Thinking about downsizing your living situation?
Whether you’re retired and ready for something smaller or you’re just looking to cut back on expenses, downsizing can present an amazing opportunity. Not only can you cut back on your overall cost of living, but a smaller place means less time and money spent on maintenance.
I wanted to share 7 fun home styles to consider if you’re in the process of downsizing:
Tiny house
While there’s no official description of what makes a home a “tiny house,” typically tiny homes are under 500 square feet. It might be similar to a cottage, or it might be *really* tiny and be small enough to put on wheels! Many people love the flexibility a tiny home offers, and it’s a popular choice for those who travel frequently but still need a place to come home to now and then. There are areas further north (in what I might call “cottage country”!) with parcels of land that could qualify for building tiny homes on. If you’re curious to learn more about making this type of investment, let me know!
Motorhome
There’s some overlap with tiny homes here, but it’s not uncommon for people sell their home, put everything they don’t need day-to-day in storage, and hit the road in a motorhome! For those who are still active and want to explore, this is a fantastic option.
Rental
If you’re looking for some of the flexibility that downsizing can offer, you might consider renting a home. Especially if you know you want to downsize, but you’re not ready to make a commitment, trying out a few different types of short- or long-term rentals can be the perfect way to see what you really love.
Communal living
Co-housing is making a comeback! Communal living is all about being part of a close community where everyone shares responsibilities. This might look like a large house that’s been converted into several apartments, or a house large house separate bedrooms and communal amenities that everyone shares. Communal living is a great option if you’re looking for something more affordable, or if you’re single and appreciate the company. Check out how co-housing is becoming a major movement in Ontario with this story from Spacing Magazine.
Fixer-upper
If living in a pristine condo that doesn’t need any work sounds a bit boring to you, then you might be a prime candidate for buying a fixer-upper! Some people view home maintenance as a chore, while other relish the idea of renovating and updating a home. (Personally, I’d love to buy a fixer upper and redo the whole bit inside!) If you’re still active and enjoy a challenge, you might find that you enjoy fixing up a home (or even fixing up homes with the intent of selling for a profit).
Condo
A lot of people might not like the idea of moving to a “home,” but retirement homes can present some attractive conveniences. Some are meant for younger people of retirement age who want to stay busy with group outings, vacations, happy hours, and fitness classes, while others are more low-key and offer services that become more essential as you age.
Retirement Home
A lot of people might not like the idea of moving to a “home,” but retirement homes can present some attractive conveniences. Some are meant for younger people of retirement age who want to stay busy with group outings, vacations, happy hours, and fitness classes, while others are more low-key and offer services that become more essential as you age.
Curious to learn more about one of these options? Let’s start the conversation!
Lisa Sinopoli
lisa@lisasinopoli.com
Your Friend. Your Neighbour. Your Realtor.
