facebook twitter youtube google plus linkedin

Downsizing and Moving – What To Do

Downsizing and Moving – What To Do

The data is mixed as to whether baby boomers will be downsizing and moving out of their homes anytime soon.

But if you (or your aging parents) are thinking about it – there are some options for you to consider.

In the following video from CTV News, real estate expert Sandra Rinomato shares what some of these options are;

Here are some highlights of what Sandra shared;

Reasons to Move

There are a number of reasons that people are considering downsizing and moving. Some of these are;

  • Health and mobility issues are becoming a concern
  • Wanting to pull some of the equity from their home so that they can support their lifestyle
  • No longer interested in maintaining their home – the upkeep has become difficult
  • The home requires maintenance and people are questioning the spending of the money and the energy it will take to do this
  • Looking to live a more carefree lifestyle – for example wanting to travel more

Some of the Options Available

Many housing options now available for older people. Here are some of the options that could be considered;

  • Purchasing a condo that will allow someone to age-in-place and respond to their changing needs
    • Easy access to healthcare and nurses on site
    • Maintenance fees increase along with increased services used
  • Shared accommodations
    • Senior only apartments and condos
  • Garden suites (you need to check local by-laws for this)
    • This is where a family member builds a separate living space for aging family members to live

Family Involvement

Sandra emphasized that it’s important to have the family involved but they also need to understand that this may not be an easy transition.

Many times memories are attached to things so it may not be as simple as “just throw it out”.

She suggests dealing with the decisions of what to take and what to dispose of before it becomes urgent. Also, if this becomes too difficult to deal with, to consider hiring a professional to assist if necessary.

Other Related Posts;