11 Jan THE RIGHT AGE TO DOWNSIZE YOUR PROPERTY
Simply put, downsizing is the process of moving to a home that is less challenging to keep and more enjoyable to live in, usually a smaller one. This is done by people across all ages for various reasons, but the most essential of which is in order for them to live in a place commensurate to their needs. But age is a fluid factor in downsizing. So when should you downsize? This article will help you work it out.
20 to 30 years: Life’s Decision String
The third decade of our life is made up of a series of decisions. Such decisions are embedded in our ideals about the future. Buying a house during this period is driven by plans to accommodate a growing family. Add to that the possibility of settling somewhere in response to our profession. In short, we are less likely to consider downsizing to a smaller home at this point. However, the kind of decisions we make will impact our downsizing plans in the future.
31 to 40 years: Life’s Turnaround Time
The fourth decade of our life is a period of “setting things right.” Because the first 30 years of existence are the hardest, we may have made unfortunate decisions then. But this period is also the perfect time to recover from such events. This includes the decision to move to a more spacious home because we can afford it and settling down in terms of family, profession, and location. However, downsizing to a smaller home is not yet a major decision point.
41 to 50 years: Life’s Reflection Point
We’re entering midlife during the fourth decade of our life. This period is characterized by making sense of our life’s decisions and living up to the remaining items in our life’s to-do list. In an ideal state of things, this is the period where we’re already settled down. But such time is also a major turning point for us: our children will change schooling and possibly start to leave our nest to pursue their own dreams. Will the prospect of downsizing start to materialize then? Yes – it will! We often start our retirement planning. Should we consider – downsize, yes!
51 to 60 years: Life’s Golden Years
At this point, we entertain the prospect of retirement. We also make plans to allocate the assets we’ve established, and hopefully, welcome the gift of our retirement package. In sum, the golden years of our life is the time when we’ll pursue the things we’ve never got to do.
Now that we have remaining years of life in control, now that our children have built their own nests, and now that our interest has shifted to the community, we are faced with one point of reflection: should we downsize or not? The answer is yes.
THE PROS AND CONS OF DOWNSIZING
There are a few things that prevent Empty-Nesters from considering downsizing. Check the items below and see if it includes that thing you’re most concerned about.
The emotional value of the home
You might be thinking of all the memories you believe you will lose when you decide to sell your family home. You may be thinking that selling is a symbol of letting go. It won’t be because the memories will continue to linger with you. It’s your nest, alright, but it’s not as warm as it used to be because of bare rooms and empty closets. What matters most are the memories.
A wonderful solution we recommend is to organise a professional photographer to shoot a photo book or your home for you and your family.
The ancestral value of the home
Most Empty Nesters think that one day one of their children will come home to sustain the life in the nest where they grew up. Life’s reality tells us that that’s a rare occasion. It’s not that children hate coming back; it’s the change that life brings that lets them settle somewhere new.
The property market
In a more technical perspective of things, if the value of property is high, people are motivated to sell. The reverse happens if the value of property decreases. So until such time that the market recovers, we hold on to what we value the most. This includes our Empty Nest. Our current market has seen many Empty Nesters enjoy the downsizing property sale benefits.
The profit you can potentially earn from downsizing is not the only financially-related benefit. When you downsize your home, you can easily maintain it. This eliminates overhead and maintenance costs. That means more savings for you and more time and money to enjoy life’s pleasures.
When you decide to downsize, you have the option to live in a retirement community, a smaller private home, and you can also plan to move into a custom, future home thoughtfully designed Granny Flat, and other types of residential property. Regardless of your choice, you’ll end up somewhere that you can call your own – a living space that permits you to live comfortably no matter where you are.
While downsizing is a bit difficult for people who worry about moving, there will come a point where you have to make a decision. This article is written for the benefit of those who doubt. If there’s one thing that you need to keep in mind, it’s “value.” When you downsize, you’re seemingly giving up the financial and emotional value of your home. But alongside that, you’re also investing value on a new home because that’s where you’ll spend the best part of your life and re-energise your exciting future.