DOWN-SIZE TO SAVE DOLLARS AND SIMPLIFY YOUR LIFESTYLE

There are many reasons home owners may decide to downsize; retirement, empty-nesters (the kids have finally flown the coop:), or those joining the ranks of a growing number of hard-working, money-smart homeowners who just want to simplify their lives. For these individuals, downsizing is a savvy strategy that makes a lot of financial sense.

Downsizing is a huge financial and emotional decision, one that should include a lot of thought and careful future planning before you put the for-sale sign on your lawn. It’s a huge decision, but down-sizing doesn’t have to mean giving up your lifestyle. In fact, when done right, you can end up with an even better quality of life, with time to enjoy other pursuits: family vacations, hobbies, grandchildren and new interests (take up that painting or yoga class, or climb that mountain you’ve always dreamt about). It also makes sense that downsizing means reducing expenses, which can now be used for other endeavors.

Timing is everything when you are contemplating downsizing. There are a lot of moving parts to consider in addition to your new lifestyle goals. Current Fort McMurray housing values, the ever-evolving real estate market and interest rates are all important factors that one of our Lore Group Realtors can discuss with you to help you plan. Downsizing out of Fort McMurray?? We have many great connections with experienced professionals in other communities Canada Wide, that can assist you with your home search and help make the move seamless.

There are a few simple steps that will help you move toward your goal of living smaller and living well.

1. Take stock of what you really need by looking at how you live your daily life.
2. Declutter your home by focusing on your new life and what you need to take with you. Sell, donate or gift items in your home and closets that you don’t use. Chances are if you haven’t used something in years you just don’t need it (except grandma’s china, and maybe your platform shoes-that will come back in style for sure!) Think of downsizing your things as a process not a race. Enlist support from family and friends.
3. Think about the activities that are already a part of your daily routine and lifestyle, and those you’d like to add to your life, when consideration what type of home and the location you will move to. Do you enjoy outdoor activities, the foodie scene? Are you attending school?
4. Transportation: Are you downsizing the number of vehicles you currently own, would living near public transportation be important to you? How many parking stalls or how large of a garage will your new scaled down lifestyle require?
5. Prepare for selling Your Home:What do you need to do to get the highest possible price (painting, repairs, yard care, staging, other)? What is the right price for your home and why? How long will it take to sell your home, and when it the best time to list it? This is the perfect time to request a complimentary market evaluation from an experienced Lore Group Realtor who can answer all these questions. Don’t be afraid to do this well in advance of your lifestyle change. It is never too early to plan and get the information you need.
6. Start you search for a new home early: While there are certainly many online options available to you to for your home search, there is no substitution for talking with a knowledgeableLore Group Real Estate Agent and touring houses yourself. This is the fun part!
7. Crunch the numbers:  Don’t forget to factor in the selling and buying costs. Include items such as mortgage fees, legal fees, commissions, moving costs, title insurance, rpr and the like. Ask your Lore Group Realtor to review closing costs with you to help keep you on the straight and narrow financially. Inquire with us how you can reduce your moving costs by using the Coldwell Banker Fort McMurray moving truck for free.
8. Maintain a positive outlook: Downsizing your lifestyle and moving can be stressful. Be kind to yourself, take breaks from the packing and planning and enjoy.

There is no one-size fits all lifestyle. Down-sizing (just like up-sizing) is not the right choice for everyone! If you love your home and all the memories it holds, or you need the space that your larger home or yard affords, you may decide to stay- And that’s okay!

Report the Sale of Your Principal Residence

If you sell your home, it will need to be reported on your personal income tax return.

CRA will charge a penalty of $100 per month
to a maximum of $8,000, if not reported

In the past, you were not required to report anything if you sold a home that was designated as your principal residence and the gain was fully exempt. Although the gain is still exempt from tax, CRA has changed its policy. This means that if you sell your home, it now needs to be reported on Schedule 3 of you 2017 personal income tax return.

The following information must be reported:

• Year of acquisition
• Description of the property
• Original purchase price
• Sale price (proceeds)
• Costs associated with the sale

When you’re buying a home, choosing the right Fort McMurray neighbourhood is critical. Many buyers focus on shopping for a new home and choosing the best style and features of the home itself. It is important to keep in mind that you’re not just buying a house, you are moving into a community that should be the right fit for you.

Here are a few important things to carefully consider and some tips that may assist you finding the perfect Fort McMurray neighbourhood:

Commuting Time and Proximity to Both Industry and Municipal Bus Routes

How long will it take to get to work or the children to school and extracurricular activities? Carefully consider bus routes and whether school busing is available the area.

Consider Your Lifestyle and What is important to you in a Fort McMurray Neighbourhood.

Proximity to shopping, restaurants and amenities? Walking distance to schools and sports facilities? Nearby parks, playgrounds, outdoor ice rinks and trails?

Do you prefer a more rural private setting in areas such as Saprae Creek, Draper, Gregorie Lake and Anzac, or a busier more active area in the center of all the action with the comfort of nearby neighbours like Eagle Ridge or Downtown?

Established or Newer Neighbourhood?

Both have advantages. Newer neighbourhoods such as North Parsons Creek and Stone Creek often feature the most updated features such as skate parks and water features. More established areas often offer larger lots and fantastic features such as the outdoor gym in the Thickwood area. Consider some of the rebuild areas like Beaconhill that offer many brand new homes, larger lots and new amenities being rebuilt.

Schools

If you have children or are planning to have them soon, this is probably one of the most important considerations when looking for a good neighbourhood  How will your child get to school?? Is it safe? Is it walking distance? What are the bus routes and where is the bus stop? What does the local school offer? Do you require certain language, educational or sports options?

Here are some tips to help you decide which Fort McMurray neighbourhood is the right one for you:

Drive, Bike or Walk Around the Area

Take note of the types of homes and services available in the area. It is important assess how your potential neighbours care for their yards. Pride in ownership is important. All great neighbourhoods have this in common. Areas that offer well maintained yards and homes show home ownership pride and impact your lifestyle, the betterment of the area and future resale value.

It is also important to note the demographic in the area. Your Lore Group Realtor can assist you with this information. Is the neighbourhood family friendly? If there are lots of families in the neighbourhood this a real draw for buyers with children. Are there opportunities for children to play, socialize, and make lifelong friends?

Now that you have the perfect home and neighbourhood in mind and a general sense of your requirements and what is important to you it is time to start shopping. Contact your Lore Group Realtor and let’s get out there and find you a home in a neighbourhood that suits your lifestyle, dreams and values.