The Surprising Financial Perks of Downsizing
By the Eazy Peazy Downsizing Team
Your family home has served you well over the years. It was the place where holiday dinners stretched around a crowded table, where your children grew up and where many cherished memories were made, but life changes.
What may not change is the fact that your house has expensive habits. It requires maintenance, repairs, property taxes, insurance, utilities and upkeep of spaces that may no longer be used daily. The home that was perfect for your family 25 years ago may no longer be the best fit for the lifestyle you enjoy today.
A huge and pleasantly surprising benefit to downsizing and moving to a space-appropriate home is financial. Whether the move is to a condo, senior retirement community or apartment, less square footage often means fewer expenses and less financial management. There is no longer a need to budget for lawn maintenance, landscaping, snow removal, home repairs and the replacement of costly tools and supplies. As well, insurance costs usually drop, often four to six times lower living in a suite compared to a detached home. Over time, these savings can add up, creating greater financial flexibility for you and adding freedom of time to your lifestyle.
If you choose to move to a senior retirement community, there are further benefits beyond housing costs. Dining options, fitness classes, music programs, crafting groups and social events are often offered within the community. Instead of spending money and time travelling to activities, they may be a simple stroll down your hallway. Some retirement communities also provide transportation, which can reduce the need to own and maintain a vehicle or pay for taxis. It’s also worth exploring whether you qualify for subsidized senior housing options in your area.
At Eazy Peazy Downsizing, we have seen first-hand how planning can make the downsizing process easier, less costly and reduce stress. Last spring we worked with clients who had set their downsizing goals 2 years earlier. They had already worked through many of their emotional decisions before we began, which allowed the move to be completed efficiently and comfortably. In contrast, we helped another couple who had lived in their family home for 58 years move this summer after an unexpected health crisis. With only a month to make major decisions, this short timeline brought additional pressure and emotional stress for them and their adult children. Moves that happen because of a health emergency are rarely ideal and can often lead to extra expenses, such as storage costs or rushed arrangements.
Beyond the financial benefits, downsizing can also provide something you may value even more - time. With fewer household responsibilities, less home maintenance and easier access to activities and services, there is more opportunity to spend your days doing what brings you joy, whether that’s pursuing hobbies, visiting with family and friends, or simply enjoying a more relaxed lifestyle.
Add up all these benefits and especially the financial perks, and you will start to think bigger by living smaller.
Eazy Peazy Downsizing Team
Eazy Peazy Downsizing is celebrating its fifth year in business. Founded by Nicole Skiba, a Professional Home Economist and Trained Professional Organizer, the company was inspired by Nicole’s experience helping her own dad through the downsizing process. Today, Nicole and her dedicated team, Nancy, Lindsey and Dee, support older adults and families with practical, respectful help during life’s transitions. Contact Nicole at 587-598-6123 or eazypeazydownsizing.ca for more information.