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Moving to a smaller home involves careful planning

BE REALISTIC ABOUT YOUR BUDGET

“The biggest misperception is that people equate downsizing with paying less,” says real estate expert Barb Sukkau, adding that a lot of new townhouses and apartments are quite pricey. “If you need your house to provide a nest egg, consider other ways you can make your budget work, such as looking for a home in a less expensive location.”

BUY A PLACE YOUR FUTURE SELF WILL THANK YOU FOR

Even if you’re purchasing at 60, think of what your body will be able to manage at 80. That might mean searching for a residence that doesn’t have stairs or scoping out locations that have handy amenities within walking distance.

DON’T GET CAUGHT BY UNEXPECTED COSTS

Even if you make money off the sale of your home, moving will take a bite out of your profits. Closing costs – which

include things such as real estate agent fees, advertising fees, and legal costs – range from 1.5 to 5 per cent of the selling price. If you’re buying an apartment, factor in monthly maintenance fees and keep a small reserve for unforeseen expenses.

START WITH THE END IN MIND

Sukkau says a surprising number of people buy a place that fits their furniture, rather than the other way around. “I’ll have couples say, ‘Oh, this bedroom won’t fit my kingsized bedroom suite,’” explains Sukkau. Buy the place that’s right for your lifestyle – even if it means selling your stuff or renting a storage locker to house heirlooms.

GET ENTHUSIASTIC ABOUT WHAT’S AHEAD

Think about how your new house will help you live the lifestyle you want. “It is emotional, but it’s also exciting. Think of it as a new adventure,” says Sukkau.