Milton Public library Digital Collections

Canadian Champion (Milton, ON), 21 Nov 2019, p. 16

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21,2019 | 18 hursday, November 2 oT | Milton Canadian Champion | As men and women retire or approach retirement age, many opt to downsize their homes? Such a decision can save older adults substantial amounts of money while also liberating them from the hassle of maintaining large homes they no longer need. Downsizing to smaller homes or apart- ments is a significant step, one that homeowners should give ample consider- ation before making their final decisions. The following are a handful of tips to help homeowners determine if downsizing to SAM McDADI B.Sc., M.B.A. Owner/Sales 905.502.1500 Representative Advertorial How to determine if downsizing is for you smaller homes is the right move. Get a grip on the real estate market Downsizing is not solely about money, but it's important that homeowners consider the real estate market before putting #heir homes up for sale. Speak with a local real tor or your financial advisor about the cur- rent state of your real estate market. Down- sizing can help homeowners save money on utilities, taxes and mortgage payments, but those savings may be negated if you sell QL [eROl LT Great tenanted 2 bedroom 2 bath Condo 15th floor with a Northern view. Tenant would like fo stay and has 18 months left on lease. SCE SE LL RT log (OE 3 Broker of Bogert | LY your house in a buyer's market instead of a seller's market. If you think the current market won't get you the price you are hop- ing for, delay your downsize until the market rebounds. Take inventory of what's in your house Empty nesters often find that their homes are still filled with their children's posses- sions, even long after those children have entered adulthood and left home. If the storage in your home is dominated by items that belong to your children and not you, then downsizing might be right for you. Tell your children you are thinking of downsiz- _ ing and invite them over to pick through any items still in your home. Once they have done so and taken what they want, you can host a yard sale, ultimately donating or dis- carding what you cannot sell. Once all of the items are gone, you may realize that moving into a smaller place is the financially pru- dent decision. Examine your own items as well Your children's items are likely not the only items taking up space in your home. Take inventory of your own possessions as well, making note of items you can live with- out and those you want to keep. If the list of items you can live without is extensive, then you probably won't have a problem moving into a smaller home. If you aren't quite ready to say goodbye to many of your possessions, then you might benefit from staying put for a little while longer. Consider your retirement lifestyle If you have already retired or on the verge of retirement and:plan to spend lots of time traveling, then downsizing to a. smaller home may free up money you can spend on trips. And if you really do see yourself as a silver-haired jetsetter, then you likely won't miss your current home because you won't be home frequently enough to enjoy it. If travel is not high on your retirement to-do list but you have a hobby, such as crafting, restoring classic cars or woodworking, that you hope to turn into a second profession, then you might benefit from staying put and converting your existing space into a work- shop. Many retirees downsize their homes, but this decision requires careful consideration of a variety of factors. (MCC) 1000 Asleton Blvd #33, Milton - $750,000 NO HOME IS TOO BIGOR TOO SMALL FOR TEAM McDADI

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