Many parents find themselves entering the ‘empty-nest’ season where their young adult children are spreading their wings and venturing out into the big wide world. Or younger parents could find their young family progressing from the toddler years to now starting school.
Yet other single people or even those leaving home for the first time are looking for their first apartment or condo.
Retirees are looking to downsize their home with less maintenance and free some finance towards travel or their monthly budget.
Retirees are looking to downsize their home with less maintenance and free some finance towards travel or their monthly budget.
In every stage of life comes downsizing, upsizing and literally everything in between.
As a homeowner, sailing the ebbs and flows of life can bring a level of uncertainty and questions in knowing what to do next with your home.
If you find yourself with all of your children leaving home, and you are left with a half-empty home, it might be time to seriously consider downsizing your home.
Or, if you are a parent of young children who are out of their baby years and moving into school and all the activities that go with after-school programs, then upsizing to extra living spaces, larger bedrooms, and closet space will be a consideration.
Maybe you are moving out of home as a single person or considering a place for your young adult, then a studio apartment could be right for you, or if you entertain, perhaps a one-bedroom condo.
Alternatively, maybe you want to increase your value of home ownership by having a dual dwelling and are considering selling your home to buy something with a separate condo or basement apartment to rent out. Looking into this option to bring in more income and help pay down your mortgage is an excellent decision when planning your future.
There are many options when you have your own home and find that you’ve outgrown your home or reached a season where it’s too big for you.
The cost of buying a home is finally going down.
You may be able to afford a home now that was previously out of reach.
While the real estate market begins to cool down, here are some points to consider:
That big home with a large yard may no longer be needed and buying a low-maintenance property will reduce costs and time. Downsizing from a four-bedroom home to just a two-bedroom can yield a cheaper home, or potentially, a nicer home for same costs as a larger home.
Upsizing:
A larger home that can grow with your family while you have dual incomes can be a great move and can build valuable equity into your home.
Starting Out:
As a single person or couple just starting out, buying a condo is a great first step into the market, helping to build both credit ratings and equity for future plans.
A knowledgeable Real Estate and Mortgage Team can help you find the best home for your stage of life.
We have been so honoured to walk alongside generations of home buyers who have sold multiple homes with us.
We would love to talk with you about home and financing options to match your current stage in life.
Ready to buy your first home or upgrade to a bit more space?
Ready to sell and maybe downsize?
Want to know what you can afford, what rates and terms are available to you and how to get a 120 day rate hold?
Do you have questions? Get in touch with us!Click the image below and we will be happy to chat with you!
Want to know what you can afford, what rates and terms are
