Trading down

In Jamaica, trading down refers to the process of purchasing a property that costs less than the one currently owned. This often happens when homeowners find their current residence too large for their needs, which is common among retirees or empty nesters. It may also occur when individuals seek to lower their monthly expenses by moving to a smaller or less expensive home. For example, if a couple, Mary and John, own a property valued at J$25 million and decide to sell it to buy a new home priced between J$15 million and J$20 million, they are trading down. Their new home’s lower value reflects a shift to a more manageable or financially advantageous living situation.