March 19th, 2022 | Real Estate Advice

Discussing Downsizing with your Parents

Discussing downsizing with your parents can be a daunting task and we are here to help. The Chell Team has extensive experience helping families buy and sell homes at many different phases of life. We have worked with clients buying their first home, and years later, we have helped them sell their home as they downsize. We can help you navigate through difficult conversations so that they are caring and sensitive. We want to ensure that everyone feels heard, supported and confident of the recommended way to move forward.

Ultimately, a well prepared and thoughtful conversation will avoid unnecessary stress on the family relationship, and the potential move.

Approaching the Conversation

A family meeting will help to clarify the current situation, and to ensure that everyone is on the same page. It is very important to work as a team so everything goes smoothly and all concerns are addressed. Timing the conversation is critical. We do not recommend having this conversation around traditional family holidays even though it could be convenient with all stakeholders available. While everyone may be together on Thanksgiving, we would recommend you focus on the joyfulness of being together rather than broaching a sometimes difficult and tenuous subject.

When it is the appropriate time to introduce the conversation, one potential opener could be the current economic situation or local trends. For example, a news piece on Baby Boomers relocating to downtown neighbourhoods, or a new development for seniors. This can build the foundation to get input and go from there. We also regularly publish reports on Ottawa real estate, Ottawa community resources, homes for sale in Ottawa and Ottawa neighbourhoods to help you initiate the discussion.

The Next Home

What is the reason for downsizing? Is this the move that will enable them to age gracefully in a comfortable and secure place? Or is it an interim move to give them some freedom and the ability to do things that weren’t possible when raising a family in a larger home?

If the reason is to attain a simpler lifestyle with access to amenities, an apartment in an active neighbourhood may be a good choice. If mobility is an issue, living on one floor with access to an elevator will make life safer and simpler to manage. If your parent(s) would prefer some services and social activities, a retirement community could be a good fit.

Timing

Many clients feel relieved once their parents have chosen the way forward, and in turn their parents have the security of getting their affairs in order so they can focus on enjoying their time.

Having taken the time to discuss options also enables you to also get the market timing right for the home you are selling. This is particularly important if you need to purchase another property and coordinate the move. The Chell Team wants to ensure you get a good price for both.

Getting the property ready for sale

If you need to move quickly to match the market, storage can be a good solution. It enables you to empty the house for any necessary staging and gives your parents time to decide what to keep at a later date.

Decluttering can be more emotional and it takes time. Referring to any object as junk can be very offensive, when to another, it carries great sentimental value. It will make the moving process smoother and more enjoyable for all by respecting personal boundaries and giving the time needed to store, downsize and gift items to family members, close friends and charitable organizations.

Goals for the Next Home

While it can be sad to move on from a family home, a new home offers many exciting opportunities that may have been overlooked when the focus was on a family property. The Chell Team can help create a vision for the next home and keep everyone focused on the positive aspects of this new stage.

  • What space is needed to accommodate personal hobbies?
  • If keeping a garden is high on the priority list, what size is desired? Is it manageable? Would container gardening be more appropriate?
  • Does a move offer the opportunity to be closer to some activities they love? Or is living somewhere warm year-round desired? Is the ability to visit the grandchildren a priority?
  • Ensure that you have a list of what is non-negotiable in the next move; for ex: space for pets, a garden, garage, close to healthcare, etc.
  • How does this impact the family? How much assistance is needed in the next three to five years? Can the family members help with this or is professional help needed?

Get in Touch

We hope that you find these pointers and thought provoking questions helpful. We welcome the opportunity for you to reach out to us to discuss this in more detail.  The Chell Team is just a phone call or email away. Contact us to arrange a meeting with Susan Chell, Patti Brown or Sarah Toll for your free home market evaluation or check out the Chell Team real estate listings.