Are you one of the many snowbirds downsizing this winter? Or perhaps you are not familiar with the term snowbird. A snowbird is someone prefers to leave the icy Canadian winters and migrate to warmer climes until spring returns.
If you are one of the 1.5 million Canadian snowbirds downsizing this winter here are some important tips for downsizing your home for the winter.
Create A Budget
Because you will be living your life in two different places, it is very important to create an annual budget where you will be able to identify all your income sources and monthly expenses. Make sure that when you are creating your budget you are including travel and medical insurance in your budget. It is also important to remember that some of your costs can be reduced or suspended while you are away – insurance, cable, internet, etc. If you will not be using them there is no sense in paying for them. By suspending your services, you can quickly regain access as soon as you are back.
Choose A Location with Low Cost Of Living
Not all warm retreats are affordable. In fact, some locations can be more expensive than living in Toronto! Pick a location that has a lower cost of living and then look for long-term rentals that are a bit further from the beach or in a less high-demand area. If you live five, ten, even fifteen minutes from the beach, you can still access the waterfront within a reasonable amount of time. It will also be more affordable while you are there for a few months.
Consider Going For A Shorter Time
While it might seem ideal to be away for six months of the year, your budget might not allow for that. While the longer-term rentals might be more cost-effective overall, you can still find affordable short-term rentals for 1-2 months. These are often booked a year in advance so keep this in mind when you are looking on short term rental websites.
Downsize In Canada
While it is nice to have a big and beautiful home to entertain with in the summer, many Canadians find that downsizing provides them a lot of financial flexibility to have the kind of snowbird experience they dream of in the winter. There are many beautiful condo buildings in Toronto, if you are considering downsizing to maximize your snowbird lifestyle, please feel free to contact me. I have years of experience in this field!
Rent Out Your Property At Home
Another way to generate income and improve your annual budget is to rent out your Canadian home for the time you are away in the sun. While it may take some time to find a good tenant, there are plenty of websites that make it very easy to list and rent out your home, or you can enlist a realtor to assist.
As you can see, there are many ways snowbirds downsizing make the most of winter. Will you be one of them? Downsizing your home for the winter can be a very fun process, and I would love to help you however I can.
