1️⃣ Unlock Your Home's Equity
If you’ve been in your home for years, you’ve likely built up a ton of equity. By selling and opting for something smaller and more affordable, you’ll access that equity, putting cash in your pocket for retirement flexibility.
Why It Matters: This cash can be used to support your fun retirement activities, pay off debts, or even help out family—turning your hard-earned investment into real-life opportunities.
2️⃣ Enjoy Lower Monthly Costs
Smaller homes come with smaller bills. Downsizing means you’ll likely see drops in:
🌀 Heating and Electricity: Less space to heat or cool equals more savings.
🛡️ Home Insurance: Smaller homes usually mean lower coverage costs.
🔧 Maintenance and Repairs: Fewer square feet often mean fewer things to fix.
🏡 Property Taxes: Less to pay when the home’s value is lower.
Benefit: With lower monthly outgoings, you keep more of your money—ideal for enjoying your retirement!
3️⃣ Be Ready for One-Time Expenses
While you'll save in the long run, downsizing comes with its upfront costs:
Realtor and legal fees
Home prep and staging to get that sale price up
Moving costs
Pro Tip: Budget for these expenses to avoid surprises.
4️⃣ Alberta's Tax Benefits 🍁
Good news—Alberta has no land transfer tax. And thanks to the principal residence exemption, capital gains aren't a worry on your primary home sale. That's a win for your wallet!
5️⃣ Boost Your Retirement Strategy 💰
With the cash from your home, you can:
Add to your retirement savings, giving peace of mind
Delay CPP/OAS withdrawals, if beneficial
Clear any outstanding debts or help your kids with theirs
The Big Picture
Downsizing isn’t just about getting cozy in a smaller space. It’s about boosting your financial health and setting up the lifestyle you’ve worked hard for.
Ready to make the transition? Let’s crunch the numbers and see how downsizing can work for you. Give me a call or shoot me a message—I’m here to help you navigate your next big move!