style over actually reducing square footage. This could include acquiring single-level dwellings like large condos, or bungalow-style houses or townhomes. Having a basement or extra bedrooms to allow for family and guests to stay has more importance than ever on many downsizing wish lists.
Downsizing is oftentimes not a money-maker, and may in fact cost more to move than to stay put. Contrary to downsizing trends of the past, choosing to downsize may in fact now be a financially lateral move. This is due to a couple heavily influential factors. Firstly, our babyboomer population has officially entered their downsizing era. Still accounting for nearly a quarter of the Canadian population, people of this generation are finding themselves in a highly competitive market for acquiring suitable homes to age in place safely. To further exacerbate this, there are not enough downsizing-friendly properties to satiate the need. High demand + low supply = a competitive market… which conversely equals a significant increase among prices for these homes. These prices are more than likely here to stay, and even increase as time goes on.
Downsizing is not simply a utilitarian or practical move anymore. It has become much more about preserving or elevating a quality of living, and not just a form of function. As we live longer and healthier lives, people are less willing to give up everything in the name of downsizing. Sure, sacrifices are made, as with any move, but people are much more in control of ensuring their new set-up is an improvement in or preservation of their quality of life. This includes striking a balance between convenience, finances, safety, location, social opportunities, accessibility, and personal needs and desires; all factors people are often willing to pay a little more these days to ensure they have.
For many, this change in the concept of downsizing can be surprising, frustrating, and even counter-intuitive. I have heard many a person state that they feel they should not have to pay equal or more to sell an ‘X’ square foot home to acquire a new residence that is smaller. This is absolutely understandable, because it does not appear to make financial sense and can be contrary to the plan you had envisioned for your downsizing journey.
Here are some words that may help you warm to the idea of having to downsize in this new reality:
Know that houses are never priced on a per square foot basis here. We do not adhere to this model, because in it’s most simplest form, it makes no sense. We cannot account for the features and intricacies that make a home unique with this method. This is why we price homes using data to examine a home as a whole package, being a sum of its parts, and not just simply being a specific size in a specific location
Focus on your own quality of life. Make a list of what you imagine yourself doing in your new space, as well as what you want and need to feel fulfilled on this next leg of your journey. By shifting your attention on to defining what will help you thrive, it can help you see that financial gain is not the only important factor in this move.
Dig deep into researching the kinds of homes that have solid resale (this is where I can help you!) If your finances will be tied up longer than you had imagined, knowing that you are buying into a property that will hold or even grow in value can bring a beautiful peace of mind.
Know that staying put may not be the overall best decision for you. Decision-fatigue is real, and this can lead to paralysis in making a choice and ultimately staying put in your original environment, which is less than likely a safe or healthy overall plan. Although you may be able to manage your space effectively now, there is likely a time this will become difficult or impossible. Likewise, choosing to stay in a large, detached home may leave you feeling isolated, bored, unsafe, or stressed in other ways. Many of the long-term reasons people begin to consider downsizing include moving while the decision is still your autonomous one and not forced upon you by family or others, not leaving a full house to family members to address when you cannot be in control of the process yourself, and choosing to move now to a space that allows you to set yourself up to age in place and possibly avoid or delay the necessity of nursing home care at a later date.
I’m here to help you explore the journey of your next step in an open, sensitive, and non-pressuring way. There are many, many factors, and sometimes many, many people to consider when you plan for this kind of move. If you’re ready to ponder what your unique journey could look like, reach out. Having worked with several clients in this arena, I’m always happy to chat.
With kindness and gratitude,
Jenny
306.716.9670
