Toronto condo owners downsize to save money on maintenance and avoid paying high bills. As one gets older, we realize that all those extra spaces in our condos are unnecessary. Therefore, opt for a less-spaced property that’s better suited to our needs.
But, downsizing isn’t easy without the best downsizer precondo in Toronto. Hence, the reason our real estate team came up with this article.
Top 10 Best Downsizer Precondos in Toronto
The best downsizer precondos in Toronto are;
- Empire Maven Condos
- 321 Davenport Condos
- Edenbridge Kingsway Condos
- Mirabella Condos
- One Yonge Condos
- Terrasse Condos
- ANX Condos
- Kingsway Crescent Condos
- Junction Point Condos
- 123 Portland Condos
Downsizing and Precondos in Toronto
The benefits of downsizing are numerous, but not everyone understands what downsizing actually means or whether or not they should downsize. Downsizing can be an intelligent way of freeing up lots of cash, primarily if it’s your primary residence. Plus, you don’t pay tax on the sale.
In Toronto, homeowners pay lots of taxes on the properties they own, and it’s one of the primary drivers why people want to downsize. Why pay such a heavy tax on a big detached home when you can downsize to a smaller precondo home?
Nobody wants to live in the same abode with people who make living unbearable and difficult. In this scenario, less is better, as you will live in a quieter environment.
The lesser the building density and concentration of occupants, the lesser the noise, and the lesser the building will be susceptible to wear and tear since the number of people moving in and out will be few.
Downsizing also makes cleaning the home and maintenance easier. For sure, downsizing usually leaves you with fewer rooms, so the time expended on cleaning is minimized. Therefore, you have more time for yourself and your family.
However, trying to free up some cash and cut down on specific bills isn’t the only reason homeowners downsize. One of the primary drivers is selling to make some profit from their current residence. Once they realize the present value of their property, they quickly scheme a plan to sell it for some profit.
But the mistake some of them make is speculating if it’s the right time to sell or if the housing market could rise tomorrow. If you feel the financial obligations of your current residence are too enormous for you to handle, then deciding whether you want to downsize shouldn’t be a problem. In other words, you should sell if you’re going to without factoring in if the property value rises tomorrow.
Some would argue that it’s better to buy and sell later than to sell and buy later. Well, that depends on the competitiveness of the market, home pricing, and the neighborhood. It would always be wise to sell in a seller market, but in a buyer’s market, it’s possible to contemplate selling.
Our housing experts typically advise that you sell your current home before purchasing a new one because it’s risky leaving your old residence in the market with the hope that the price will skyrocket beyond its current value. If the market crashes, you would be selling at a loss. Whether it’s a neutral or hot market, it would be in your best interest to sell.
You shouldn’t downsize because you want to or because some of your friends are doing it for reasons best known to them. If you are thinking of doing that, your reasons must be solid. Condos aren’t as spacious as detached homes, so you must make sure that it wouldn’t impact your lifestyle and living if you must move to a smaller home [1].
If you have kids, it’s necessary to include them in your decision-making. Kids always have a hard time adjusting to a new environment, especially if the current one isn’t as spacious as the former residence. As a parent, you need to inform them and explain the reasons for your decision to downsize.
Conclusion
Downsizing is an excellent fiscal move that will lessen your maintenance cost and cut down on expenses. However, the process isn’t easy, considering you will have to factor in many things, such as your kids, lifestyle, and the best downsizer precondo in Toronto. Thankfully, our real estate experts have provided you with all that’s needed to make downsizing a reality.
