Selling a Home: The Real Cost of Downsizing

You save up to buy a house. You maintain it over the years, watching as its value grows steadily. Then one day, when the time is the right, you cash in. You sell your home for a pretty penny (tax-free if it was your primary residence), move into a beautiful condo, and retire in style!

If you’re a homeowner approaching retirement, there’s a good chance you’re counting on this outcome. But the rules are changing. While there was a time when waiting for the value of your house to appreciate was your best move, that may no longer be the case. If you’re planning to retire and buy a condo in the not-too-distant future, there are a few things you need to know.

First, condo prices are appreciating faster than homes. This means that while your home is slowly gaining in value, the prices of condos are skyrocketing.  Second, inventory is lower than we have seen it in years, so condos are getting harder to find, and there are less to choose from. Finally, timing is critical, whether you are looking to buy in an established building, or pre-construction.

If you are thinking of downsizing, we should talk. It’s important to have all the facts so you can make the best decision at the right time. Give me a call and we’ll get started.

5 Practical Things to Consider When Downsizing Homes

What’s the Real Cost of Downsizing in Vaughan?

“Now retired, we wanted to sell our 2-story home in Woodbridge and buy a condo. Lisa understood our goal and worked very hard to get us the best price for our home and find a beautiful condo.”