Amid the cost of living crisis, many Canadians looking to save money or reduce regular maintenance expenses might consider downsizing their home. But a housing expert says there are several things to consider before moving.
If you often wonder if your current home is financially viable and still fits your current living situation, it’s likely that a change in your living situation is due, says Toronto real estate agent Erica Reddy in an interview with CTV’s Your Morning earlier. this week.
“If you’re sitting there and you’re saying, ‘You know what, my finances are really starting to get a little tight and maintaining this house really doesn’t make sense.’ This could be a signal to start thinking about what downsizing looks like,” Reddy said.
Downsizing can be a daunting task at any stage of life, but planning ahead and considering how long it will take to move is a good place to start the process, Reddy recommends.
“It’s not an easy step. It’s not a quick process and there are a lot of things to do to make sure you’re ready to actually downsize.
Considering how much time it will take to declutter, especially if you’re moving from a home with multiple bedrooms and rooms to a two-bedroom home, for example, it’s important to give yourself plenty of time to divide up your belongings. that you are saving and intend to give away, Reddy adds.
It’s best to be proactive and think about downsizing before any potential precipitous situation where a significant change might be necessary, Reddy notes.
While the benefits of downsizing may be appealing to some, it is still a difficult and major life change that can bring up feelings of anxiety and fear about taking on the associated costs to a major move, especially with rising interest rates.
That’s why Reddy said it’s crucial to weigh the risks and benefits as well as the timing of such a decision.
“Coming to that realization and having that conversation can be a huge step forward,” she said.
“But the flip side of that is finding yourself in a much better situation before a situation where it becomes rushed or at a time where it’s forced or has to be done.”
To watch the full interview, click on the video at the top of this article.
Reporting on this story was funded by the Canadian Journalism Foundation’s Black Journalism Fellowship.