Want to downsize? Here’s how to start planning

There are a number of reasons you might or might not choose to downsize — maybe the stairs are getting too hard to climb or the location isn’t the right fit anymore.
Whatever it is that’s making you consider the move, be sure to take a “you-first approach” when deciding on next steps, says Laura Tamblyn Watts, CEO of national seniors advocacy group CanAge and author of “Let’s Talk About Aging Parents.”
There’s no one-size-fits-all in downsizing, so Tamblyn Watts suggests you get clear on what’s important to you and what you might need.
Why do you want to downsize? Tamblyn Watts suggests nailing down the answer to this question because there might be alternatives to moving.
“Sometimes people just say, ‘I need some money,’ or ‘I need some companionship,’ or ‘I need some help around the house.’
“Is it the kind of thing where you could rent out your basement or second floor, or is it the kind of thing that you could have a homeshare?” says Tamblyn Watts. A homeshare is an arrangement in which a homeowner with a spare room offers free or lower-cost rent to someone in exchange for support in the house. “Or what if one of your friends wants to move in with you? Ask yourself those questions first.”
What happens if you can’t drive? It’s a possibility Tamblyn Watts wants more people to think about.
“That changes things because it will probably locate you more in an urban centre and less at the cottage,” she said, where many people might first think they’ll retire.
To age in place successfully, Tamblyn Watts says people should think about “condensing their lives” so that services, social networks and other priorities are close by. For someone with a pet, that might mean being close to a dog park.
It’s also important to think about the “physical built environment” of a home, she said, for instance by ensuring the space is accessible for mobility devices.
Tamblyn Watts also suggests people think about what they will need at home as they age: having a guest bedroom and a gym in the building might be more important than a spacious kitchen or dining area.
Oftentimes, people will downsize without keeping more practical ideas in mind, only to move again shortly thereafter because something in their life has changed, Tamblyn Watts said.
“They actually realize that the thing that they wanted is not necessarily the thing that they need.” 
Renting could be more convenient for people as they age, Tamblyn Watts explained, since renters typically aren’t responsible for maintenance and unexpected expenses like a broken dishwasher or a plumbing issue.
“That notion of worry and vigilance tends to go away,” she said.
The price can be higher than a mortgage, especially in a city like Toronto, she noted, but the price of rent could also include snow shovelling, utilities and amenities.
Selling your home and then becoming a renter could also give you a cushion of money. And if there are any issues, getting out of a lease would be easier than reselling a home, she said.
There are benefits to buying another home, however. Seniors buying may want to avoid a retirement home shutting down or a renoviction, said Tamblyn Watts — something that older adults can be prone to if they got into a rental when it was much more affordable. 
Plus, someone downsizing may find a property that is affordable for them and suits all their needs, she added.
Before packing up any belongings, Tamblyn Watts suggests people see what is on the market.
“Identify with the you-first approach, and then go look at what things are and what things cost,” she said. “Then curate your decisions based on that.”
Some people may be surprised at how much smaller homes have gotten since their last move, she said, even if it’s supposedly a three-bedroom apartment.
If you have a hard time envisioning spaces with furniture, seek help from someone who is good at imagining decorated interiors, she said.
You could also ask others who have downsized what they love about their home and why, she said.
If you can afford it, perhaps a retirement home is best for you. (In Toronto, retirement home rents average $6,249 for one bedroom with daily meals and weekly housekeeping.)
Retirement homes tend to have older residents with greater health needs, Tamblyn Watts said. She noted that data from the Retirement Homes Regulatory Authority shows the average age of a person in a retirement home is 86.
Additionally, someone in a retirement home would likely be considered lower priority if they’re on a wait-list for long-term care, she said.
Licensed retirement homes must provide at least two of 13 possible care services, said Cathy Hecimovich, CEO of Ontario Retirement Communities Association. The services can be as simple as pharmacy support or as complex as dementia care. However, some services may require an extra cost, so it’s important to know what is included with every price, she said.
A home may also offer transportation, amenities and entertainment, she added.
For those who are interested, Hecimovich suggests they take tours and ask residents and staff how they like the home while they’re at it. They should also check the Retirement Homes Regulatory Authority website to ensure the home is licensed.
To determine which home is the best fit, she suggested people consider geography, cultural preferences (perhaps you want to be in an area with a Polish or Chinese community) suite size and type, and transit availability.