18 Jan QUESTIONS TO ASK BEFORE DOWNSIZING YOUR PROPERTY
If you’re an Empty Nester, a retiree, or a pre-retiree, you probably have considered the notion of downsizing. Undoubtedly, there are grey areas in downsizing that you want clarified. This article goes through the possible questions that may be playing in your head right now. In the end, we hope to have helped you make an informed decision.
The downsizing perspective
Many decades ago, you have invested in a spacious home to shelter your growing family. A few years back, your children have reached adulthood and each of them went their way to make their own life stories. Now, you’re still living in the same spacious home only that it’s empty. With the children gone, what’s next for you?
The downsize lifestyle
The concept of downsizing is closely tied to living a simple lifestyle. Many of those who chose to downsize their homes recognise the difference between living in a more spacious home and living in a home which is just right for them (especially when it comes to maintaining a home). So if your downsized home supports the kind of life you want to live, you’re living the downsized lifestyle.
When downsizing begins
The moment you become an Empty Nester, your downsizing journey has begun. But that doesn’t look too simple. There are a lot of considerations that you need to think about, a lot of uncertainties that you need clarified, and questions that border around societal ideals, emotional attachment, and existential perspectives needs answers. Let’s take a look at some of the questions you may have been quietly asking.
Does size matter?
Society taught us these: what glitters may be gold, what’s stylish is elegant, and what’s spacious is classy. Surely, you don’t want to entertain the prospect of moving into a smaller home because it reflects on your status in the community. But that’s not what downsizing is about. It’s about supporting your transition from one stage of your life to the next. So what’s holding you back: your will or society’s perception?
What are the costs?
Downsizing does not absolve you from any financial obligations. You’re moving after all. There’s that need for you to buy new furniture, there’s that need to discard those that won’t fit in your new space, there may be a need for a makeover. In short, you probably need to spend something to turn your home just the way you want it. There’s also that question about how much return you can expect from selling your old home and buying your new one.
This much is true: you may end up spending more into your new home even when you sell your old one. But that’s only at the beginning. Once you realise how low your bills are, once you realise how much you can save on your mortgage, and once you realise how much your home’s equity is, you’ll appreciate having moved. That’s on top of you spending your money for fun instead of channeling it for maintenance.
What’s the right house for me?
The trend right now is downsizers moving into condos and other types of attached units. Some choose to live in retirement communities. Some pick bungalows and ranchers that are just right for them. The better question is; how small are you willing to go?
If you downsize, you’d definitely want to consider your grandchildren coming over, your children paying you a visit or coming home to stay temporarily, or any relatives coming by for various reasons. The space you have may be a bit smaller now, but think about how that can bring you closer together. If you used to live in a home where every room has a TV set, you probably will learn to share the remote now and discover your family members’ inclinations. How’s that against family members who don’t talk to each other?
Where should I go?
There are people who want to downsize by living in the country. There are those who prefer to move closer to the suburbs and the city centres. Both have pros and cons. For one, living in the country means you’ll belong to a small town where everyone knows each other. Living in a quiet neighbourhood is also a charm.
On the other hand, living in the city puts you much closer to the culture, the people, social institutions, and lifestyle hotspots. You’ll have to adjust to the urban lifestyle though. Nonetheless, where you want to go depends on the kind of lifestyle you envision at this stage in your life.
Should I seek help?
There are downsizing experts out there. These are individuals or businesses that help downsizers complete a smooth transition to their new homes. Some people choose to do it alone, but if you enlist help with a downsizing professional, you won’t have to go through the hoops and loops of the entire process. So the decision is up to you. What’s more important is you get to finally focus on this life’s enjoyments, gifts, and undiscovered facets.
There could be more questions ringing in your mind right now. Then again, those will stay as questions unless you come forward and ask. We’re here for you. As experts in downsizing, we make it a point that this process becomes memorable and enjoyable for you. Feel free to browse our website and to read our blog posts about downsizing. Just remember: the moment that your home isn’t supporting your lifestyle, it’s time to downsize.