Your retirement years should be some of the best times of your life. You’ve worked hard, and now it is time to enjoy the best of what life has to offer. What makes Toronto one of the top destinations for people looking to downsize? It’s easy to see the appeal.
You have easy access to the best of everything. With over 30 hospitals and countless practitioners in every field, you’ll never have to worry about finding medical care if you ever need it.
Your health matters, but so does your lifestyle. In Toronto, you’ll find fun activities and entertainment options on every block. Imagine sitting back and enjoying a coffee on a patio as you watch the joggers and skaters rush along the waterfront. Or taking a lunch cruise out on the lake as you explore the beautiful Toronto Islands.
When downsizing in Toronto, this can be your reality every day. How can you get started?
The successful sale of your current home will give you more options when you’re ready to downsize. Here are some tips to help you get the best results with the least effort:
- 7 Small Improvements To Make Before Showing Your Home
- Everything You Need to Know About Preparing Your House For Sale
- 5 Reasons to Hold an Open House
Creating a roadmap will eliminate many of the hiccups that can go wrong at the last minute. The sooner you begin planning, the less stress you will have when it’s time to make your move.
What Kind of Lifestyle Do You Want?
Grab a pen and paper and jot down some ideas of what your perfect day would look like.
Do you want to live in a quieter neighbourhood where you can have backyard parties and family gatherings every weekend? Or is the fast-paced hustle and bustle of the downtown core what you’re looking for? A clear idea of what you want paves the way for every other step toward your dream retirement.
There’s no doubt about it. One of the best things about living in Toronto is the restaurants. Here’s everything you need to know about Our Top 7 West End Toronto Patios.
Organize Your Finances
Before going any further, it’s essential to understand what financial resources you have to purchase your new home. The value of your current property, your savings and investments, income and ability to qualify for financing are all factors to consider. You also want to create an accurate estimate of how much money you’ll need each month for the lifestyle you want to have.
In addition, it’s wise to keep enough funds aside for unforeseen expenses and emergencies.
Research Neighbourhoods
Once you know how much you can afford to spend on your new home, it’s time to research what neighbourhood you want to live in. Toronto is a vast, diverse city with several areas that will suit your needs. Do you want your favourite restaurants and boutiques nearby? Or would you prefer being close to transit so you can get anywhere you want?
Another factor to consider is your tolerance for noise. If you want a quiet neighbourhood, you probably want to be away from downtown and younger areas with a lot of children.
If convenience and excitement are what you crave, then a neighbourhood near theatres, sports arenas and other entertainment venues may be perfect.
Decide When To Sell and Buy
Should you sell your current home and then start looking to buy a new one? Or is it better to secure your new place first? This is a significant decision every homeowner has to face when considering a move. The best option depends on the current market and your financial situation.
Affluent homeowners with a lot of equity often decide to buy first. If you can carry the cost of two mortgages without financial stress, this could be the right path for you.
However, selling first can be the safest option. You’ll know exactly how much you have to work with when searching for your new home. At this point, you may want to consult with a local real estate agent to counsel you on the current market conditions in the neighbourhoods you’re interested in.
Ready for the Condo Life?
What are you really giving up when moving from a house to a condo? It can be tempting to think of all of the things you’ll miss out on. There will be no more Bbqs or large family gatherings in your backyard. But did you know that many Toronto condo buildings provide party rooms?
You can host dozens of people as long as you book the room ahead of time. Some places will charge admin fees and a security deposit, but you can still host birthday parties, anniversary celebrations, showers and other events. Some buildings even have terraces providing Bbq grills and outdoor lounges. You can enjoy your time with friends and family without getting rained out.
Don’t Sweat The Maintenance Fees
Condo fees are a significant objection to many downsizers. However, the benefits often outweigh the cost. Remember that you’ll never have to worry about cutting the grass, pulling out weeds or raking leaves again. What happens when you get 10 cm of snow overnight? While the homeowners are out shovelling, you can put your feet up and watch a movie as you sip a hot coffee.
Real Estate Options in Toronto
Many downsizers are intrigued by the convenience of condos, but they are not your only option. Depending on what neighbourhood you choose, you’ll find small bungalows, townhouses and semi-detached homes available. You’ll have everything you enjoy in your current home. However, the smaller size means less time cleaning and maintaining your property and more time enjoying your life.
Do you have questions about selling your home to downsize in Toronto? You can find out all about our selling process right here.
Meet The Erica Reddy Team
Find out how our specialized skill sets and extensive Toronto market expertise empower your real estate venture.
