Downsizing deliberation: Tips for retirees and empty nesters
Category Advice
As the nest empties and retirement beckons, many people find themselves contemplating a significant lifestyle change by downsizing to a smaller, more manageable home - however, the decision to embrace a cosier living space comes with both exciting opportunities and unique considerations.
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"Moving home ranks very high on the stress scale no matter one's stage of life or the reason for the move, but it can especially traumatic when downsizing as it involves coming to terms with leaving behind a lifetime of memories and parting with cherished possessions," says Cobus Odendaal, CEO of Lew Geffen Sotheby's International Realty in Johannesburg and Randburg.
"There are also more factors to consider and decisions to be made once you've decided to make the move; from what to keep and discard to which type of property to move into as well as calculating monthly costs into the equation.
"Very often, people who have lived in their current homes for many years have no idea what suitable and affordable property options are available, nor which areas will offer them the best value for money."
He says that in order to transplant one's life into a new, smaller home with the least amount of stress, it is crucial to plan ahead, so if you are even considering the possibility of downsizing, now is a good time to gradually begin the process by getting rid of things you haven't used in years.
"Start the process slowly by gradually getting rid of things that you haven't used in years and researching property options in areas you like, as well as the potential moving costs."
Odendaal offers the following tips for making a seamless home and lifestyle transition:
- Assess Your Lifestyle Needs:
Consider how you envision spending your retirement years. Are you seeking a more urban setting with easy access to amenities, or does a quieter suburban or rural environment appeal to you?
Think about your hobbies, travel plans, and social preferences to determine the type of community that aligns with your aspirations.
- Right-sizing Your Space:
Downsizing is not just about reducing square footage; it's about finding the right-sized space that meets your needs and enhances your lifestyle. Evaluate your daily routines and prioritise the features that matter most.
Do you need extra bedrooms for guests, or would a cosy one-bedroom suffice? Consider open floor plans, efficient storage solutions, and spaces that can adapt to various activities to maximize functionality.
- Financial Considerations:
Downsizing often comes with financial benefits, including reduced mortgage payments, property taxes, and utility costs. However, it's essential to carefully assess the financial implications of the move.
Factor in potential relocation costs, real estate market conditions, and any additional expenses associated with the downsizing process. Consult with financial advisors to ensure that the decision aligns with your long-term financial goals.
- Decluttering and Streamlining Possessions:
One of the most liberating aspects of downsizing is the opportunity to declutter and streamline your possessions. Take inventory of your belongings and determine what items hold sentimental value, what you genuinely need, and what can be part of a fresh start for someone else.
Embrace the decluttering process as a chance to curate a home filled with items that bring joy and purpose.
- Adapting to Low-Maintenance Living:
The allure of downsizing often lies in the promise of a lower-maintenance lifestyle. Choose a home with features that require minimal upkeep, such as a smaller yard, energy-efficient appliances, and durable, easy-to-clean materials.
Consider communities with homeowners' associations that handle exterior maintenance, allowing you to focus on enjoying your home without the burden of constant upkeep.
- Accessible Design for Aging in Place:
As retirees, it's wise to plan for the future by incorporating accessible design elements that support aging in place. Look for homes with features like single-story layouts, wide doorways, and step-free entrances. Consider lever-style door handles, walk-in showers, and well-lit spaces to enhance safety and convenience as you age.
- Proximity to Healthcare Services:
Healthcare accessibility becomes increasingly important in as we get older. When downsizing, consider the proximity of your new home to healthcare services, including hospitals, clinics, and pharmacies. Access to quality healthcare contributes to a sense of security and ensures that medical needs can be addressed promptly.
- Embracing Community Connection:
Downsizing doesn't mean sacrificing community connection so if you are a sociable person/couple, look for neighbourhoods with vibrant social scenes, community events, and amenities that align with your interests.
Consider the availability of clubs, classes, and recreational facilities that foster a sense of belonging and provide opportunities to connect with like-minded neighbours.
- Planning for Long-Term Comfort:
As you search for the perfect downsized home, prioritise features that contribute to long-term comfort. Invest in quality furnishings, comfortable seating, and an interior that will allow for a layout that accommodates potential mobility changes.
