How To Downsize Your Home Correctly?
April 4, 2018
This Is Why Your House Isn’t Selling
April 6, 2018

Why Downsizing?

If you think moving up in life means buying a bigger and fancier home, think again! Many Canadian families have plenty of room to downsize their home without cramping their style.

Moving into a smaller home may come with a dated stigma, but a closer look reveals quite a few upsides: saving money (duh!), saving time (please!) and having less clutter in your life (yes!). Is downsizing the fresh start you and your family need?

Downsize the Right Way:

More manageable mortgage payments and less time dusting those spare rooms may sound like a magic, but is downsizing right for your young family? Before you head down the path toward downsizing, let’s talk about it.

Let’s be honest

So, you’re thinking about downsizing your house. Great! Do you need extra space for your in-home business? Be honest with yourself. Do you and your partner work crazy hours and need separate rooms? Are your kids going to drive you nuts if you have to share one TV? Get real and make sure this is realistic for your lifestyle.


There was a time in everyone’s life when we could fit every single thing we owned and loved in to one tiny apartment. And we loved it! You had everything you needed within arm’s length (and nothing you didn’t need!). That may be far from practical now, but you can still benefit from cleaning out the clutter. As I’ve mentioned before – sell what you don’t need and breath in a huge breath of fresh-clutter-free air! 

Think of all the fun you could have if you didn’t have to polish your daughters Shopkin collection every weekend!


Downsizing could save you money in those monthly mortgage payments, but what about those sneaky hidden costs? Does your home need any repairs before it hits the market? What about your current furniture—will it fit into the new place, or do you need to bump up that budget for more 2 in 1’s (mentioned in my last blog!)?

Don’t forget to consider the cost of moving, property taxes, storage, strata fees, and parking! When it’s decision time, you may find that a smaller space will save you some serious dough—or that you can achieve your financial goals by staying right where you are and diversifying (getting clever with your equity).

Financial Benefits $$$ (Cha-ching!)

What if you could save an extra $500 or more a month?!


Downsizing is one of the swiftest ways to realize a debt-free household. Let’s say you owe $18,000 on a (student) loan. With a 6% interest rate and a minimum payment of $200 a month, you’ll be paying on that loan for 10 more years!

Drop an extra $500 on that loan each month, and you’d trim seven years and eight months off your pay-off date. Now we’re talking.


Once you’re debt-free with a fully funded emergency reserve (just like a real grown up!), it’s time to build wealth for the future. Most financial institutions recommend investing 15% of your household income into a retirement fund (Eek!). I know that sounds crazy right now, but you can do it! That $500 you just freed up could be the bump you need to get there. And, we already worked out the difference $500 can make! In 30 years, you could have an additional $1–1.6 million in the bank. That’s right, I said MILLION. You can have a lot of fun with that nest egg, and then huddling in front of one TV wont seem so bad!

Say goodbye to your MORTGAGE

Want to downsize my way? Trade in your mortgage for a paid-off home! Use the proceeds from your current home to pay cash for a smaller one. Just imagine what you could do with no mortgage holding you down! Really, can you imagine?

You may not be able to pay cash right now, but you’ll get there! Apply the $500+ you saved from downsizing to your new monthly payment and say goodbye to your mortgage payment years sooner!

Ready to Downsize? I’ll Show You Where to Start.

Downsizing might not make sense in every situation, but it’s worth a look if saving money and simplifying life appeal to you. It takes a real estate agent that specializes in downsizing to help you determine what your home is worth and show you options for cutting costs. A true pro knows what it takes to get top dollar for your current home and negotiate the best deal on a new one. Ready to downsize but don’t know where to start? I’m a phone call away.


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