We’ve always tried to be real estate professionals who put people first. When we see our vendors successfully move onto the next stage of their life, it fills our cup and gives us a reason to do what we do.
Over the years one group of vendors we have helped many times over is people looking to downsize. We’ve learned a lot helping downsizers sell their homes and move to somewhere smaller, or move into aged care or a retirement village. In fact, you could say we’re downsizing experts!
Today I want to talk about why people downsize. It’s a transition that can happen at any stage in life and for many different reasons, whether financial in nature or health and lifestyle-related. Let’s explore some of the reasons why people choose to downsize and the benefits they enjoy as a result. First, a quick reminder of what it is!
What is Downsizing?
Downsizing happens when a vendor decides to sell their large property, usually the family home, and move into one that’s smaller and more manageable. At the core of the move is often a yearning for a simpler and more streamlined life, with less to look after and less expenses to incur. There are many reasons behind why people downsize though, and many benefits when they do. Let’s take a look at some of these.
Reasons People Downsize
1. Lower Maintenance
A big home sitting on a large block of land can be something of a burden to maintain. There’s all that lawn to mow, all the upkeep on the house itself, the rooms to clean, the windows to wash and the flower beds to tend. It requires a significant effort in terms of time, effort and finances to stay on top of everything. If you’re nearing retirement, the prospect can be overwhelming, particularly if your family have left home. A smaller home will free up your time, costing less and letting you focus on your hobbies!
2. Financial Benefits
This is another one of the main motivating factors behind many of the downsizers we’ve worked with at The Henry Wong Team®. Your home is probably the largest asset you own, and when you sell it and purchase a smaller home, you may unlock equity that can then be used on other expenses. For retirees, this can be an important bolster to financial security. Excess funds can be diverted to health care, travel, or simply improving your lifestyle. Smaller homes also cost less to run, with lower bills, insurance premiums and taxes.
3. Health and Accessibility
As we age and mobility concerns start to make themselves known, a large property simply may not be practical for some people. Navigating stairs can be tricky, as can taking care of a large garden. When a home becomes difficult to live in, it’s time to move into somewhere more appropriate, like a single level home, an apartment block with an elevator, or purpose-built retirement accommodation.
4. The Need to Simplify
This can strike people at any stage in their lives! A craving for simplicity, letting go of the excess and decluttering often leads to downsizing. Moving into a smaller home aligns with a minimalist lifestyle that doesn’t have the pressure of managing a large property. It’s less stressful and more carefree, and it’s not surprising more homeowners are moving that way!
5. A Fresh Start
For some people, there comes a time when the home they have lived in for years and years simply doesn’t reflect their needs or priorities anymore. The kids may have grown up and move out, or they no longer know anyone else in the area, or they simply want a change of scene. Downsizing is an opportunity for a fresh start, an overhaul of living circumstances that results in a smaller home that better suits their circumstances.
6. Better Location Options
I touched on this in the above point, and sometimes it does all boil down to location. You may want to relocate because the current area you live in doesn’t suit your lifestyle anymore. You want to be closer to family, closer to the beach, or further away from the busy city. When the kids are younger, schools play a big part in choosing a location to live in. As life shifts away from that stage in your life, other factors come into play and downsizing helps meet changing lifestyle needs.
7. Preparing for the Future
For some downsizers, there is no urgent need to change their living arrangements. However, they are looking towards the future in their decision-making. Downsizing is a proactive way to prepare for any changes in health and mobility, or even to prepare for the end of regular income when retirement approaches. It helps set up homeowners for a comfortable future, and gives them peace of mind.
How The Henry Wong Team® Can Help
My team and I have helped countless clients over the years sell their large homes and move into smaller properties. For us, it’s not just about selling your home. It’s about helping you get the best possible price for it, and then guiding you through your real estate journey as you settle into the next stage of your life.
Downsizing is a significant transition in life, and it pays to have the helping hand of someone who knows the process inside out. We pride ourselves on being able to do this for you!
If you have any questions, please don’t hesitate to reach out. Downsizing is both exciting and overwhelming, and we’d love to guide you through this process.
