Downsizing to a Smaller Home

Your home is more than the four walls that contain your belongings – it reflects who you are. While you may need a large home at one point, your circumstances could change, making it reasonable to consider downsizing. The advantage of downsizing in Fredericton is that each neighbourhood has unique characteristics that give you an extensive selection of smaller properties.

• Why You Should Consider Downsizing to a Smaller Home
  • Cost-Savings of Downsizing
  • Lifestyle Changes
• What to Expect When Downsizing to a Smaller Home in Fredericton
  • Step 1: Establish if Downsizing is the Right Solution
  • Step 2: Consider Your Needs
  • Step 3: Determine Whether You’re Selling First or Buying First
  • Step 4: Calculate the Cost of Downsizing to a Smaller Home
  • Step 5: Optimize Your New Space

Why You Should Consider Downsizing to a Smaller Home

Downsizing is not a bad word. Instead, it’s a perfectly normal part of homeownership. As your needs change, your living arrangement should change as well to better accommodate your current needs. Essentially, your home should always meet your immediate needs.

Cost-Savings of Downsizing

In a practical sense, additional square footage typically means a costly utility bill. Consider that heating a five-bedroom home during Fredericton’s sub-zero temperatures – when you’re only using half of it – is both financially wasteful and environmentally careless.

Lifestyle Changes

Downsizing has a host of benefits that aren’t purely financial. With a smaller home comes the ability to free up time and resources for life’s other pleasures. If you’re an empty nester, for example, you’ll be able to invest in other facets of your life as you enter this new phase.

Perhaps a bungalow in Marysville, so you can spend your summer days fishing on the Nashwaak River, or a home in Nashwaaksis for easy access to picturesque trails could be appealing. For avid golfers, a garden home off Brookside Drive within walking distance of Fredericton’s West Hill Golf Club would be ideal. Downsizing allows you to merge your interests with your residence. The same applies if you’re a snowbird trying to escape those sub-zero temperatures; having a smaller summer home to maintain makes life even more enjoyable.

What to Expect When Downsizing to a Smaller Home in Fredericton – 5 Steps for A Smooth Transition

You may need to move out of your neighbourhood, but it’s unlikely you’ll need to move out of Fredericton. The properties in Fredericton cater to any phase in your homeownership cycle. Therefore, you can remain close to friends, family, and all you’ve come to love about Fredericton.

Step 1: Establish if Downsizing is the Right Solution

Evaluate your circumstances before you begin the process of downsizing. Determine what benefits a larger home provides and if a smaller home won’t be as (if not more) advantageous to your needs and desired lifestyle.

Often homeowners do not realize that their home isn’t serving them anymore. While they may be flirting with the idea of downsizing, they haven’t made any concrete plans. You’ll know if you’re ready to commit to downsizing and will feel prepared to tackle the process by taking the time to conclude if this is the right step. Discussing this option with your industry expert at The Right Choice Realty can offer insights into the current real estate market to ensure downsizing is the right option.

Step 2: Consider Your Needs

Downsizing to a smaller home can be the most liberating feeling as a homeowner. It signifies the start of a new chapter in your life, that when embraced, is only an advantage. But for downsizing to maintain its allure, you need to consider your needs.

• What Amenities Do You Need?

List the amenities your new home should have. What do you want nearby? Walking trails, hospitals, universities, airport, parks, family, or friends?

• What Purpose is This Home Serving?

Is this home a summer home, a way to reconnect with family that have moved away, or a way to simplify your retirement? You’ll know what to look for in a home if you know what purpose your new home should serve.

• What are some of Your Non-Negotiables?

Are you dreaming of a view? Do you want a vegetable garden? Are you planning to take your grandkids fishing? Just as you considered your needs, it’s beneficial to list non-negotiables features for your future home. Doing this also makes the process of communicating with your REALTOR® easier. Have you considered the benefits of a townhouse? We’ve taken a look at the pros and cons of buying a townhouse.

Step 3: Determine Whether You’re Selling First or Buying First

It’s time to start looking now that you’re armed with your list of needs and non-negotiables for your smaller home. At this stage, you’ll encounter a crucial question: Should I sell first or buy first? In most cases, it’s most appropriate to sell before you buy, as you’ll know what your market cap is. If your decision is to sell first, you might want to consider preparing by staging your home, especially if you have an abundance of stored items in the garage or basement.

However, the decision is deeply personal and should come after consulting an expert. The only way to know whether buying or selling first is the right choice for you is to discuss the decision with your REALTOR®. Our team has learned through decades of experience that this is a critical step in the process. Our recommendations always follow the careful analysis of your circumstances and needs with the goal to minimize stress and effectuate a seamless transition.

Step 4: Calculate the Cost of Downsizing to a Smaller Home

If you’re not prepared, the cost of downsizing to a smaller home can be shocking. You can avoid these costs by preparing a checklist.

Some of the items on your checklist should include:

• Measuring your smaller home to determine if your existing furniture fits, and if not, consider the cost of new furniture.
• Finding temporary storage for items you’ve yet to decide if you want to keep.
• Coordinating with adult children to determine if there are any items left in your home they would like to have.

Step 5: Optimize Your New Space

Less square footage requires being intentional with your space. Before you move, it’s a good idea to familiarize yourself with the smaller home. You’ll want to consider closet space, guest bedrooms and guest powder rooms. You’ll also want to think of which of your belongings are essential to avoid cluttering your small space.

If you’re having a hard time letting go of some of your items, invest in space-saving storage that can help you maximize your small space: items like under-bed storage, storage ottomans, closet organizers, etc.

Remember, downsizing can also be a selfless act. Now that you no longer need a large home, you’re allowing another family to create memories and embrace their new phase in your home.

At The Right Choice Realty, we’re a team of passionate real estate agents in Fredericton, New Brunswick, with a focus on personalized service and local expertise. We’re here to help you achieve your buying or selling goals, whether you’re looking for a commercial or residential property. Our team is highly familiar with the different neighbourhoods in the area and can offer personalized recommendations you can trust.

We have a Client Care Manager to help with administrative tasks and an in-house photographer to capture high-quality images of properties. Our marketing specialist helps us understand and plan how to best market listings and make informed decisions for buyers, and we use innovative multimedia marketing tools such as Matterport 360 and a drone to showcase properties to their full potential.

If you’re looking to buy or sell a home in Fredericton, don’t go it alone. Call The Right Choice Realty and see how we can help you reach your real estate goals. Contact us today to learn more.