One element that the dynamic Ottawa real estate market has seen more of recently is the increasing number of people and families looking to downsize. Downsizing is most common in the “empty nester” demographic, and there are many reasons behind the decision to take the equity out of their homes. Homeowners may decide it is time to buy a smaller home, condo or cottage; use their equity to help their children purchase new homes; move to a home that requires less maintenance or upkeep; or use the equity from the sale to support retirement costs.

There are also many advantages too downsizing. Homeowners can move closer to family, reduce the yearly costs of taxes, utilities, heating and cooling, and move into a property that does not require as much cleaning or maintenance. Additionally, the money you save on these costs can be used to travel, replenish savings, or enjoy other hobbies and adventures.

While these reasons certainly make downsizing look like an appealing option, it is always important to consider all of the factors before making a decision. You may find some potential challenges to downsizing such as less space for guests, or leaving great neighbours behind. Weigh your options and only make a decision that feels right for you and your family, so that you can move on to the next chapter of your life on a positive note.

If you are looking into downsizing be sure to speak with your Royal LePage® Team Realty Agent. They will provide information on the many options available, help you to make a plan to have a place to live before you sell your current home, or guide you in making an offer with a home-sale contingency to ensure your transition is as smooth as possible.