Are you thinking about downsizing any time soon?  You will know you are ready, when you find yourself lamenting on a daily basis how big your home is, or maybe when you get tired of trekking up and down the stairs. Are you tired of looking for something and it always seems to be on a different floor? Do your knees and back ache?  Do you imagine how convenient it would be if everything you wanted was easily accessible?

Maybe you are frustrated with all of the home maintenance tasks that never seem to end!  Always a plumber, electrician or some other handy person required to solve an issue and preventing you from saying “yes, I’d love to go with you on that weekend getaway”! Then maybe you are ready!

Downsizing your home is but one way to escape most of these headaches. Where do you start, and where should you go?  In this post, we’ll take a look at a few of the options you might want to consider if downsizing is in your future.

Ottawa: A City of Endless Possibilities

For many retirees, Ottawa is the perfect city to live out your golden years in comfort and style. It’s bustling and full of excitement but not too crowded. Canada’s capital city, offers excellent access to the best of all amenities, including healthcare. 

The Rideau Canal and the Ottawa River run through the city; you can enjoy a peaceful afternoon along the scenic waterfront while being steps away from the second to none.  arts and entertainment scene.   

We are passionate about all things Ottawa because the list of benefits is never-ending. If you decide to retire in Ottawa, it might be time to explore your housing options now, as the Ottawa real estate landscape offers you nearly limitless opportunities.  You might be interested in investing in one of the many pre-construction projects slated for completion in the next few years. Maybe an existing home or condo are right for you, or even a townhouse close to public transit enabling you to explore the city at a moment’s notice, fits the bill.

So many options, so little time! Let’s take a look at the advantages and disadvantages of every scenario.

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For most people, the process of downsizing begins with a successful sale of the family home. Here are some resources that will help you maximize your results:

• How to Sell Your Ottawa Home When You Have Kids or Pets
• When Is the Best Time to Sell My Ottawa Home?
• Can I Use the Same Ottawa Real Estate Agent to Buy and Sell?

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Buying a Smaller Home

If you follow a traditional path, you sell your family home and relocate to a smaller house or condo. In this fast-moving real estate market and rising prices, you can likely command a nice profit from your sale, earning far more than you originally paid for your home. Imagine buying a smaller place outright, with plenty of funds left over to enjoy your retirement? 

On the downside, you now have some of the responsibilities of homeownership that you sought to escape in the first place. Your burden will be lighter than with a large family home, but owning a house of any size comes with maintenance and responsibilities.

When Renting Can Be the Right Choice

Traditional wisdom states that renting is never as good as buying, at least financially, because you’re paying money each month without building equity. But times change, and no one path suits every lifestyle; sometimes it’s about lifestyle and no longer about equity. By weighing the pros and cons, you can decide what’s right for you. The downsides of renting are:

• You are not building equity as housing values rise.
• You don’t own the home, so you may need permission from the landlord to renovate and update your unit to your tastes.
• If the landlord decides to sell the property, you could be asked to leave once your lease is up.

While the upsides are:

• All maintenance is the landlord’s responsibility unless otherwise stated in your rental agreement. 20 cm of snow piled up in the parking lot from the night before? Oh well, relax with a hot coffee in the comfort of your living room while binge-watching your favourite show.
• Turn-key freedom to pick up and travel as often as you want, whenever you want.
• You don’t need nearly as much cash upfront as compared to buying. Plus, the profits from your sale might just cover your rent for a long time. Imagine the peace of mind this financial freedom can bring!
• If you decide you want to leave, moving is easy. Just give your landlord notice as stipulated in your lease agreement. There is no need for the hassle and stress of preparing your house for sale.

Ottawa is full of possibilities, from charming one-bedroom apartments in Westboro to cozy condos in Little Italy, where you’re steps away from some of the most delicious food in the city and that’s just the beginning.   

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The posts below may inspire you to consider these unique areas of Ottawa that we believe are perfect when downsizing:

• Neighbourhood Spotlight: Little Italy
• The Glebe – Ottawa’s Historic On-Foot Neighbourhood
• What are the Best Ottawa Neighbourhoods for Retirees?

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It All Starts With a Plan

A detailed plan can help you enjoy a seamless transition from a stressed-out homeowner to a carefree downsizer. And the earlier you start, the less tedious the move will be! 

Start by organizing your belongings and deciding what to keep and what to discard. Giving away and donating as much as possible means less to pack up and move!

Make a list of potential neighbourhoods you would love to live in. What kind of housing options exist in your top contenders? Knowing the possibilities will help to minimize the emotional impact of selling your family home and give you something to look forward to.

What minor upgrades can you do to your existing home to help you sell it for the highest price possible? Maximizing your sale will help you fund a comfortable retirement where you can enjoy your life to the fullest. A local real estate agent can advise you on how to get the best results with the least amount of investment.

So, are you ready to take that monumental first step toward downsizing and living your retirement dreams? Only you can really answer that question, however, when you decide to act, remember that help is available and that you never have to face this task alone.

If you are ready to sell your family home, or have questions about what it’s like to retire in Ottawa? We are local real estate experts, and we’re standing by to help you at whatever stage you’re at. Contact us today at 613.829.7484 or email mail@chellteam.com, and we are happy to provide you with the answers you need.