You’ve likely heard people talking about moving up and down the “property ladder” often referring to upsizing or growing their real estate portfolio. However, when it comes to the typical homeownership journey in Canada, we feel that it’s more reminiscent of a lifecycle. 

As a first-time buyer, you enter the market with your first home, perhaps a condo or townhome. As your needs change and you need more space for a growing family, you move up to a bigger home, like a single family home. Once your family is grown and moved out, you begin to realize that you don’t need all that extra space, and you decide to downsize, to possibly a bungalow or condo. 

Due to the lifecycle mentioned above, the idea of “downsizing” is often accompanied by images of retirees and seniors, moving out of their family homes, auctioning, or donating their extra belongings. 

However, today downsizing can be a smart move at any age, in any stage of your homeownership lifecycle. Enter smartsizing.

What is the Difference Between Smartsizing and Downsizing? 

Downsizing is typically done near the tail end of your homeownership journey. For many, downsizing comes after decades of owning a family home and is prompted by either children moving out or by other factors such as mobility, cost of living, desire to travel, etc.

Smartsizing, on the other hand, is a little more nuanced. One can smartsize at any age or at any phase of life. The principle here is that you purchase a home that is right for your individual needs. You can also smartsize into a home of equal or more value than your current property. You make the rules with smartsizing!

The main difference is that downsizing is often sparked by your needs changing as you age, while smartsizing is proactive and can happen at any time. 

When Should You Downsize? 

Although smartsizing might be a buzzy concept in real estate right now, it’s not replacing downsizing entirely. There are still numerous reasons why a person or a couple would choose to downsize. Some of the most prominent reasons to downsize include: 

• Cost – You may feel like you are spending too much money on housing costs, maintenance fees, and more. Perhaps you are on a fixed income (ie., retirement) and you find the cost of living in your home is starting to weigh too heavily on you.
• Mobility – As we age, we may begin to struggle with mobility. Stiff joints, arthritis, and other mobility issues might make living in a large family home more difficult. If navigating your large home is beginning to feel cumbersome, downsizing to something with more accessibility features would improve your quality of life. 
• Enjoyment – If you’ve spent the past 30 years working hard in your career, it’s only natural that you want to reap some of the rewards. Most retirees want to spend their golden years relaxing, learning new hobbies, traveling, and spending time with family and friends. If your home is preventing you from living life to its fullest, you may want to downsize. 

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Downsizing is a normal part of the real estate lifecycle. Are you thinking about downsizing soon? Wondering how to help your parents downsize? Read some of our downsizing resources here:

• Is it Time to Downsize?
• How to Talk to Your Parents About Downsizing

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When Should You Smartsize? 

Unlike downsizing, smartsizing can, and should, happen at any age or phase of life! Some examples of smartsizing techniques include: 

• You care deeply about the environment and want to live in a home with a low environmental impact. As a result, you shop for homes with energy-efficient features such as geothermal heating, heat pumps, solar panels, and high-efficiency appliances. 
• You love spending time at the cottage, so you purchase a waterfront home that can serve you well as both.
• You have a green thumb and have always wanted a garden so you move to the country where you can have more space.
• You’ve been bitten by the travel bug and you want a home that will allow you the freedom to go away, so you purchase a condo that requires minimal maintenance.

As you can see, the reasons to smartsize are endless, and they don’t only apply to downsizing. You could even smartsize into a bigger home if that’s what you need! The reality is that smartsizing is a more strategic, informed, and effective way of buying or selling real estate–period. 

Our clients Erin and Peter recently smartsized their home. Read all about their experience from making the decision to downsize, all the way to finding the right place and moving in, all during the pandemic no less! Read their story here.

How to Smartsize in Ottawa

If you’re thinking about smartsizing in Ottawa, we have a few tips to help you get started. 

1. Take a critical and honest look at your current lifestyle, values, and goals. Write them down and identify some key items that you absolutely need from your home and the items that are “nice to have”.
2. Consider your work situation. Will you be moving jobs and need to commute? Will your employer allow you to work from home? Are you retiring?
3. Think about your family life. Are you planning to have children in the near future? Are your children planning to move out soon?
4. Take a record of your belongings. Find out exactly how much storage space you need. This is also a great time to do some Spring Cleaning and decluttering. Host a garage sale, or donate some items to St. Vincent De Paul! We can all agree that clearing out your space of old and unused items feels good. 
5. Work with an experienced professional. A local Ottawa real estate agent will listen to your story, understand your lifestyle, and help you find a home that suits your needs to a tee. 

Whether you’re thinking about smartsizing or downsizing, the Chell Team can help you achieve your goals and find a home that perfectly suits your lifestyle. From helping you find the right Ottawa neighbourhood (read about some of our favourites here!) to finding an ideal property that you will love, we’re passionate about Ottawa real estate, and ready to help you make your move! 

For more information about smartsizing or downsizing in Ottawa, reach out to us at 613.829.7484 or email us here to learn more.