Managing a large property can seem daunting for our parents as they get older. On the other hand, they may not love the prospect of downsizing either, at least not at first.

Leaving the family home can be emotional, but it can also be a new beginning. Your parents may come around to the idea once you start to talk about all of the time and money they will save on repairs and maintenance. If you’ve heard them say things like how there are too many stairs, they have too much space, or something is always broken and needs to be fixed, these are signs it’s time to at least consider a change.

In addition, they can start to realize any other dreams they may have had but never got around to, like travelling or moving closer to friends and family. There are so many options once you get the ball rolling!

In this post, we’ll explore some of the practical ways you can support your parents with downsizing and their feelings about the transition from “their forever home” to something new.

It Really Is a Process

There are many moving pieces to downsizing, and a lot of complex emotions can throw a wrench in the whole process. It begins with decluttering, neutralizing home décor and letting go of sentimental items.

This is all just a small part of getting the home ready to sell as deep cleaning and making small repairs and decor updates may also be on the agenda. All this, and we haven’t even thought about finding a new place to live next. There are numerous options when it comes to the next home after downsizing:

• Take the traditional path and buy a smaller condo or townhouse with less maintenance involved.
• Live with you or another relative part-time while they become snowbirds for the winter.
• Build a secondary suite can in the existing home; enabling your parent(s) to downsize without leaving the home they love while turning the primary space into a source of retirement income. Alternatively, a close family member can move in for company and extra care.
• A retirement home or assisted living might also be an option if they need help with their day-to-day routines.

If your parents or loved ones have been out of the market for a while, you can work with them to choose a real estate agent who can respectfully guide them through each step.

If you are getting ready to bring up the topic of downsizing with your parents, check out our blog here for some helpful tips.

Start With an Ottawa Real Estate Agent

When downsizing in the Ottawa region, it’s imperative to work with a local professional who can take your parent(s) or loved ones seamlessly through their journey. There are so many moving parts to juggle, and all of you will undoubtedly have questions as you go from one step to the next.

The process is more complex than it seems at first glance, and the market moves quickly. Who better to help you through all of this than a knowledgeable and compassionate expert who knows the area and has successfully managed countless transitions before? A local real estate agent can help you with the big decisions, such as:

• What upgrades you should make
• How to stage your house
• What price you should list at,
• Whether to buy or sell first

Getting these minor details right goes a long way to helping your family maximize the results from the sale of the home. Even more importantly, your knowledgeable expert will be there to support your parents and make the transition as seamless and enjoyable as possible. During an emotional experience like downsizing, this guidance is invaluable.

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You’ll find even more tips to streamline the entire downsizing process in the posts below:

• What All Downsizers Need to Know About Buying and Selling in Ottawa
• Is It Better to Rent as a Senior in Ottawa?
• What Is the Art of Letting Go? How to Declutter Your Home At Last

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Plan for the Next 10 Years

Sometimes, people avoid downsizing because it seems too overwhelming. After living in one place for so many years, it may seem too overwhelming to even begin to think about it let alone act on it. Your parent(s) or loved one(s) may love their neighbourhood and all the amenities they’ve grown accustomed to and leaving them may not be an option.

That’s where having a 10-year plan in place will help. If your loved ones are still mobile and healthy, this will be a different conversation than if they are starting to need help with their day-to-day lives. It really helps to have a clear idea of what kind of home would better suit their needs. For example, will your loved ones still want space for guests? Or will they be the ones getting out to visit relatives and friends?

Knowing which direction your parent(s) or loved one(s) want to go will help create the criteria of what to look for in their new home. Whether it is a condo in the same neighbourhood, a townhouse with ample living space, or even a secondary suite in a relative’s existing home, it’s never too late to get creative about what solutions will work to keep everyone safe and happy.

Understanding Your Parent’s Equity

Downsizing isn’t just about resetting priorities and a change in lifestyle. It’s also a financial decision. Chances are, your loved ones have owned their home for numerous years and will have a substantial amount of equity.

The next step is knowing what to do with this equity going forward. Some clients will decide to buy a smaller and less expensive home where they still have funds left over to help manage the retirement years and their day-to-day financial needs. Others may decide to rent, foregoing ownership for even more freedom and less responsibility for home maintenance.

Whenever there is financial motivation to downsize, we always ensure clients are fully aware of all options and the advantages and disadvantages involved. It depends on their goals and what they want from life over the next few years.

Downsizing doesn’t necessarily mean the release of capital. Your parents can also save in terms of monthly bills, home repairs and seasonal expenses. And we can’t forget about the intangible value of simplifying life so they can spend more time on what they enjoy.

Letting Go of the Family Home

All home sales can be emotional. Downsizing away from the family home adds a whole other dimension. It’s not just the owners who feel nostalgic in letting go, adult children may have left the nest a decade ago and still remain very attached to their childhood home.

Working together to declutter the home before putting it on the market may help everyone let go and transition in a healthy manner. Going through personal belongings together and deciding what to discard and what to keep, can help everyone manage the emotions and alleviate tension when it comes to “letting go and moving on”.

Adult children can be particularly helpful in talking loved ones through each and every room, memory by memory, identifying beloved items that are no longer useful or practical to keep and assisting with the process of finding those treasured items, a home elsewhere. Saying goodbye to treasured keepsakes is much easier knowing that they will be cherished by someone else, whether this means donating them or gifting them to a beloved family member.

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Are your parents wondering where to go after selling the family home? Get to know more about Ottawa’s dynamic communities in the posts below:

• What are the Best Ottawa Neighbourhoods for Retirees?
• Ottawa’s Civic Hospital Neighbourhood; Make it Your Home Too!
• Is Barrhaven a Good Place to Live?

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Juggling Selling While Buying

The Chell Team has helped many clients transition through the downsizing process. We also have a fantastic network of suppliers, including contractors for renovations and other professionals who can help with the process.

We encourage you to take the time you need to get ready for the listing process and will assist you in responding to offers on your home without feeling rushed. Our team is patient and understand how challenging the process of downsizing can be. We will move at your pace and in alignment with your goals to alleviate stress and gaurantee the best possible outcomes.

If you are thinking about downsizing your home, we would be happy to discuss your options. Get in touch today at mail@chellteam.com or call 613.829.7484.