If you’re a parent with adult children who’ve successfully launched, statistics show you’re among the most likely to contemplate whether you should downsize.
Downsizing is one of the most popular reasons to move home for those aged 53-64, according to the National Association of Realtors.
As an experienced local agent, I work with many couples and individuals who decide it is time to let go of the big family home and find more suitable accommodation that reduces their expenses and supports a new lifestyle.
It’s never an easy decision to make, and it can be hard work. Downsizing to a smaller property means that not all your treasured belongings can go with you. And so, you face the prospect of choosing the items that should stay and those that must go.
Below are some of the common challenges with downsizing, all of which are easily overcome if you plan your move carefully.
Do your numbers
Don’t assume that selling your family home will make you financially secure. Before making such a significant life decision, seek professional advice from your accountant or financial adviser to understand the impact of your decision.
Visualise your future
How do you plan to live the next 10 to 20 years of your life? Will you continue to work, or can you retire and travel? Are you seeking a country lifestyle, or do you want to be on the beach? Answer these fundamental questions before beginning your property search. The excitement of planning your new life can help offset any sadness of moving away from the old.
Investment mindset
Think about the future value of your new home. Choosing a location with rising values is one way to predict that your property will be a good investment longer term.
Helpful advice
Don’t underestimate the change in lifestyle and the fact you may miss the family home. If you’re concerned about the emotional impact, it’s a good idea to talk with friends who have already downsized to find out how they dealt with the move. A period of time renting in your new location may also give you an opportunity to test your decision.
No surprises
It’s a smart play to discuss your decision to downsize with the whole family. It’s possible your children will not like the idea of losing the family home. Take the time to explain your position.
Big clear-out
Make sure the rest of the family have the opportunity to retrieve any belongings that you intend to discard. Throwing out items to which someone has a personal attachment will likely create tension, but setting deadlines for collection is also fair. You’re not obligated to store school trophies and childhood toys forever.
If I can help you find the smaller home that you’re dreaming of, and sell your current property, please don’t hesitate to contact me.