ORGANIZING AND DOWNSIZING
Should I downsize my home?
Downsizing can free up funds for your retirement and cut down on day-to-day expenses. But do the pros really outweigh the cons? Ask anyone who’s approaching retirement what their view is on downsizing and odds are they’ve given it some thought at one point or another.
Considering how you could live a “downsized” lifestyle before you’re forced to do so is certainly worth contemplating. And remember downsizing isn’t just about your real estate—it’s about adjusting your cost of living. For that reason, it is a good idea to consider downsizing as a process, not a decision.
What are You Looking for in a Home?
Take time to think about your current and future housing needs. Consider downsizing or “rightsizing” if your current home is unable to meet your changing health or mobility needs.
If you decide it’s time to move, consider the following:
What will your monthly budget for housing expenses be in your retirement?
What are some of your housing must-haves?
Will you want to be closer to family or friends?
Will you want to be close to any specific services or facilities?
Will you need convenient access to public transit now or in the future?
Will you need specific accommodations for health or mobility needs?
How much home or yard maintenance will you want to do?
How much space will you need?
Secondary suites, such as basement suites, including those that break municipal zoning bylaws, are covered by the same residential tenancy laws as apartments in large buildings. Landlords who rent out suites in their homes do not have any more say in the lives of their tenants just because they live in the same building and sometimes share the same facilities, such as laundry or a yard. It is important that all landlords consider this before renting out a suite in their home.