When to consider downsizing your home

Post updated on February 28, 2023 for clarity.

There comes a time in life when you start thinking about your home and whether it’s the right fit for your lifestyle. While the idea of downsizing might bring up scary thoughts like getting rid of all your things, what it really means is choosing the right size home to enrich your life for your current lifestyle.

What is the meaning of downsizing?

In the context of home ownership, downsizing is the process of selling your home to buy a smaller property. Typically it is recommended for people in changing stages of life and involves moving into a smaller property as well as selling, giving away, or adjusting the amount of things you own to accommodate that new space.

Why should I consider downsizing?

There are many advantages to downsizing your home. Whether you’re entering a new chapter in life or want to maximize your income, people choose to downsize for many reasons.

Personal life changes

Many people will spend their life sizing up their homes as their families expand, but eventually, those kids grow up and move out (hopefully), and parents become empty nesters. Personal life changes happen and people become widowed or divorced. In 2023, more and more people have the opportunity to work remotely. Those people want to travel more and need less space (and less costs) in the country they live in.

Whatever those big life changes are, there’s usually more space left in the house than needed. If your personal life has changed recently, and multiple rooms in your home are sitting empty for months at a time, it might be the right time to downsize.

You’ve owned your home for a long time

After living in the same house for a couple decades, you might be ready for a change of scenery. Whether you want to move to a new city, closer to family, or simply to a new neighborhood in Calgary, downsizing can offer you this opportunity. During the many years in your home, it has likely increased in value and now might be a great time to sell for a profit. Whether you put that profit towards owning a luxurious home in your dream location or invest it in your retirement fund, downsizing can free up money and give you options.

Downsizing for retirement

As we get older, our priorities shift for what we need in a home. Your massive backyard that was amazing for the family dog might be a lot of yard to maintain now. Or maybe you don’t have the energy (or desire) to clean a bigger home with unused rooms. A condominium with no stairs might be more appealing than ever. Many want to live in a more accessible community with more amenities now that they have more free time in retirement.

The benefits of downsizing

While downsizing might seem intimidating after being used to a certain amount of space, there are so many benefits that come from owning a home the right size for your life.

Reduce household costs

By selling your larger home and moving into a smaller space, you’ll save money on heating and cooling costs among other expenses that come with owning a larger home. Depending on how much you sell your home for versus the cost of your new home, you could start living mortgage free.

Free up equity

With the extra cash you are now saving each month, you can put that towards enjoying your life. Whether you’re looking to travel more, buy a vacation property, or just want to put it towards your retirement fund, you’ll be thankful for the savings. Many communities, including Wolf Willow, will have plenty of amenities and activities to do in your own neighbourhood.

More time to do what you love

With a smaller home comes decreased household responsibilities. Gone are entire weekends dedicated to house and yard work. With less square footage to care for, you’ll have more time to spend on things you care about. Use this extra time to enjoy things like spending time with your loved ones, indulging in hobbies, or exploring nature like the Bow River Valley.

Downsizing in Wolf Willow

Are you ready to consider downsizing? There are plenty of homes for every lifestyle available in south Calgary. In Wolf Willow, we have five home builders to look at if you’re considering downsizing: Cove Properties, Alliston at Home, and WestCreek Homes.

Cove Properties – Bow360 Condos

For those looking for a single-level living suite, the luxurious Bow360 Calgary condominiums from Cove Properties is a beautiful opportunity to live close to the Bow River. Constructed to the highest quality standards, every condo is pre-upgraded with the finest finishes. Enjoy cooking in your dream kitchen with gourmet appliances or relax in your spa-inspired bathroom. With 11 floor plans to choose from, you can pick the most functional design for your lifestyle. 

Alliston at Home Townhomes

Alliston at Home offers 3 stunning townhome layouts to choose from all with a spacious open concept. With a rear deck, personalized floor plans, single or detached garages, and no condo fees, these townhomes are fantastic for anyone looking to cut down on space but keep up on convenience.