Downsizing proves to be very uplifting
April 17, 2008
Roberta Avery
SPECIAL TO THE STAR
COLLINGWOOD–For Sherry and Stephen Rioux, it felt good to get rid of most of the stuff they had accumulated in nearly 25 years of marriage, when they downsized from a 3,500-square-foot house in Unionville to a Collingwood condo less than half the size.
"It was like a purging and we soon realized that simpler is better," says Sherry.
The couple, now both in their late 40s, made the decision to buy a smaller home three years ago when Stephen, a civil engineer who works as a risk assessment consultant, managed to negotiate a deal allowing him to work over the Internet from home.
His work often takes him overseas and, since Sherry plans to accompany him on some of his travels, they purchased a condo so they could lock it up and not worry about maintenance.
"We have a huge sense of security here, we feel that we can lock the door and leave and everything will be fine, so it gives us a lot of freedom," says Sherry, as she looks out of her waterfront condo at Lighthouse Point.
Downsizing from their house, which they sold for $949,000, to the $535,000 condo also gave them the financial freedom for Sherry to quit her job as an administrator at a private school in Richmond Hill.
Although the downsizing means they have less invested in real estate, and therefore less opportunity for tax-free capital growth, they have no regrets about freeing up some equity.
"We didn't know if I would find work up here, so freeing the equity is what allowed us to do this," says Sherry.
They had already downsized a little from a 4,000-square-foot home in Richmond Hill to their Unionville home and hadn't missed the extra space or the belongings.
Their Unionville home had grand proportions that showcased their formal furniture, family heirlooms and artwork – all of which they felt would be out of place in the resort atmosphere of their waterfront condo.
"So we decided to get rid of all of our furniture," says Sherry.
First to go were the family heirlooms, including a formal dining room set that Sherry's parents had purchased from The Art Shoppe in Toronto more than 40 years ago. Since Sherry and Stephen don't have any children, that and a chandelier went to a niece in Montreal.
"We knew that, living here, we would be having barbecues instead of formal dinner parties," says Sherry.
One friend purchased the entire contents of the living room and another bought the entire contents of the master bedroom, including the furniture, artwork, rugs and lights. The contents of the other rooms were also sold as a group.
Although Stephen still works at his Toronto office one day a week, he no longer needs a closet full of designer suits, so they were sent to a charity shop, along with a lot of Sherry's business attire.
But he was reluctant to give up his huge collection of music CDs. So they had a special storage cupboard built into the third bedroom of the condo, which serves as their office.
The rest of the contents of their home were sold to other friends and through a garage sale. As a result, there was very little left for their move to Collingwood.
Apart from some of their wedding china, Stephen's music and a few pieces of art, everything is new in their 1,600-square-foot condo, and that feels good, says Stephen.
"For the first time in our lives, we are using all the space in our home and that feels good," says Sherry.
Toronto Star