Your house is getting to be a lot. The yard, the stairs, the repairs. But leaving? That's a whole other question. Evelyn walks through the real pros and cons of downsizing in retirement: the time you might get back, the people and places you'd miss, whether a smaller home really costs less, and a simple two-page exercise to help you decide on your own terms.
Have you ever looked around your home and thought, "This is a lot to look after," and then right away thought, "But I don't want to leave"? You're in good company.
In this episode of Realty Bytes, Evelyn Lopes has an honest conversation about downsizing in retirement. She doesn't start by asking whether you should move. She starts by asking what problem you're trying to solve. Sometimes the answer is a smaller home. Sometimes it's a little help with the one you already have.
In this episode:
The real question isn't whether downsizing is good or bad. It's which choice gives you a life you can manage and enjoy, while protecting the things you value most.
Thinking it over? If you live in Caledon or the surrounding communities, reach out to Evelyn. You don't have to be ready to sell to have the conversation.
This episode is for general information only. For personal financial or tax questions, including the sale of a principal residence, please speak with your financial and tax advisors.
EP 223 The Pros and Cons of Downsizing in Retirement
Realty Bytes Conversations on Real Estate and Lifestyle
Have you ever looked around your home and thought, ‘This is a lot to look after’?
And then, almost immediately, thought, ‘But I don’t want to leave’?
If so, this conversation is for you.
Maybe the yard is taking more time than it used to. Maybe the stairs are starting to bother you. Or perhaps your children keep asking whether you’ve thought about moving. You have thought about it. You just haven’t reached the same answer they have.
You know the light in your kitchen in the morning. You know which neighbour will bring in your bins if you’re away. When somebody says, ‘Why don’t you just downsize?’ it can feel as though they’ve skipped over the hardest part.
Welcome to Realty Bytes: Conversations on Real Estate and Lifestyle. I’m Evelyn Lopes. Today, let’s have an honest conversation about the pros and cons of downsizing in retirement, including the details that can change your answer.
WHAT PROBLEM ARE YOU TRYING TO SOLVE?
Before we talk about smaller homes, I want to ask: What, exactly, is becoming difficult about the one you have?
Is it the size, or one particular job, like mowing the lawn? Is it the stairs today, or the worry that one of you may not be able to use them later? Is the house too expensive to run, or are you facing one large repair? Those are different problems. They don’t all require a move.
Try finishing this sentence: ‘If I didn’t have to deal with ______, I would be happy staying here.’ If the blank contains one or two problems you could solve, staying deserves a serious look. If the list keeps growing, that tells you something too.
I’ve seen homeowners whose properties are perfectly manageable on paper. Yet keeping them going takes so much energy that they’ve stopped doing things they enjoy. The home works. Their life around it has become smaller. I’ve also seen people urged to move when a little help with the property would let them stay happily where they are.
THE "PRO" THAT MATTERS MOST MAY BE TIME
People talk about saving money by downsizing. For many people, the first gain they actually feel is time.
Think about what the house asks of you in an ordinary month. Cleaning. Yard work. Snow removal. Arranging repairs. Being available when a tradesperson arrives. Worrying about the property when you travel.
Some people enjoy that work. If gardening, fixing things, and deciding what happens on your property give you pleasure, that belongs on the pro side of staying. But if those jobs mean you turn down trips or visits, moving could give you back time and energy. Ask yourself whether an ordinary Tuesday would be easier in the next home.
THE CON THAT RARELY APPEARS IN THE NUMBERS
What would you miss if you left? I don’t just mean the extra bedrooms.
Perhaps it’s the workshop, the garden, having grandchildren stay overnight, or being able to sit outside in private. Perhaps it’s the friend you see every week, or the neighbour who would notice if your lights didn’t come on.
Those are practical parts of your life. They deserve as much attention as the property tax bill. If a new place takes you away from people you count on, you need to know how you’ll maintain those ties or build new ones.
Sometimes the opposite is true. The home still holds wonderful memories, but the people you used to see have moved away. You may be staying for a neighbourhood that isn’t quite the same anymore. It’s all right to admit that too.
Here is a question worth sitting with: What would be hardest to replace? If the answer is central to your happiness and you can still live well in the house, that may tip the decision toward staying.
WILL A SMALLER HOME REALLY COST LESS
It might. But please don’t make that assumption before doing the full comparison.
What could you realistically receive for your home? What will it cost to sell? What would you actually pay for the kind of next home you want, in the area you want? Add legal fees, moving costs, Ontario land transfer tax on a purchase, and any work you would do before or after the move.
Then compare the monthly picture. Your present home may cost more to heat and maintain. A condo has fees, and those fees can change. You need to know what they include, what you pay separately, how the building is funded, and whether major repairs or special assessments are expected.
