Dear David, 

Now that our kids are off to university, we’re thinking about getting back into the real estate market. We want to find a home that suits the way we live now and will also work for the next 20 years. We don’t necessarily need something smaller, just a home geared towards this stage of life. What should we be thinking about as we start our search? – SEEKING A NEW NEST

DEAR SEEKING: Some people stay in their family home long after the kids have moved out, but it sounds like you’re ready to get on with your next chapter. “Right-sizing” can mean different things to different people: it may be a smaller home with less maintenance, but could just as easily mean finding a place that is better suited to the life you want to live now. You may be looking for a home designed for entertaining, a main-floor primary bedroom, less yard work, or the flexibility to lock the door for a month while you cycle through Europe.

Before you start looking at houses, have a sincere heart-to-heart with your partner. After years of focusing on children, schools and family schedules, your individual wants and needs may have evolved, so make sure you’re both on the same page. Do you want to travel more? Entertain family and friends? Stay close to your children? Have room for future grandchildren? Would you prefer a condo, bungalow or smaller detached house? You may even consider downsizing your principal residence and using some of the equity for a cottage or vacation property.

Reach out to your favourite Realtor and do some brainstorming. They’ll help you bounce ideas around and may help unlock possibilities you haven’t considered yet.

If travel is high on your list, you might want a home or condo that can be locked up and left for weeks at a time. Depending on the property, its location and applicable rules, you may explore the possibility of short term rentals (such as Airbnb) while you’re away, to offset and help finance travel costs.

The point isn’t to rush into shopping right away. Rather, you’ll want to understand your options and start thinking differently about what your next home can provide for you.

PRO TIP: Don’t shop just for today; instead, picture yourself in 10 or 20 years. Consider aspects such as stairs and exterior maintenance which may be very manageable now, but less so in the future. Keep in mind that a main floor bedroom and bathroom, practical outdoor space and easy access to shopping, healthcare and recreation will likely become more valuable with time. Most importantly, don’t feel you have to downsize just because your kids have left home. The goal isn’t necessarily to own less house, it’s to own a home that suits the life you want to lead. After years of choosing housing based on your family’s needs, you now have the opportunity to focus on your own. #Advice #AskDavid #TheNegotiator