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How Do You Know When It’s Time to Downsize?

Many people downsize because they no longer need such a big home when the kids move out. However, job loss has become a major concern. How do you know if it’s time to downsize?

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In the current economic climate in Calgary, downsizing is becoming quite frequent. Many people are either downsizing due to job loss or preparing for someone else in their household to lose their job. Others are downsizing because they no longer need as much space.

If you are looking at downsizing, be honest with yourself and have a conversation with the other decision-makers in the family. Maybe you need a smaller house or a smaller mortgage. Whatever the case may be, assess your needs before you list your current home and sell it.

In fact, before making any decisions, you should talk to a bank or mortgage broker and get a comprehensive pre-approval. Disclose all of your financial information when it comes to debt and your current job situation. Don’t just assume that you will qualify for a mortgage; you don’t want to sell your current home only to realize you don’t qualify for as much money as you thought you would. You should also double-check the prices the homes you are thinking of moving into.

Get a comprehensive pre-approval before listing your current home.

Ultimately, it is incredibly important to manage your expectations during this process. Be realistic about the price of your current home and what it’s going to be like to move into a smaller home. This can be a very emotional time, so being prepared is important.

Finally, I recommend speaking with a financial advisor. If you want to pull equity from your current home and put that money into a retirement fund, the financial advisor can help you have a game plan for your best (and worst) case scenarios.

If you have any questions about downsizing in this current market or about real estate in general, give me a call or send me an email. I would be happy to help you!


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