Put three options on paper: stay as you are, stay and make changes, and move to a specific type of property in a specific area. ‘I’ll buy a nice condo’ is not a budget. A real building with actual fees is something you can compare.
If your plan depends on money left over from the sale, review that plan with your financial and tax advisers. A principal residence sale is often exempt from tax on the gain, but the sale must still be reported, and personal circumstances matter. If the move costs a great deal and your monthly spending hardly changes, the financial case may be weaker than you expected. The lifestyle benefits may still make it worthwhile. You should know which benefits you’re paying for.
WILL THE NEXT HOME MAKE EVERYDAY LIFE EASIER?
A place can look beautiful on a showing and still be awkward to live in. Imagine an ordinary day there. Where do you park? How far do you carry groceries? Is there an elevator? Can family visit comfortably? Can you walk to places you’ll use? What rules apply to pets, guests, or renovations?
If you’re moving closer to family, ask what your own life would look like in that community. Where would you go on a Tuesday afternoon? Who would you spend time with? Being near your children can be lovely, but they may not be able to provide your whole social life.
There is another quiet assumption worth checking. When someone says, ‘I can stay because my daughter helps,’ or ‘I can move because my son will be nearby,’ has that person agreed to what the plan requires? Families often want to help. Their work, children, health, and schedules can change. Talk about the actual help before building a housing decision around it.
WHEN STAYING IS THE STRONGER CHOICE
Staying can be an excellent decision. Perhaps the house is affordable, your neighbours are close, you can live comfortably on one level, and the help you need is available at a cost that makes sense.
Before deciding that moving is necessary, find out what could change in the house. Could you use rooms differently? Would a bathroom change, better lighting, or help with maintenance solve the real issue? Get advice and prices for your particular home.
But make staying an active plan. Who could help if you couldn’t drive for a while? What would you do if the stairs became difficult or a major repair came up? What specific change would make you reconsider? Choosing to stay today doesn’t require promising yourself that you’ll never move.
WHEN MOVING IS THE STRONGER CHOICE
A move may make sense when maintaining the home is steadily taking away the life you want to live. Perhaps you avoid travel because of the property. Perhaps you don’t see people often because you’re too far away. Perhaps the house only works because one family member is constantly filling the gaps.
Or maybe you could adapt the house, but you can’t change its location. A bungalow in the wrong place can leave you just as isolated as the house you sold.
This is where timing matters. Moving while you have the energy to visit communities, compare homes, and decide what to keep can feel very different from moving quickly after an urgent change. That isn’t a reason to rush into a sale. It is a reason to learn about your options before you need one.
THE BELONGINGS CAN WAIT FOR A SEPARATE DECISION
There is a sentence I hear often: ‘I couldn’t move. I wouldn’t know what to do with everything.’
I understand. Some belongings are useful. Some are precious because of the person or time they bring back. It can be painful to imagine sorting through decades of life.
But you don’t need to decide the fate of every item before you can decide whether another home would suit you better. First, find out whether moving makes sense. Then plan the sorting with enough time and help. You are allowed to keep what matters to you. The goal is not to prove how little you can live with.
WHEN FAMILY MEMBERS DISAGREE
If your adult children have raised the subject, you may hear concern. You may also feel pressure. Both can be true.
Try asking, ‘What are you worried will happen if I stay?’ Then tell them what you worry about if you move. Perhaps they fear a fall on the stairs and you fear being lonely in a condo. Now you have two real concerns to investigate, instead of a debate about whether you’re ready.
Listen to what they’ve noticed. Let them help gather information. Be clear that you’re the one who must live with the result.
A PRACTICAL WAY TO DECIDE
Take two sheets of paper. On one, write what your home gives you that you want to keep. Be specific: the friend down the road, the garden, the room where family stays. On the other, write what the home asks of you in time, money, physical work, and worry.
Now test three realistic paths: stay as you are, adapt the home and add help, or move to a particular kind of home in a particular community. Price them. Visit possible neighbourhoods at different times of day. Find out what help is actually available. You can do all of that without deciding to sell.
The question isn’t ‘Is downsizing good or bad?’ It’s ‘Which choice gives me a life I can manage and enjoy, while protecting the things I value most?’
You may gain time, an easier daily routine, closer connections, or financial flexibility by moving. You may give up privacy, familiar people, useful space, and a place that already supports you. Both sides are real.
If you’re wrestling with this, you don’t have to decide today. You can decide to find out what staying and moving would actually look like.
If you live in Caledon or the surrounding communities and want to talk through your options, reach out to me. We can begin with what’s working, what isn’t, and what you’d want your home to make possible. You don’t have to be ready to sell to have that conversation.
I’m Evelyn Lopes. Thank you for listening to Realty Bytes: Conversations on Real Estate and Lifestyle. Take good care.