The Essential List for Downsizing

Simplify Your Life | June 17th, 2020

Making the decision to downsize your home can be difficult. Many wonderful memories were made there over the years, but you know it’s time to downsize to something more practical for this chapter of your life.

Ready to downsize, but not sure where to start? We’ve created a list of essentials for you to consider through this process.

How to downsize your home quickly

1. Start practical, be tactical. 

Don’t overwhelm yourself by biting off more than you can chew. Select a reasonable move-out date that allows enough time for you to confidently comb through your belongings. 

We’d recommend starting with one room and finishing it entirely before moving to the next. Remember – it’s better to have two rooms completely sorted than five rooms torn apart.

2. Take a page from Marie Kondo

Maybe sorting room by room isn’t for you. Implement Marie Kondo’s method of organizing by category, not by room. 

Picture what life in your new home looks like and sort away! Do you really need those extra pairs of shoes or the accent pieces that just collect dust? Be intentional with the items you decide to keep and know exactly where they fit into your new home!

3. Storage, storage and more storage!

Get creative with storage ideas for your new home. Take a quick trip to Ikea to pick up storage solutions for things like seasonal clothing, office supplies, spare linens and more.

4. Donate Large Appliances

Does your new home come equipped with appliances? Consider donating your old appliances to the Habitat for Humanity ReStore! This program takes your gently used appliances, re-sells them to the public and uses proceeds to help provide affordable housing to the local community.

Financial Implications for Downsizing

There’s a good chance that your home is worth significantly more than what you paid for it – especially if you’ve been there for decades.

The Government of Canada has implemented the Principle Residence Exemption (PRE) which allows owners to pocket the proceeds of the sale without tax implications. This means more cash in your pocket for retirement! You can find full details on the PRE on the Government of Canada website.

Downsizing to a Modular Home

Cancel the condo showing! Meadows of Morinville has redefined how we downsize. 

Our community offers affordable mortgage payments without sacrificing square footage. Meadows of Morinville is a land lease community, which is an alternative home ownership option [vs. purchasing the land or moving into a condo] where you buy the house but lease the land on which it sits.

It significantly reduces the cost of the initial purchase and allows buyers to get into a house they might not otherwise be able to afford. It allows empty nesters to free up equity they have in their existing house, so they can spend their money on things that matter most. Down payments are considerably cheaper than other home ownership options and taxes are cut in about half. That gives everyone the freedom to put some money away for a rainy day.

The Perks?

You can enjoy your own private yard in a quiet setting with significantly reduced maintenance. 

We know how important your privacy is, that’s why there are no shared walls in our community. All of our single-family homes are detached so you don’t have to hear what your neighbour is watching on TV or smell what they’re cooking. Although we will say – you will likely enjoy what your friendly neighbours are baking and bring to our community events!

Quick Possession Homes

Ready to explore the possibility of downsizing to a modular home? These are just a few examples of what could be yours in Meadows of Morinville.

View All Quick Possession Homes

Life in the Meadows is about making life simpler, without sacrificing luxury. Our exclusive home builder is offering modern modular bungalows on large, landscaped lots from the $160,000’s. Our unique land-lease concept gives our home buyers an opportunity to get into a house they might not otherwise be able to afford, and empty-nesters a chance to free up some equity in their existing home. Contact us today to learn more about life in the Meadows!

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