Selling the family home after 20, 30 or 40 years is not like any other sale. There is the house, and there is everything in it. There are adult children with opinions, and a next home that has to be right. This guide is for sellers aged 55 and over in Kitchener-Waterloo and the towns around it, and for the families helping them. It is written in plain words, in the order things usually happen.
Step 1: Decide where you are going
Most of the stress in downsizing comes from not knowing the next step. The usual choices in Waterloo Region are:
- A smaller house or bungalow, often one level, in the same area or a quieter town like Elmira, St. Jacobs or New Hamburg.
- A condominium or bungalow townhome, with outside maintenance handled by the condo corporation for a monthly fee.
- A rental apartment, which frees up all of the home’s equity.
- A retirement residence, with meals and care available.
- Living with family, or a suite added to a family member’s home.
Visit before you decide. Ask about monthly fees, what they cover and how often they have gone up.
Step 2: Know what your home is worth today
Many long-time owners are surprised in both directions. A free price opinion based on recent sales near you is the place to start: ask what your home is worth. Ask the agent to show you the sold homes behind the number, and what small fixes would be worth doing first.
Step 3: Talk money with people you trust
Before you sign anything, speak with your accountant or financial adviser about what the sale means for your income and taxes, and with your lawyer about your will and power of attorney if anything is changing. If someone holds power of attorney for property and will sign for you, tell your agent and your lawyer at the start.
Step 4: Sort belongings early
This usually takes longer than the sale itself. Start with rooms you use least. A simple system helps: keep, give to family, donate, sell, recycle. Ask family members to take what they want by a set date. Measure your next home’s rooms so you know what furniture will fit.
Step 5: Plan the timing so you only move once
If you are buying, you can sell first, buy first, or line up both closings on the same day or close together. Your agent can ask for a longer closing to give you time. Ask your agent how they would handle it, and what happens if one date moves.
Step 6: Get the home ready to show
Focus on what buyers notice: clean, bright rooms, less furniture, a tidy yard and small repairs done. You don’t need to renovate. Your agent should tell you what is worth fixing and what to leave.
For the family helping
Listen first. This is your parent’s decision and their home. Offer specific help (sorting one room, visiting places together, being on the phone for the offer). Agree as a family who will be the main contact for the agent, so messages don’t get crossed.
Questions to ask an agent about downsizing
- How many sellers in this stage of life have you helped in the last year?
- Can you give me a longer closing date if I need it?
- Who will be at showings, and can I be out of the house for them?
- Can my son or daughter be on calls and copied on emails?
- Can you recommend movers, cleaners and people who help sort belongings? Do you receive anything for those recommendations?
How we can help
Jason O’Keefe, REALTOR®, leads Real Home Experts. Leaving a home your family has lived in for many years is more than a sale, so we take extra time: we go at your pace, explain each step, and make room for your family in the decisions. Our team can walk you through each step above. Start with a free price opinion: ask what your home is worth, call the team line at (519) 904-2845, or send us a message.
Frequently asked questions
Should I sell first or buy first when downsizing?
It depends on how much the sale will free up and how firm your next step is. Many downsizers sell first, with a longer closing date, so they know exactly what they have to spend.
Do I need to renovate before selling?
Usually not. Cleaning, decluttering and small repairs matter more than a new kitchen. Ask your agent which fixes are worth the money for your home.
How long does downsizing take?
The sale itself often takes a few weeks to a few months from listing to closing. Sorting belongings and choosing the next home can take longer, so start early.
Real Home Experts, Real Broker Ontario Ltd., Brokerage. This guide is general information, not legal, tax or financial advice. Not intended to solicit buyers or sellers currently under contract.