Consider future-proofing your home with technologies that enhance safety and convenience, such as smart home devices and age-friendly modifications.
- Emotional Considerations:
Downsizing is not just a logistical process; it's an emotional journey. Acknowledge and embrace the emotional aspects of letting go of a larger family home. Take the time to say goodbye to the memories while eagerly anticipating the new chapter that awaits. Seek support from family, friends, and professionals who understand the emotional nuances of downsizing.
- Exploring New Hobbies and Interests:
With newfound time and a downsized space, you now have the opportunity to explore new hobbies and interests. Choose a home that accommodates your passions, whether it's a dedicated art studio, a cosy reading nook, or a space for gardening. Downsizing is a chance to create a living environment that aligns with your evolving interests and aspirations.
- Utilising Professional Guidance:
Consider hiring a real estate agent who has experience in senior living or downsizing. Professionals can assist with market research, provide valuable insights, and guide you through the intricacies of selling and purchasing a home.
Odendaal says that although not everyone looks forward to downsizing, it actually marks the beginning of an exciting new chapter and has several compelling advantages.
"The financial benefits include freeing up a considerable amount of money each month that can be put to good use, such as boosting your retirement fund, decreasing debt or saving for an overseas family holiday," says Odendaal.
"It also frees up time to do more of the things you enjoy but seldom had the chance to do as compact homes generally require less maintenance, which means home-owners can get out and enjoy life rather than spending weekends mowing the lawn.
"By carefully considering these factors, you can navigate the downsizing process with confidence and create a downsized haven that embodies comfort, convenience, and the joy of a simpler, more intentional way of living.
READ: Local property market ups and downs and tips for buying a home
On May 25, 2022, an insightful article was published, offering valuable information, featuring Ana Roberts of Just Property Upper Highway, and Graham Ross of Just Property Blouberg, says that another great benefit of downscaling is that small spaces require less furniture - a few great statement pieces allow for simple, minimalist décor and a beautiful, welcoming home at a fraction of the cost of furnishing a big house. And the cleaning is a breeze!
Less clutter equals less stress, and isn't that what we are all looking for now?
Tips for cosy-home hunting:
Location, location, location - You want to remain close to your family and friends, and have ease of access to stores and other amenities such as doctors, hospitals etc. Narrow your search to areas that tick these boxes.
What are your deal breakers? Does the home offer the main assets that are important to you, for example, a good kitchen, nice family space, shower etc?
Current wants vs future needs - If you are downsizing because the children have moved out and you are getting older, consider a single story with the ease of access rather than a property with stairs that may cause a problem later.
Growing pains - Will you be able to handle the upkeep of a big garden, or is it time for something smaller that is more manageable? Will your pets cope with a smaller space; is there somewhere nearby where you could walk them?
Fit for purpose - Will your favourite furniture fit in the new space? Make a list of every piece with which you can't part. Take measurements. Then take a tape measure with you when you start narrowing down your list of potential new homes.
Storage war - Is there enough cupboard space in the bedrooms and the kitchen? Do you need outside storage too?
Peace of mind - Check the security features of each property you visit. Find out how safe the area is and what security is available. Ask the neighbours, chat to the local police, and phone a security company that focuses on the neighbourhood.
Guest appeal - Consider how many bedrooms you will need going forward - if your kids have all moved out of home, you may only need one spare room for when they or your friends come to stay.
Paper trails - Remember to ask for compliance certificates, even those that aren't required in your province (for example, gas installations and solar geysers should come with a compliance certificate - if something goes wrong and you don't have one, your insurers may refuse to replace the geyser, or cover damage caused by a gas issue).
Complex questions - If you are moving into a complex or an apartment, be aware that there may be the added expense of levies, clubhouse fees and/or security. Ask about historical escalation rates and request a copy of the body corporate rules (if applicable.)
Ask your neighbours if there are any noise issues, does sound travel through the walls and ceiling? How old is the plumbing, the lifts etc - upgrading such items is very expensive and you'll have to contribute. What parking is available for guests?
Author: Property24