The Experts' Guide to Downsizing

IT’S EASY TO SEE the appeal of moving from a big home into a compact space that requires less maintenance. But the process involves careful planning. Here are seven tips to make sure you find the right fit.

- Vanessa Milne

BE REALISTIC ABOUT YOUR BUDGET

“The biggest misperception is that people equate downsizing with paying less,” says Barb Sukkau, the president-elect of the Canadian Real Estate Association and a realtor in the Niagara region. “But a lot of new bungalows and condominiums 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 homes in a less expensive location.

DON’T GET CAUGHT BY UNEXPECTED COSTS