Downsizing your lifestyle can be both stressful and challenging. The topic generally isn’t up for discussion until an individual or couple have experienced or are currently experiencing a major transition. In an attempt to assist with the process without direct intervention – Michael McMullen offers insight from his over 34 years of helping the public buy and sell real estate.
Before we begin labeling boxes, donating clothing, garage sales, etc – it’s important to consider the big picture. Ask yourself the following:
1. What type of home best fits your needs?
There are several options, dependent on the specific needs of an individual. If you are empty-nesters, you might consider a townhome or a condo. This offers you flexible homeownership – providing you with extra time which can be spent on other activities of interest. Having strata assume the responsibility of exterior property maintenance is what draws many folks to strata living.
On that note, if health and mobility are an issue, one level living might be preferred. If this is the case, there are many options available. Condominiums, one level townhomes, rancher style homes, modular homes – there are a variety of housing options to accommodate this demographic of buyer.
2. Which location best fits your lifestyle?
The internet has brought with it an abundance of mobile services, granting homeowners the power to accommodate needs without leaving the comfort of home. This is important, as home prices continue to rise – people are looking outside of major cities for retirement solutions (generally, you pay more for convenience).
You may find the perfect home at a reasonable price outside the city, and what would have been an inconvenient location in the past; now made convenient by the internet.
3. Do you really need to move at all?
There is a housing shortage in BC. Many locals are using the extra square footage in their homes and converting the space into suites. Not only are you providing additional rental housing to the market; having a suite can provide a monthly income. Before relocating, consider the many options available to you on your own property. Garden suites are another popular option as we see many municipalities exploring options to streamline the permit approval process. If health and mobility become an issue, you have the option to relocate to the downstairs suite, while renting the upstairs. Alternatively, if your lot size is large enough, the garden suite could make a great retirement option.
In addition to the 3 points listed above, there are many details that can turn an exciting process, into a stressful one. If you are in the preliminary stages – connect with a local real estate agent to advise you through the process. Let an expert guide you towards a successful outcome.Affordable neighbourhoods in Victoria victoria bc real estate