Home Builder Canada Readers survey
newsletter
NP_lineHome Builder Magazine New Products Online
NP_line
Computers, Educational
&Technology

NP_line
Electrical & Mechanical
NP_line
Exteriors
NP_line
Finishes & Surfaces
NP_line
Kitchens & Baths
NP_line
Landscape & Design
NP_line
Speciality Products
NP_line
Structural
NP_line
Tools & Equipment
NP_line
Windows & Doors
NP_line
New Products home
NP_line



External Links: Associations & Governments. Builders & Renovators . Manufacturers & Suppliers

Home . About Us . Subscribe . Advertise . Editorial Outline . Contact Us . Current Issue . Back Issues . Jon Eakes



© Copyright - Work-4 Projects Ltd.

Downsizing homes can upsize costs

September 28, 2018

Selling an existing, larger home and downsizing to a smaller residence is popular with baby boomers, but a new survey finds it often costs more than most suspect.
According to an Ipsos survey commissioned in August by HomeEquity Bank, 27 per cent of downsizers said the costs were more than they expected, suggesting that expenses from downsizing can add up quickly.
While there may be certain advantages for some older adults to downsize their home, almost half of Canadian homeowners aged 55+ (48 per cent) say they have no plans to downsize. In fact, within this group that plans to stay put, 93 per cent say they are happy with their current living arrangements.
Most older adults who have tackled downsizing say they are pleased with their decision (88 per cent) yet admit it didn't happen without some regret and unknown sacrifices. For example, only 34 per cent of respondents indicated they plan to move to a new city or town when they downsize, when in actuality, half (50 per cent) ended up buying a smaller home outside of their current community and network.
HomeEquity Bank polled 2,500 older adults in Canada (aged 55+)—among which 1,870 are homeowners—the week of August 27, 2018 through the Ipsos survey.

 

 

homeBUILDERcanada.com | Home BUILDER Magazine | Canada's #1 Information Source for Residential Home Builders and Professional Renovators

HB house ad sub
Home Builder Magazine Ask Jon Eakes
Home Builder current issue