If Toronto’s hot real estate market is making you stressed about your housing plans, here are a few things you can do:
Research Your Housing Options
One of the biggest reasons boomers are putting off downsizing is because they are concerned about selling and then having to buy their new property at an elevated price, but there are other options to consider.
- Rent Now, Buy Later: Sell your home now while the market is in an upswing, and rent until you feel comfortable purchasing something else. This is a great opportunity to look into different housing options and test out what suits you best.
- Check Out the Condo Market: If you have some free time during the weekend, check out a few condo open houses and see if they would be a fit for you and your lifestyle. Two key benefits are reduced maintenance costs and upkeep.
- Look at Options Outside of the City: Take a look at areas that are less affected by the heated market. If you are planning on retiring, maybe you do not have to live as close to the city core as you did before? There are plenty of properties within an hour and a half of Toronto that are still available for reasonable prices. If the city life is for you, there are major cities like Montreal, Calgary and Halifax where prices have not escalated as dramatically.
- Vacation Homes and Traveling: Maybe you have always wanted to live abroad? Or have thought about spending your time traveling? Selling your home makes it easier to live out these lifelong dreams with more financial freedom.
Have a Conversation With a Knowledgeable REALTOR®
If you are considering downsizing, knowing what your home is worth is important. The easiest way to get the information you need about your home is to find a REALTOR® who knows your neighbourhood and invite them over for a chat.
- Find Out the Value of Your Home: Find out how much your house would likely sell for, and how its flaws or upgrades affect the price. Ask about how the prices have changed over the last couple of years and how they are expected to change in the future.
- Get Advice About Your Home: Ask as many questions as you can and find out what changes, if any, you can make to your home to increase its value easily.
- Get Insight on the Current Market: Find out how long houses in your neighbourhood usually take to sell and whether they are priced well.
Decide When Is the Best Time to Sell
The Globe and Mail came out with a worksheet to help boomers decide if it is better to sell now, or later. The worksheet helps you think through the financial considerations and crunch the important numbers: The Globe and Mail Downsize Your Home Worksheet
Whether you are ready to downsize now, or are just starting to consider your options – get as much information as you can. If you have any questions or would like to discuss your downsizing plans, feel free to give me a call at 416-921-1112. I would be happy to help!