VIDEO: Three Ways to Downsizing Your Life

As Canada’s baby boomers age, more and more are facing the decision to downsize their lives. Whether the mortgage of the family home is paid or not, it’s expensive to keep up with taxes and utilities on a house that is much too big for one or two people.

Move to a smaller place
Even though this is one of the more likely scenarios, it’s often the hardest to consider when you have a house full of memories. It’s not just your possessions, but also the history and idiosyncrasies of a home you’ve shared with your loved ones. But a change can be empowering. Taking control of your life by downsizing in this way should be seen as a beginning, a new and exciting phase in your life.

Taking on a tenant
This is a great way to generate funds to help pay taxes and utilities, especially if you’re on a fixed income. With it comes the opportunity to build new relationships with people you may never have met otherwise. If taking this route, you should know your rights, it’s best to consult with an attorney before proceeding.

(Watch: Sandra and Tibor Haluskay discuss their decision to move to a retirement condo.)

Moving to a retirement community
This is a great way to maintain your independence while meeting new people who share similar interests. “One of the main reasons we moved to a place where we can live independently and you can own your own place, [is] in the future, or when you need something, everything is here,” says Tibor Haluskay who moved to a retirement condo with his wife Sandra last year. Both Tibor and Sandra enjoy the many programs the condo offers its residences. “We feel as though we’re always on vacation all the time,” says Sandra.

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Related articles:

Retirement Communities

Retirement Financial Help

Senior Living Communities

Selling your Home

What are your tips for downsizing your life? Share your thoughts in the comments section below.

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