On August 23, DevMcGill in association with Montreal Guide Condo held a glamorous event at the Beaumont sales office in Notre-Dame-de-Grâce to discuss the new trend of downsizing to a smaller condo.
The event was extremely informative and was led by Marie-Josée Leblanc, a Montreal-based decorator specializing in home staging. If you missed this event, don’t worry because we’re going to break down some key components from the presentation.
What Is Downsizing?
As the name suggests, downsizing refers to selling a larger property (usually a house) in favour for a smaller condo. This decision is typically made because condos require less general maintenance, as the condo fees typically cover these costs. This trend is particularly popular amongst older individuals, especially retirees. However, new reports also indicate that first-time buyers usually lean towards smaller condos because of the minimal upkeep, along with the option of living right in the heart of the city.
Marie-Josée Leblanc’s Tips
After the presentation was over, there were three main pillars to draw upon:
- Plan Properly
Before moving into the unit, it’s important to assess the scope of the space and begin to formulate a design plan. Attempt to envision how it will look once it’s completed and work backwards from there. Most people will consult an interior designer or a home staging expert at this stage, especially if you’re working with a small space and a limited amount of time.
Leblanc emphasized the importance of taking risks and experimenting with different items and accessories. If they don’t flow within the space, you can always return them to the store and try something else. This process shouldn’t be taken so seriously; there’s a lot of freedom here to express your creativity.
This is the part where you need to really tap into the “joie de vivre” and embark on this brand new adventure in your condo. Leblanc states that downsizing doesn’t have to be a burden, but rather just a new chapter in your life that will bring an array of joyful experiences.
According to a 2016 report by the Globe and Mail, this downsizing phenomenon has spread to every major city in this country. The report states it’s a great financial opportunity for individuals who are “asset-rich and cash poor.” This means typically you own your home but the cost to maintain it constantly drains your cash flow, leaving you strapped for cash. Downsizing can provide some extra cash, which will favourably increase your bank account so that you can live more comfortably.
The article also highlights the challenges of moving to a new neighbourhood, especially if you lived in your previous home for decades. This is why we recommend properly scoping out an area to ensure it matches your personality and needs. For example, our Beaumont project is located in NDG, and it is very versatile; suiting young professionals, families, and even retirees seeking a slice of urban living.
If you’re shopping around for a new condo in Montreal, be sure to check out DevMcGill’s new Beaumont project. Visit our website or speak to one of our agents (514-800-6841) to get all the information on this new and exciting project that’s revolutionizing the real estate market.
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