Equal parts liberating and daunting, downsizing your property is a massive transition in life. It requires care and thought to match, and the process of downsizing often begins many months before the move itself.
People have many different reasons for downsizing. You may need a space that’s easier to manage, or its about coping with ‘empty nest’ syndrome after the kids have all left home. Whatever your reasons, you’ll want the process to be as stress-free and seamless as possible.
The Henry Wong Team® has helped many people successfully downsize their homes over the years, and we’ve identified five golden different rules of downsizing that make the process easier to manage. I want to share those with you today. Let’s start with the first one, planning.
Plan Ahead
You don’t want this to be a rushed process. , and the earlier you start planning the more options you’ll have for your future. If you leave it too late, you may go down a path that isn’t the right fit. So being early in planning will help you make the best decision for your future.
Think about your lifestyle goals – are you staying nearby in the suburb you’re familiar with? Or is it time for a sea change or tree change? Do you want to move closer to family? Is it time to secure your future spot in a retirement living complex or aged care facility?
Making the big decisions now and having a well-thought-out plan will reduce the stress factor when the move happens.
Do the Numbers (Don’t Forget Hidden Costs!)
Downsizing can be a financially beneficial move which could help set you up for your twilight years. For this to be the case, you need to do your numbers right. We’d recommend talking to a financial planner about the move’s big-picture financial implications, and get guidance from them on the best path to take.
When doing your budget, there are costs you might not think about that start to add up. You don’t want to mis-plan this and lose an unnecessary chunk of your retirement savings. Allow for things like legal expenses, the cost of doing minor repairs to your home, paying a moving company, stamp duty and so on.
Budget carefully and factor in all the expenses. That way there won’t be any surprise big expenses to disrupt your peace of mind and make downsizing harder than it needs to be.
Be Ruthless in Decluttering
A lifetime of living in a home and collecting possessions means you probably have a lot of things! You’re not going to be able to take it all with you to your new smaller property, so the furniture, keepsakes, toys and so on need to find a new home of their own. It’s time for a ruthless decluttering!
Starting early is key again (noticing a theme here?) Start putting aside those items you absolutely love and can’t live without – the family heirlooms or pieces with deep emotional meaning. Then identify everything you use daily that are essential to your lifestyle and ease of living. Anything that doesn’t fit into these categories can be moved on to a new home of its own!
The process can actually be rewarding – whether you sell, donate or gift items, you’re freeing up space and can enjoy a fresh, streamlined life in your new property. Just because it’s smaller home, doesn’t mean it needs to be cramped!
Move to a Home the Right Size for You
While you want to simplify your life with a move to a smaller home, you must choose the right size property when you downsize. The right size for you. Comfort is important, so consider your lifestyle and what space you’ll need to continue enjoying it.
Do you enjoy entertaining? Then focus on the living and alfresco space and make sure it fits what you need it for. Will your family be living far away? A spare bedroom might be important in case they come visit. If they live nearby, then maybe the costs of that extra bedroom aren’t necessary.
This may also be the time to make a future-proofed decision too, so that your home suits your needs in the coming years. Does it have easy access and wide doorways? Is there potential to install mobility aids?
Get the Right People on Your Side
Downsizing is a big move in life, and you need the right people on your team to guide you through this significant change. Surround yourself with professionals who have done this process many times before, yet are also sensitive to your personal needs.
The one person who will be at your side throughout most of the process is your real estate agent. We can give you an idea of the value of your home and your investment properties, as well as the property you are looking to dowsnize to. You want an agent who knows the ins and outs and has a proven track record of the market you’re selling in. They also need to have evidenced experience in helping people downsize – looking through their Google reviews and getting feedback from there is a good place to begin when checking their track record.
Your real estate agent also needs to be sensitive to the emotional process of selling a home full of memories. This is often the hardest part of downsizing, and having an agent who supports you through it will take the pressure off and give you confidence in your decisions.
Another important professional to have on your side is an estate lawyer, who can help with updating of wills and enduring power of attorney. A financial planner can also give you advice about your superannuation and your financial future. The Henry Wong Team® has a number of trusted professionals in it’s network, and I can refer you to any of them for help in your downsizing process.
Get in Touch With Your Downsizing Questions
Downsizing is an intensive process that comes with challenges, but the end result should be embracing a manageable and fulfilling lifestyle. It doesn’t matter whether you are moving just down the right or to a completely different city or state, it’s going to be a stressful process. I hope that following the steps above helps remove some of the stress for you, and makes the challenges manageable! If you’re thinking about downsizing and have any questions at all, me and my team are here to answer them for you. Get in touch today and let’s have a chat!
