As we enter the busy Fall selling season (yes, I know Summer was short), many of you may be considering a change in lifestyle. Downsizing is one of those changes and is something we all have to consider at some point in our lives and it’s a time most people really look forward to.
The thought of less space, less cleaning, less maintenance, more money in hand and more time to enjoy the things that really matter. Whether downsizing or not, decluttering the things that no longer serve us will lift us emotionally and make life that little bit easier.
Clutter is not just the stuff on on the floor – its anything that stands between you and the life you want to be living
– Peter Walsh
There are some important things to think about when downsizing, it should never be a quick, spur of the moment decision.
Think about the space you enjoy in your current home and the areas you simply couldn’t live without. For example, a common one is an office area. You may not need a room dedicated as a home office, maybe just a small nook, but, nonetheless, accommodating for that space is very important in your new home, don’t feel you have ‘do without’. Downsizing is not giving up what you need more letting of go of what doesn’t serve you.
The trick to downsizing is starting early and focus on what you want to keep NOT what you want to get rid of.
Make an inventory of what you have and sort according to your 3 R’s…Recycle, Reuse, or Refuse.
If you haven’t used an item in the past 12 months, the likelihood is you won’t use it again. Maybe sell it or donate it?
For clothing, if something hasn’t been worn for the past season, you probably won’t be wearing it. Sell it or donate it!
Online buy and sell sites including Facebook Marketplace and Kijiji are full of eager buyers looking for your unwanted items. Just think of all those money-making items gathering dust in the corners of your closets.
Think also, about all your sentimental items or family heirlooms. If you are considering leaving those items to your loved ones, why wait? Give them to them now and enjoy seeing them use and love them like you have.
There are many local charities in need of clothing, furniture and utensils. If you don’t wish to sell your unwanted things, this is a great option and you’ll be helping someone who truly needs this support.
Give yourself time and take that time to truly consider all you have acquired over the years.
When downsizing your belongings, make a room list and tackle each one at a time, this is not an overnight job.
Think about your new lifestyle. What are you looking forward to most? Here are some things to consider for your new home.
It’s important to remember that downsizing doesn’t necessarily mean just a smaller house, a condo or apartment might suit your needs better.
If you’re planning trips away for extended periods of time, a ‘lock it up and leave’ home may just be what you’re looking for.
Even the smallest of yards require some maintenance. Decide whether this is something you wish to take on yourself or hire a gardener and the costs associated with that.
If gardening is a hobby, you may not want to give up that outdoor oasis, you can still downsize house space and retain outside space.
The size of your property and what your requirements are for the long-term need time for some serious consideration.
This is a big one to consider and it is completely dependent on whether you expect regular family visits. A large principal bedroom and guest bedroom would suffice; however, we often deal with people buying something in the hope that family or friends visit.
Take the time to look at different property styles. Maybe consider renting over buying using your valuable equity to gift loved ones and/or to plan adventures for yourself.
By owning your home, you will always have that valuable investment, that will continue to grow over time. If you don’t need your equity right away, this is always the best option and the best investment.
The best advice I can give is you are downsizing for yourself. If the intention is for you to continue to host big family events and visits, maybe it’s time for you to pass the hosting baton onto another member of your family.
This really is a letting go exercise, and you should feel good about letting go. Take all the time you need and enjoy the process. This is a new and exciting chapter in your life.
As always, any one of our amazing agents can guide and support you though this process so if you have questions about the market in PEI, about options available to you or need us to provide a free marketing valuation reach out!
Happy New Chapter!
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Photo Source: CANVA
This article is not intended to solicit buyers or sellers currently in contract with other members of the PEIREA.