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Downsizing in London Ontario


          When Rightsizing From Your Present Home - Keep it Simple

                            Downsizing Couple in London Ontario                                 

 What’s involved?

  Downsizing to a one floor house, a one floor town home,  a one floor townhouse or an apartment condo requires well thought out steps, including financial planning and paring down your possessions. Social and health considerations also play a role. You've got this far in your life and have managed to handle the good and the not so good, here are a few ideas that may help.

  Calculating finances

  A realistic breakdown of expenses, such as mortgage payments ( if needed), property taxes, condo fees, association fees , utilities, and transportation, is essential. Downsizing will reduce the housing costs, property taxes, and possibly future maintenance costs.

  And money saved by moving to a one floor house or condo can be used elsewhere, such as supplementing retirement savings or creating a new active lifestyle. A one floor home in London Ontario home will also help lower energy bills and home repair costs, and a smaller space means fewer furnishings to replace in the future.

 Maintaining a home that no longer meets your current needs and lifestyle can be a financial burden that may prevent you from saving for retirement, travelling, or doing any number of things you dream of doing. Ask yourself, “Is managing the family home holding [me] back from enjoying life?”

  Letting go

  Downsizing is an incredibly emotional experience for most. Although it can be difficult to let go of the many prized possessions we accumulate over time, it can be difficult to clear our closets, drawers, and basements of things we no longer need or use. One bonus: it’s easier to find what we’re looking for. ( I know, my wife and I have moved!)

 “When you have loads of closets and storage, you tend to fill all that space,” says professional organizer Rowena List. A smaller space allows for a specific place for necessary things.

 lots of time to downsize

 Becoming more social

  Downsizing can create more time for doing the things we enjoy most. When we consider the amount of time many of us spend cleaning and maintaining our home, the opportunity to increase our leisure time is very appealing. My clients tell me that after rightsizing, they feel more relaxed and free, able to spend more time with friends and family.

 Renewing our attitude

 Downsizing can provide the chance to renew our perspective on life. Integrative physician Isaac Eliaz states, “Such life circumstances offer a great example of the holistic nature of detoxification, of creating new space for transformation. We can access hidden gems: renewed feelings of excitement, freshness, and inspiration.”

 Challenges

Where to move to can be a difficult decision when we factor in all the things we want, such as proximity to transportation, shopping, and medical facilities. Moving can also impact our family and social life.

 Sense of loss

 When we move from a family home, we may feel a sense of loss for the family connections and lifestyle it represents. Allow family members to help you with your move to help ease the transition to a new home.

 not this small

 Less space

 A smaller lhouse or condo in London can present challenges when hosting family dinners, or it may prevent grown children from returning home,  (which for some may be a good thing!).  Downsizing may encourage our grown children to step up to the plate by taking over family dinners and making their own way in life.

  Like any change, downsizing takes adjusting to. Any type of major life change naturally creates stress. Although it is a “highly emotional and stressful” time, with careful planning, downsizing can be a positive life transition.

 These steps will help you make a smooth transition to a one floor home in London Ontario, be it a house or a condo..

 Plan a realistic timeframe.

Take your time, and work with a professional organizer if the process is too overwhelming. Take small steps. Give yourself plenty of time, but stick to a deadline.

 Determine your housing needs.

 Think about where you want to live, what amenities you require, and who you want to be near. Spend time researching the area and property. ( I can really help here, I know the neighbourhoods, the good values and the lifestyle that each neighborhood attracts)

 Don’t go bigger than you need. By contrast to downsizing too much, you can also not downsize enough. You can imagine the kids and grandkids will visit all you want, but don’t go for a home that’s bigger than you need, simply to accommodate potential visitors. One spare room and a fold-out sofa could probably adapt to most needs and will still keep your home manageable.

 The same goes for lot sizes. Take into consideration how much yard maintenance you will be able to do as you advance in years and what the costs will be if you have to hire someone to mow the grass and weed the garden.

 Planning for a quiet life outside the city might make sense on one hand, but it puts you further from essential services when you’re older and usually further from public transport if you’re unable to drive because of your health. The location considerations you had as a family or when you were younger may not be the same as you get older. Where ever you choose as a location, make sure you plan ahead so your future needs are met.

 Stay within your budget.

 Make sure your ideal home matches your current [and future] budget while having a vision of the lifestyle you want to keep.  

