Downsizing in Waterloo Region

Downsizing Guide

A plan based on what matters to you

If you're thinking about downsizing, you may have a lot of questions.

What is my home worth? Where would I go? What can I afford? Should I sell first or buy first? Would a condo make sense, or would I be happier in a bungalow?

You may also be thinking about things that have very little to do with real estate.

Perhaps you'd like to be closer to your children or grandchildren. Maybe maintaining the house is becoming too much work. Health or mobility may be a consideration. Or you may simply want more freedom to travel and spend less time looking after a home.

You don't need to have everything figured out before we talk.

I help homeowners in Waterloo Region explore their options and figure out what matters most. Then we can create a downsizing plan that works for them.

Book a Downsizing Discovery Call

Nicole Schell, Broker|SRES® Seniors Real Estate Specialist|16+ Years in Real Estate|$100M+ in Home SalesPeak Realty Ltd.Waterloo Region, Kitchener, Waterloo, Cambridge

There Is No One Right Way to Downsize

Everyone starts from a different place.

Some people I talk to know exactly where they want to go. They may already have a particular community in mind, or they may be snowbirds looking for a simple home base in Canada.

Others have no idea where they want to move yet. Before they can make that decision, they want to know what their current home might sell for and how much they would have available for their next home.

That's why I don't start with a standard downsizing checklist.

I start by asking questions.

What is making you think about moving? What is important to you? Where would you like to live? What would you like your life to look like? Are there financial, family or health considerations we should think about?

Once we understand where you are and what's important to you, we can figure out what the next steps should be.

The Downsizing Discovery Call

That's also why I offer a Downsizing Discovery Call.

It's a chance to talk about where you are today, what matters to you, and what you want from your next move.

You don't have to be ready to sell your home. The purpose is to start exploring your options and figure out what a sensible plan could look like.

Why Are You Thinking About Downsizing?

Before talking about condos, bungalows or putting your house on the market, I want to understand why you're considering a move.

For some people, it's family. Perhaps your children and grandchildren no longer live nearby, and you'd like to be closer to them.

For others, it's health or mobility. Stairs may be getting more difficult. You may want a home that's easier to move around in. You may also want to be close to a hospital or other healthcare services. That can affect where it makes sense to live.

Sometimes it's simply the work involved in maintaining the house. A large yard, landscaping, snow removal and looking after rooms you rarely use may no longer be how you want to spend your time.

And sometimes it's about freedom. If travelling is part of your plans, you may want a home that's easier to lock up and leave.

Knowing what's behind your decision helps us figure out what your next move should accomplish.

What Is Your Waterloo Region Home Worth?

For many people, understanding the value of their current home is one of the first practical steps.

I look at comparable sales in your area, competing homes and the current market. That helps me come up with a realistic estimate of what your home could sell for.

It gives us a number we can start working with.

Getting an estimate doesn't mean you have to put your house on the market. It's information that can help you make the other decisions.

What Will You Have Available for Your Next Home?

Your estimated sale price is only the starting point.

We also need to know what you may have left after the sale.

I use a net sheet to help work this out. We look at your mortgage, the cost of selling, moving expenses and other costs that may apply.

That gives us a better idea of how much you may have available for your next home.

Then we can talk about whether you want or need another mortgage.

Once we understand the numbers, it's much easier to look at your options.

What Should Your Next Home Look Like?

I don't necessarily start by asking whether you want a condo or a bungalow.

I start with how you want to live.

Where do you see yourself living? Would you like to be closer to family? Do you want to stay in Kitchener, Waterloo or Cambridge, or would you consider one of the surrounding communities?

Is travelling part of your plans? How much maintenance do you want? How mobile are you, and could stairs become a concern?

Are there health considerations? Do you need to stay reasonably close to a hospital or other healthcare services?

Would you like to live in a community with people at a similar stage of life?

Your answers help us decide where to look and what type of home might work.

It could be a bungalow, condo, townhome or smaller detached home. We can then start looking at what's available and see how those options feel to you.

Staying in Waterloo Region or Moving Farther Away?

Downsizing doesn't always mean staying in the same community.

You may want to stay close to the people, doctors, activities and places you already know. Or you may find that moving to a smaller community gives you more options within your budget.

We can look at Kitchener, Waterloo and Cambridge, as well as surrounding communities, and compare what each option would mean for your lifestyle.

The right location depends on what matters most to you.

Should You Buy First or Sell First When Downsizing?

There isn't one answer that works for everyone.

One of the first things I ask is:

What are you comfortable with?

If you sell first, would you be comfortable if you haven't found your next home yet?

For some people, that creates too much stress. They would rather find their next home first.

Another option may be to buy first and make the offer conditional on selling your current home. Whether that works depends on the home and the market.

Other people are comfortable selling first because they have a Plan B.

Maybe you could stay with family or friends for a while. A short-term rental or another temporary option may also work.

Bridge financing may sometimes be an option too. We can look at whether it makes sense for your situation.

We can talk through the different choices and decide which one you are most comfortable with.

Preparing Your Family Home for Sale

If you've lived in your home for many years, getting it ready to sell may feel like a big job.

You may have a lot of things you've collected over the years. There may be repairs to make, rooms that need attention and decisions about what to keep.

You don't have to tackle everything at once.

When you're ready, we'll look at the home together and decide what actually needs to be done.

When I list a home, professional staging, photography, an iGUIDE virtual tour, floor plans and measurements are part of my listing process.

If you need additional help, I also have a network of professionals I can connect you with for things such as decluttering, moving, legal matters, cleaning and other services that may be needed.

Some homes can be ready fairly quickly. Others take longer.

We'll create a timeline that works for your situation.

Coordinating Your Sale, Purchase and Move

Once you decide to move, there can be quite a few things happening at the same time.

There is your current home to prepare and sell. There may be another home to find and purchase. There are closing dates, financing, lawyers and movers to coordinate. Sometimes family members need to be involved as well.

Part of my role is helping you understand what needs to happen and in what order, so we can create a plan and work through it together.

Nicole SchellI’m a Real Estate Broker with more than 16 years of experience, and I earned my Seniors Real Estate Specialist (SRES®) designation in 2017.

I also have a team behind me and a network of professionals that we can bring into the process when they're needed.

Every Downsizing Story Is Different

One of the most important parts of downsizing is exploring your options.

I ask questions and we talk through different scenarios. Often, those conversations help us realize that something you were considering may not actually fit your lifestyle or solve what you want to change.

Sometimes you start with one idea and end up somewhere quite different.

Talking about it is key.

What These Stories Have in Common

These clients had very different reasons for moving, and they didn't end up in the same type of home.

That's why I don't believe downsizing starts with deciding whether you should buy a bungalow or a condo.

It starts with understanding what you want to change and what you want your next home to make possible.

Then we can explore the options, talk through different scenarios and start putting together a plan.

Not Sure Where to Start?

You don't need to know exactly where you want to move.

You don't need to have decided whether to buy or sell first.

You don't need to be ready to put your home on the market.

We can start by talking.

During a Downsizing Discovery Call, we'll talk about where you are now, what matters to you and what you would like your next move to look like.

We'll explore your options and start figuring out what your next steps could be.

Even if you're still a year or two away from moving, it's perfectly fine to start the conversation now.

Book Your Downsizing Discovery Call

Frequently Asked Questions About Downsizing

About Nicole Schell

My husband and I moved here from the Netherlands in 2003. We raised our family here, and Waterloo Region has now been home for more than twenty years.

My approach is straightforward. I want you to understand your options, have the information you need and feel comfortable with the decisions you're making.

— Nicole