Empty nesters and baby boomers alike are beginning to realize their family home, now likely one of their greatest assets, has become too large and difficult to care for by themselves. In a busy housing market such as Toronto’s, these homes, suited for new families and expanding families, are prime real estate options, selling efficiently & at great prices. Yet some downsizers, having lived in their current family homes for many years, fear the hustle and bustle of decluttering their belongings and moving. So, we’ve decided to provide some strategic tips to help downsizing home buyers and sellers to ensure the process is smooth and simple.
Plan Ahead
Give yourself a time frame to complete each task expected of you. Decluttering, renovations, and prepping for showings all take time. Discuss a plan with your realtor for when you’d like to complete these tasks, and any external sources/help you’ll need to do so. Then, plan your next purchase. Take pride in researching potential neighbourhoods and housing options, and discuss which fit you and your lifestyle best. By giving your realtor a clear vision of what you’re looking for, they’ll be more inclined to show you a variety of options which still fit your expectations.
Small Renovations
Small renovations, such as updating light fixtures and fresh paint, can make a large difference to the value of your home. If renovations sound too strenuous to complete on your own, call a professional, or ask for help. These small steps can directly affect the value of your home in the eyes of potential buyers, making it more “move-in ready”.
Focus on Positives
When selling your current home, though it may seem too big to you, remember what you loved about it upon purchase. Highlight these aspects with good lighting and clean décor, and ensure you’ve removed all clutter/family photos to guarantee showing success.
When searching for a new home, look at the all the great opportunities ahead. Downsizing means you have more options, such as condos, assisted living homes, townhouses, or even smaller detached homes. By focusing on the all your great options, you’ll find something to suit your current lifestyle best, without allowing nostalgia to affect your judgement.
Are you in the process of downsizing, and now can use an advance on your equity before closing day, perhaps you need money for your new purchase deposit? Or to fund your renovations before sale? Tembo Financial can help! Tembo offers this unique service to homeowners in Ontario and the GTA. You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you. Don’t wait, start today!
*Subject to qualification.