Loading
  • LinkedIn
  • Twitter
  • Facebook
  • Youtube
Get in touch: 604.542.4298 | Toll Free: +1.877.542.4298
Connect Wealth
  • Home
  • About
    • Our Firm
    • Meet Our Team
  • Services
    • Personal Planning
    • Business Planning
  • Investment Counsellor
  • Testimonials
  • Resources
  • News
  • Group Retirement
  • Login
  • Contact us
  • Search
  • Menu Menu
downsize house
Personal Planning, Real Estate, Retirement Planning

To Downsize Or Not?

That Is The Question
Should we downsize our house? If so, when? Maybe never? I think that downsizing too early or without planning can be one of the most costly retirement mistakes. I have seen couples that have downsized, found that they have not liked it, and then purchased a house similar to what they originally owned. The cost to do so was thousands of dollars.

Should we downsize is a very common question that I get asked at most initial meetings by people planning to retire. Sometimes it seems as though people think that they are required to downsize as part of their retirement. One main reason for considering this is the high cost of housing in the Vancouver area; the majority of people’s equity is in their home. This can create a problem where you are asset rich but cash poor, hence the downsizing to free up cash. One of the other reasons we see people planning to downsize is to reduce the ongoing cost and labour involved in owning a home.

Prior to pulling the plug and downsizing I would recommend considering the following:

1. Strata Living – Most situations involving downsizing can involve properties with a strata. There are a lot of people that are used to living in a house and not dealing with committees when it comes to decisions about pets, parking and other items. You should consider if this is going to be a problem for you.

2. Lifestyle – Do you like hosting family and friends for meals or parties? If this is important to you, will you be able to do this in your new home? Items like limited parking or smaller rooms may be a frustrating issue.

3. Children – Often adult children can come back to live with their parents after life situations such as death of a spouse or divorce.

4. Aging Parents – Will you need space to care for aging parents?

These are the main areas to consider when thinking about downsizing. As with any financial strategy we would recommend ensuring that you have your personal situation reviewed by a professional to make sure that is done in the best way possible. If you have any questions or would like your plan reviewed, feel free to contact us.

Questions?

December 1, 2014/by Vince Olfert
Tags: downsized, financial advisor, financial future, financial planner, financial planning, investing, investment, lifestyle, real estate, retirement, retirement mistakes, strata living
Share this entry
  • Share on Facebook
  • Share on Twitter
  • Share on Pinterest
  • Share on LinkedIn
  • Share on Reddit
  • Share by Mail
https://www.connectwealth.com/wp-content/uploads/2014/12/downsize-house.jpg 286 468 Vince Olfert https://www.connectwealth.ca/wp-content/uploads/2020/01/ConnectWealth-logo-01.png Vince Olfert2014-12-01 08:54:292018-06-20 14:36:08To Downsize Or Not?
You might also like
singerolfert-superheros Superhero or Superhuman?
UK pension UK Pension – Left Behind…
mortgage-insurance Mortgage Insured? Are Your Sure?
mortgage or rrsp Mortgage or RRSP?
Insuring Your Kids – Easily Overlooked!
leasing-a-car Should I Buy or Should I Lease Now?

Pages

  • About
  • About the Examination
  • Alyshia Gallo
  • Andrew Gordon
  • Antares
  • Appointment Contact Form
  • Baxter’s Business Planning
  • BCV
  • Brittany Potter
  • Business Planning
  • Cassandra San
  • Cher Adams
  • Client Login
  • Contact us
  • COVID-19 Safety Procedures
  • Dallas Clemyck
  • Disclaimer
  • dixonmitchell
  • Eddy Choi
  • Financial Terms Glossary
  • Home
  • Insurance Application Tips and What to Expect from a Paramedical Exam
  • Investment Counsellor
  • Joey San
  • Julia Friesen
  • Kathe Atkinson
  • Lori Smigel
  • Mark Smigel
  • Meet Our Team
  • Melanie Tessarolo
  • Michelle Jones
  • Mike Erickson
  • News
  • Our Firm
  • Personal Planning
  • Preparing For The Examination
  • Privacy Policy
  • Referrals
  • Resources
  • Services
  • Shelley Willms
  • South Delta Hockey Contest
  • Suzanne Jacob
  • Testimonials
  • Vince Olfert

Categories

  • Business Planning
  • Current Events
  • Estate Planning
  • Insurance
  • Investments
  • Mortgages
  • News
  • Personal Planning
  • Real Estate
  • Retirement Planning
  • Tax Planning
  • Uncategorized

Archive

  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • November 2019
  • October 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • October 2018
  • September 2018
  • March 2018
  • February 2018
  • December 2017
  • May 2017
  • April 2017
  • February 2017
  • January 2017
  • October 2016
  • June 2016
  • February 2016
  • January 2016
  • October 2015
  • June 2015
  • February 2015
  • December 2014
Link to: Contact us

Have Questions? We’re here to help!

Our advisors are always ready to weigh-in on your financial strategies and help you develop the wealth management plan that’s right for you.

Reach out today!

Connect Wealth | 13-2970 King George Blvd. | South Surrey, BC V4P 0E6, Canada
Phone: 604.542.4298 | Toll Free: 877.542.4298 | Fax: 604.542.4289

© Copyright 2020 Connect Wealth. All rights reserved. Privacy Policy

UK pensionUK Pension – Left Behind…
Scroll to top

This website uses cookies. We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. By continuing to use our site you are agreeing to our cookies privacy.

OKLearn More

Cookie and Privacy Settings



How we use cookies

We may request cookies to be set on your device. We use cookies to let us know when you visit our websites, how you interact with us, to enrich your user experience, and to customize your relationship with our website.

Click on the different category headings to find out more. You can also change some of your preferences. Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer.

Essential Website Cookies

These cookies are strictly necessary to provide you with services available through our website and to use some of its features.

Because these cookies are strictly necessary to deliver the website, refusing them will have impact how our site functions. You always can block or delete cookies by changing your browser settings and force blocking all cookies on this website. But this will always prompt you to accept/refuse cookies when revisiting our site.

We fully respect if you want to refuse cookies but to avoid asking you again and again kindly allow us to store a cookie for that. You are free to opt out any time or opt in for other cookies to get a better experience. If you refuse cookies we will remove all set cookies in our domain.

We provide you with a list of stored cookies on your computer in our domain so you can check what we stored. Due to security reasons we are not able to show or modify cookies from other domains. You can check these in your browser security settings.

Google Analytics Cookies

These cookies collect information that is used either in aggregate form to help us understand how our website is being used or how effective our marketing campaigns are, or to help us customize our website and application for you in order to enhance your experience.

If you do not want that we track your visit to our site you can disable tracking in your browser here:

Other external services

We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. Changes will take effect once you reload the page.

Google Webfont Settings:

Google Map Settings:

Google reCaptcha Settings:

Vimeo and Youtube video embeds:

Other cookies

The following cookies are also needed - You can choose if you want to allow them:

Privacy Policy

You can read about our cookies and privacy settings in detail on our Privacy Policy Page.

Privacy Policy
Accept settingsHide notification only