Often, when the children are grown and moving on to their own careers, families, and homes, empty nesters begin to consider downsizing. This means finding a home that may be smaller, more manageable, more affordable, require less maintenance, etc. But as many Canadians move into their post-child raising, retirement years, they are reconsidering the conventional thinking that says downsizing makes the most sense. Many factors, including the pandemic, interest rates, the cost of buying a new home, evolving family dynamics, and an aging Canadian population are changing the way some empty nesters are looking at how they will spend their golden years. As you consider the right move for you, ask yourself: should I downsize or upsize?
Empty Nesters: Is It Better To Downsize Or Upsize?
Benefits Of Downsizing
Financial Freedom
If you have owned your home for a while, you have likely paid most, if not all, of it off. Downsizing to a smaller, less expensive home can put you in a very favourable financial position. You could pay for your new home with cash and be mortgage free, you could take on a smaller, more manageable mortgage and ease your monthly expenses, you could put a large chunk of money in the bank, help your children with schooling or buying their first home, or even invest in stocks or a second property like a vacation home or an income property.
Easier to Maintain
Often when people choose to downsize, they opt for a home that is easier to maintain. This could just be a smaller home with a smaller yard, or it could be an apartment condo or a townhouse where maintenance tasks like landscaping, snow removal, and window washing are included in a monthly condo fee.
Community
When you choose to downsize to a home in a 55+ community or a retirement village you can become a part of an inclusive and supportive community. When you're no longer working and you’re not meeting people through your children’s school, sports teams, and clubs, making friends and building community can be challenging. Integrating into a ready-built community of people in the same stage of life as you can open the door to new opportunities to socialize, make friends, and take up new hobbies. If you choose to downsize into an inner-city neighbourhood, you can become part of an exciting and dynamic community of culture and entertainment, shopping and recreation, and a diverse population.
Benefits Of Upsizing
Home For Entertaining
When you are no longer bogged down by the nine-to-five slog and taking care of kids is not eating at your time, you may finally find the time to host dinner parties, game nights, reading clubs, and more. Some empty nesters find they yearn to own a home that is ideal for entertaining now that they have the time to become the hostess (or host) with the mostest!
Accommodate Family
Even though your nest is feeling empty and your kids have moved out, you may find that your family is actually growing. Now there are partners or spouses, grandkids, maybe even great-grandkids in the mix. Some empty nesters choose to upsize so they can create a home base that is big enough to accommodate a clan that is increasing in size. A larger home with more bedrooms and bathrooms allows you to host everyone for Thanksgiving, Christmas, and summer holidays.
Blend Households
The job and real estate market, the economy, lack of access to affordable childcare, and the aging population are making it necessary for many families to consider blending households. This multi-generational model of homeownership means bigger homes, secondary suites, and properties with additional dwellings are the solution for many empty nesters and their families who may not have considered it in the past. When your family can come together to support each other in one household, upsizing makes sense.
Upsizing or Downsizing? The Right Realtor® Can Help.
As you shift your focus away from building a career and raising children and towards how you want to spend the next phase of your life, it is great to have options. Empty nesters should partner with a Realtor® with skilled and knowledgeable insight specific to empty nesters. Get the best information to make the most informed decision as you explore your options for upsizing and downsizing. When you are ready to right-size your home and move on to your next adventure, connect with our team by calling (403) 863-7434 or through our contact form and let’s find the perfect empty nester home together.
The Tanya Eklund Group is Calgary’s Inner City Real Estate Team. Buying or selling, we will guide you through the process of right-sizing and share our experience, knowledge, connections, and resources so when your contracts are signed, you will know that the city’s top real estate professionals are on your team. It is our goal to provide our clients with an elevated real estate experience. This means we are committed to standing beside you and advising you through each step of the process. Your goal becomes our goal and a successful transaction for you means we feel the satisfaction of a job well done. We strive to ensure such a positive experience for you as you buy or sell, that you feel part of our community.