It comes to most of us eventually – the day when we decide it’s time to let go of the family home and downsize to simplify your life and minimize your expenses.
Downsizing is one of the most popular reasons for buying and selling real estate among those in their mid-50s and early 60s.
That’s because the children have grown up and flown the nest, leaving you behind in a large home that can feel empty and becomes increasingly expensive to maintain.
As an experienced real estate agent in the neighborhood, I have worked with many couples who have decided it’s time to downsize and concentrate on the quality of their own lives rather than their possessions.
It’s an exciting time of life, and it can be great fun to plan new adventures. To help, I’ve pulled together a list of tips on how to begin to approach the challenge of downsizing.
- Imagine your future – Ask how you see yourself living your life in the next decade and beyond. This should guide you on the style of property that will meet the needs of your lifestyle. If you intend to travel a lot, then a large home will inflict unnecessary costs.
- Seek experiences of downsizers – If you know others who have taken this course, it’s worth asking how they handled the challenges and the benefits and drawbacks of their decision.
- Outsource amenities – Forget indulging in a gym or a swimming pool at home. For downsizers, the gym takes up space, and they’d rather let others look after the pool. If having exercise options close to you is important, you should consider buying into a development that offers these features.
- Consider hidden costs – The property to which you will downsize might not hold the same investment benefit as your current property. While that’s not the end of the world, it’s a factor related to your personal wealth so it is worth understanding the ramifications.
- Prepare yourself mentally – It’s a great idea to prepare yourself for the adventure that is ahead. Sometimes, it’s a great idea to discuss your plans with family and friends. This will help you get used to the idea.
- Put retail habits into lockdown – Once you’ve decided to downsize, stop buying stuff! Make sure you exhaust anything from soap to paper for the printer before refilling. By doing this, you’ll have money and minimise your downsizing workload. All that clutter needs to be dealt with before you move.
- Minimise storage needs – It’s a great idea to digitise all of your documents and then back them up to the cloud. Of course, essential papers such as birth certificates and passports need to be kept, perhaps in a safe deposit box. But you don’t need hard copies of items such as various insurance policies hanging around the house.
- Psyche yourself for the big declutter – You’ll need to sort through your possessions and discard many of them. Saying goodbye to furniture or homewares can be emotional. Hold a yard sale, give the kids a deadline to collect old possessions, hire a skip and donate items in good condition to charity. Always remind yourself of the adventure ahead to stay positive about your decision.
Finding the ideal property to move to can make downsizing easier. If I can help you plan your downsize, please do not hesitate to contact me.