January 07 , 2019  /   Consumer Insights

The downside of downsizing

On the surface, downsizing can make financial sense. Homeowners can use their home’s current value to purchase a smaller home that is more affordable and have money left over for retirement.

What many homeowners don’t realize (until it’s too late) is that there are many hidden costs associated with downsizing. This can ultimately leave them in a situation that isn’t what they anticipated or have to resort to moving away from their community in order to make the numbers work.

To explore this further, we commissioned a survey from Ipsos to research whether Canadians are properly informed about their options and associated costs with downsizing.

The answers from the study were surprising. Take a moment to review our infographic below and learn how staying in your home can be a smart financial decision.

SOURCES:

https://www.homeequitybank.ca/downsizing-the-home-not-a-guaranteed-financial-windfall-in-retirement/

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