If you are nearing retirement or you are already retired, you may be thinking about downsizing, as it can free up your finances and simplify your life, allowing you to enjoy a greater quality of life.

So, what are some cues that it’s time to downsize?

• You are having frequent falls or trouble navigating the stairs. If this is the case, you may be safer in a single-story home or a condo with elevators.
• You are overwhelmed with home maintenance.
• Your housing costs have risen above 30 percent a month.
• You want to free up your home equity, perhaps so you have more disposable income for things like travel.
• The home no longer fits your needs.
• There are unused rooms and amenities.
• Your career and family no longer tie you to the area.
• You want to be closer to your family.
• The demographics in your neighbourhood have changed and you no longer have a sense of belonging there. Perhaps a retirement community would make more sense, so you can make new friends and enjoy activities together.

While it can be hard to let go of a home that holds so many memories, letting go means you will create space for new possibilities.