 With income reduced to your pension and other investments, you may have to adjust to a more modest lifestyle. A smaller home will cost you less, but there may be other costs you need to factor in. Are you overestimating the worth of the home you’re selling? What will the sale price buy you for a retirement home? Get a complete list of what you need to consider, and weigh it up against your income to get a balance that you’ll be happy with.

 Do your homework.

 If buying a condo in London Ontario, research the condo fees, building condition, management reputation or turnover, and décor and pet restrictions. A very important consideration is the mix of owner occupied vs tenant rentals and the age group of the other owners in the complex or building.

 Create a good support network.

 For a smooth transition, obtain input from a professional Realtor. You may also wish to consult financial advisors, planners, accountants, and lawyers.

 Sort through personal papers and photographs first.

These items take the most time to look over. Decide whether to keep them, save them for your children, or shred.

 Ask family members for help sorting through other possessions.

  Downsizing is a huge undertaking. An unbiased opinion is always welcome when we must decide what we want to keep and what we can donate, recycle, or sell. Don’t simply toss old items away. If in doubt about the value of an item, have it appraised.

 Focus on the positives.

 Moving to a smaller home may make it easier for you to travel, participate in interests and activities, and enjoy a new sense of freedom. Embrace downsizing as an adventure, an opportunity to meet new people and explore a new phase of your life.

The above was written by Cheryl Patterson

 

          Hidden Costs of Downsizing to a Smaller Home

   Downsizing or Rightsizing London Ontario

 For older Canadians who have watched their retirement savings shrink over the past few years, downsizing seems like a no-brainer. Wouldn't moving to a smaller home mean lower mortgage payments and living costs? Well, maybe -- but experts agree that a number of factors, not all of them financial, make each case unique.

 "Your biggest expense is your home," says Steven A. Sass, program director at The Center for Retirement Research. "Our sense is that people who are retiring and are financially strapped should think hard about downsizing as a way to improve their income."

 According to the Center's research, downsizing from a $250,000 house to one that costs $150,000 could increase yearly income by $3,000 and reduce annual expenses by $3,250, saving the homeowner $6,250 a year.
 

 Here's the math behind the figures: Subtracting the price of the new home from that of the old adds $100,000 to your savings. From that, subtract the cost of moving.

 "Moving is expensive," Sass says. While every situation will be different, moving can cost 10 percent or more of the selling price of your home, he says.

 Ten percent of $250,000, or $25,000, brings the profit down to $75,000.

4% rule when downsizing in London Ontario

  Using the rule of 4 percent, a rule of thumb financial planners use to calculate how much retirees may safely withdraw from their savings annually, Sass says $75,000 in the bank could add $3,000 of income per year.

 The Center calculates the cost of taxes, insurance, utilities and upkeep at 3.25 percent of the home's value -- a figure that will also vary depending upon where you live, Sass says.

 At that rate, household expenses for the old home would be about $8,125 a year. For the new, smaller home, they drop to about $4,875 a year -- resulting in an additional gain of $3,250 a year for a total annual savings of $6,250.

 The cost of transportation and gas should also be considered.  "How far will they be from the places they need to go -- the grocery store, doctors, and hospitals? Will they be able to access public transportation?"

 Medical considerations

when downsizing in London Ontario, how far away is your doctor?

 "A lot of older adults move out of the city without thinking about what happens when they can't drive anymore," says Julie Gray, a certified geriatric care manager who is a principal of Aging Wisdom, a care management service. "It's human nature to think that things will stay the same, but as we get older, there are a lot of things we need to think about -- not only monthly expenditures but physical changes and how those needs will be met in the most cost-effective way."

 On the other hand, she says, changing medical needs may make staying in place too costly to be a practical option. 

 Particularly in older homes, Gray says, a remodel to widen doorways for walkers, make bathrooms more wheelchair-accessible or accommodate a live-in helper could be very pricey. "Seventy percent of those over 65 will need some kind of long-term care service eventually," she says, "so it's a good idea for older adults to take a look at their homes and see if it can meet those needs."
 

 

 

 


Downsizing, Right Sizing or Upsizing


   Downsizing, Upsizing, Rightsizing or Staying Put?

 As a Realtor, I get to see firsthand who should be buying a home, not buying a home or even renting instead of buying!

        To move or not to move?

 I am going to be real blunt here, as a Realtor if I do not help people buy or sell a home, I don’t eat. So why would I write about not buying a home, about not selling a home, about renting instead of buying or what some would call blasphemy “ Don’t do a thing, stay put, pay off some debt, build equity or make do!”

