‍The right time to downsize?

You must be wondering, what reason do I have to downsize? With home maintenance costs rising with the current inflation rates, this may be the ideal time to take the plunge finally. And here are three great options to consider.

1. Retirement Residences

Retirement residences are a popular option for empty nesters, which suits their lifestyles and fosters staying social as they grow beyond being caretakers for their children - perfect for people who want to live in a neighbourhood where everyone is at a similar place in life. Independent living is still a strong focus, but retirement residences may also provide support, such as personal care and other services. These communities are a sub-sector of seniors’ housing where the range of services provided is also being extended to include health-related options, making it a great option for you to settle into as you turn over a new leaf in your life.

When you live close to people who are hitting the same milestones in life, it’s easy to find similar hobbies and passions. You will find it easier to join clubs, play a sport together, actively participate in volunteer services and community projects or simply enjoy the rich cultural life of your town/ city because your neighbours are craving the same types of new adventures.

When moving after retirement, empty-nesters often downsize to condos or townhouses. Though upsizing is the norm, downsizing can offer so many options! A smaller property means leftover equity and more mortgage options, low maintenance costs, better community and ample free time for yourself. It’s an exercise in saving both money and time, ideal for a new start. 

2. Finding your tribe

As social creatures, humans need interpersonal contact to survive. These connections range from your inner circle of family and close friends to the outer rungs of your social network — neighbours, other pet parents in the area — and it’s important to have this variety.

Let’s be honest, finding community is not easy at an older age, especially without college or workplaces to seek out like-minded people. To be part of a community, you must feel a sense of belonging, like you make a difference to the group and that the group's presence makes a difference to you, you trust that your needs will be met by other group members and that you find comfort in a shared history, experience, time or space. While many communities exist, there is an element of reciprocity needed for the group to thrive. As an empty nester or a retiree, a great way to maintain or find your community is to live in a retirement or lifestyle community. 

3. Active Lifestyle

Active lifestyle projects place emphasis on moving to a community with like-minded individuals who share a desire to stay physically and mentally active. Many projects are designed in the style of self-contained resorts or gated communities, which offer residents the opportunity to shift the burden of building upkeep and external maintenance to a development manager. 

Additionally, these projects stress the opportunity to maintain one’s independence. Hence, they are typically targeted at younger seniors in the 55 to 64 age bracket. Projects aimed at providing a more permanent solution for empty nesters are usually found in large urban markets, where you can bridge the gap between the revenue from selling your home and affording an equity play in the project with life lease options.

At OSHP, we help you achieve your goal, be it buying or selling your home. We believe a better home is central to a better life.