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Thinking of downsizing your home? Here’s what one expert says you should consider first

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Amid the cost-of-living crisis, many Canadians looking to save money or cut back on consistent maintenance might be thinking about downsizing their home. But one housing expert says there are several things to consider before making the move.

If you find yourself often questioning whether your current home is financially feasible and still accommodates your current life situation, it’s likely that a change in your living situation is due, said Toronto-based real estate agent Erica Reddy in an interview with CTV’s Your Morning earlier this week.

“If you're sitting there and going, ‘You know what, my finances are really starting to feel a little bit tight and maintaining this house really doesn't make sense.’ That might be a cue to start thinking about what downsizing looks like,” said Reddy.

Downsizing can be a daunting task at any life stage, but planning ahead and considering the amount of time it will take to move is a good place to start the process, Reddy recommends.

“It's not an easy step. It's not a quick process and there's a lot that goes into the back side of making sure that you're ready to actually do the downsize.”

Considering the amount of time it will take to declutter, especially if you’re downsizing from a home with multiple bedrooms and rooms down to a two-bedroom, for example, it’s important to give yourself enough time to allocate which of your belongings you’re keeping and which you intend to give away, Reddy adds.

It’s best to be proactive and think about downsizing ahead of any potential rushed situations in which a big move might be necessary, Reddy notes.

Though the benefits of downsizing might be appealing for some, it’s still a difficult and major life change that can ignite feelings of anxiety and fear about taking on the related costs of a big move, especially with rising interest rates.

That’s why Reddy said it’s crucial to weigh the risks and benefits as well as the timeline of such a move.

“To come to that realization and have that conversation can be a huge stepping point,” she said.

“But the other side of it is ending up in a much better place ahead of a situation where it becomes rushed or at a time where it's forced or has to be done.”

To watch the full interview, click the video at the top of this article.

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Reporting for this story was paid for through The Canadian Journalism Foundation's Black Journalism Fellowship.

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