 I am sure most of us have heard or read news articles about the debt load of the average Canadian, that the average Canadian is one month away from huge pain if they do not receive a paycheque!

 Or, about people not being happy, satisfied, grateful, joyful blah,blah blah, whine whine whine, it’s someone else’s fault, too hot, too cold, too cheap, too expensive, too fat, too thin, too lazy, too busy, whaaa, whaaa, whaaa!

 Poke me in the eye so I can whine some more!

    expert advisors

 Experts (and don’t get me going on experts) say the following:

  • It’s the economy

  • It’s global warming

  • Oil prices are too low

  • Oil prices are too high

  • Interest rates are too low

  • Interest rates are too high

  • It’s the US dollar or the Euro

  • Monarch Butterflies ( I kid you not)

 Anyway, in all due respect to economists, meteorologists, financial advisors (financial entertainers) here is my take on why debt loads are high and what to do about it.

 Don’t spend more than you make!

 We are all bombarded every day with advertisements, pop-ups, emails, social media about the  latest clothes fashion, foot fashion, the best vodka, dining place of the week, buy this car and your children will love you, your spouse will, your neighbours will love you, spend, spend, spend, you will be happy .

 When people get fat, they buy bigger pants. Read this , you'll love it!

 When people are sad, or had a hard day, week, an argument, a whatever, some go out and buy clothes, buy alcohol, dine at an expensive restaurant, book an exotic vacation, buy or lease a new car, buy a TV, and go to a movie.

 Buy a bigger house, move to the ‘in’ neighbourhood.

  debt and real estate

 In other words, most think spending will make them feel better and it usually lasts until the next morning, or when your cheque bounces or your credit card is declined!

 So, we make excuses and quote the experts instead of looking in the mirror.

  I can write about this because I have been there, done that and made more mistakes than the average working class male.

 So, as a converted “FIer”, I have learned & made aware about financial intelligence, financial integrity and financial independence, it sure beats the biggest house, biggest title, fanciest car or anything else that money can buy!

 Getting back to downsizing, rightsizing or upsizing, do it for the right reasons and live life instead of working for a dying.


A Very Important Decision Before Rightsizing


  "We’re thinking about downsizing to a smaller home. Having been out of the real estate market for many years, how do we find a representative to help us buy and sell?"

Finding A Great Realtor in London Ontario

 When it comes to buying or selling a home in London Ontario, one of the first steps many people take is choosing a real estate professional to work with. Much like you’ll be searching for a home to meet your needs, you’ll want to take a few steps to choose the real estate professional who is right for you.

Regardless of how you find the real estate professional, it’s always a good idea to meet with at least a few different representatives before selecting the one you’d like to work with. When you have your short list and are ready to meet with a few candidates, consider asking these questions:

1. What is your experience? Experience is about more than how many years someone has been in business. Take the time to learn about the types of properties they typically work with, which neighbourhoods they work in and how many homes in the type you are looking for they helped buy or sell in the past year or two.

2. What is your approach to the buying or selling process?For the buying side of things, how will the representative search for suitable properties and what is their approach to negotiations? When selling, how will your home be marketed to help attract the right prospective buyers? By understanding their approach, you’ll know what to expect and will be able to determine which representative’s philosophy and methods align with your preferences.

3. What services will be included? Discuss your particular needs and expectations with prospective representatives to ensure they are able to provide the services you want. For example, when selling, will the representative have professional photos taken of your home or prepare multimedia promotional materials? How will they promote and market your home? Understanding exactly what services will be provided, and later documenting them in your written contract, will help avoid misunderstandings later on.

4. What are the commissions or fees that I will need to pay? Commissions and fees can vary between brokerages and the services provided, so be sure to understand what will be provided and what it will cost. Keep in mind that, as with most things, the cheapest deal is not necessarily the best one.

5. Do you have references? As with most job interviews, getting in touch with references is an important step before hiring someone. Speaking with past clients is a great way to learn more. Were past clients pleased with their experience? Was the representative responsive and easy to get in touch with? Would they recommend them to others?

Buying and selling a home is a major decision, so it’s key to take the time to find the right representative for you. Whether it’s homes within a certain price range, in a specific neighbourhood, income properties or condos, it’s smart to find a representative experienced in buying and selling your kind of place.

 Ask these 11 Questions Before You Hire Any Realtor


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Sutton Group Envelope Real Estate Brokerage Inc


  Sutton Group Envelope Real Estate Brokerage In

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