10 Potential Benefits of Downsizing your Home

Even though many people have sought out more space during the COVID-19 pandemic, there are many great reasons to consider downsizing your real estate.  Moving into a smaller home can offer tremendous benefits and value to individuals, couples and families.  This is often especially true for seniors near or in retirement.

Here are a few benefits to downsizing within or to the Fraser Valley real estate market.

  1. Lower expenses – less utility costs on heating and cooling, lower property taxes, lower insurance premiums etc.
  2. Less time needed for maintenance and upkeep – spend more time doing the things you love and enjoy and devote less time to the house and yard
  3. Lock and leave – if you enjoy travelling, then it’s generally easier and more secure to lock and leave a condo than a vacant single-family detached house
  4. Reduced or no mortgage – less expensive properties require smaller mortgage amounts and therefore smaller payments.  Even better, it’s possible for some people to become mortgage and debt-free when they downsize to smaller real estate.
  5. Having less stuff – having a smaller living area means you need fewer furnishings and décor.  You can save a great deal of money in this way.  And your life will be simpler and more stream-lined when you aren’t trying to simply fill empty spaces with items that have no practical function.
  6. Lowering your carbon footprint – with reduced heating and cooling requirements, you use less energy, which usually means using less carbon.  You are doing the environment good in this way.
  7. Have the outside space taken care of by common area maintenance charges – by moving to a condo apartment or townhouse, the grounds outside can be maintained by a third party contractor.  This will save you your time, energy and physical effort.
  8. Many condo buildings and townhouse complexes are in and around city centres.  This often gives you quick and easy access to everyday amenities like medical offices, pharmacies, grocery stores, recreation centres, libraries etc.  This may allow you to eliminate owning one or all of your vehicles.  Indeed, you may be able to be in walking distance to most or all of your everyday essential shops, services and recreation.
  9. Cozier confines – a smaller home can make it feel much cozier and enhance family bonding and relationships.  A more communal shared space can bring parents, children and siblings closer together.  It can teach compromise and patience, if done right. 
  10. Less is more – there is an intangible and invaluable benefit around the peace of mind that comes with having less stress around mortgage debt, maintenance, upkeep and too much space to be responsible for.

There are many great options to downsize into a smaller and more comfortable house, townhouse or condo in the Fraser Valley.  Surrey, Langley and Abbotsford offer a range of great affordable housing options to downsize into.  Indeed, one could potentially move even further East into Chilliwack or Harrison Hot Springs to save even more money and enjoy a quieter lifestyle. 

Contact me today to discuss your downsizing options in the Fraser Valley.  I can help you to sell your existing home if you need to and/or help you purchase your next house, townhouse or condo.


Why Now Might be a Good Time to Downsize: Part 2

The year 2021 saw windfall price and equity gains for detached home owners in the Fraser Valley.  Townhouse owners too saw big gains in the value of their homes.  Larger living space was in high demand.

If you are someone thinking of downsizing, now might be a very good time to consider doing so.

Here's why:

  • at the time of this writing, the inventory of active listings (homes on the market for sale) is at or near record lows
  • there is relatively little competition to sell your home; competing listings are few
  • demand for Fraser Valley homes in markets like Surrey, Langley and Abbotsford, not to mention North Delta, remains very strong
  • detached home and townhouse prices in the region are at or near record highs
  • mortgage rates remain low, by historical standards, keeping the cost of borrowing still cheap
  • it's expected that mortgage rates will be rising in 2022; this may eventually slow down the hot housing market

Although nobody can perfectly predict or time any type of market, those sitting on windfall equity gains and record values for their homes, might want to consider selling.  Retirees, or soon to be retirees, in particular, might want to think of selling a larger property and buy a smaller, less expensive, home.  By doing this, you can bank the difference in prices to fund a more comfortable retirement.  Making your housing wealth more liquid, might make sense given the above points shared.

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.