Baby boomers and recent retirees are always looking for ways to stretch the budget and downsizing your home is a great way to do that. However, for a generation that is sometimes affectionately known for their expert hoarding behaviour, downsizing can sometimes prove difficult. Although moving into a smaller place can mean lower utility bills and less time spent on maintenance, it can be a stressful time and anything you can do to make it go even a little bit smoother is beneficial to everyone involved. The main thing to keep in mind when you’re downsizing is that the benefits definitely outweigh the somewhat lengthy process. Once you’ve committed to the big move, you won’t want to let anything stand in your way!
Here are three ways your downsizing journey can be made easier:
- Time to think about your ‘collections’. Chances are over the years you have amassed quite a collection of things that to you are priceless but to a collector or store can definitely be worth some cash. From stamps and coins to clothing and furniture, you would be surprised by what treasures lurk in your very own garage or closet. Look at what you’ve got, see if they are worth anything and if they aren’t you can always donate items you don’t use anymore to charity. If you know you have something of value that is worth a fair bit, it’s a good idea to have an appraiser look over your items as it gives your pieces more credibility. Always start with the items that take up the most space or will cost the most to move.
- Be realistic. There is no point in planning on getting rid of 80% of your belongings if you are attached and connected to everything you own. Be realistic and also take your time when going through all your options. Think about what you can definitely live without and work from there. Before you know it, you’ll have reduced your belongings down enough to make the move a lot easier. It’s also important to be realistic about what you want from the property you are planning on moving into. While it’s wonderful to be optimistic it’s also important to be realistic and understand that downsizing is an adjustment. It can be a therapeutic time to reflect on old memories.
- Don’t compromise on location. Usually, when you’re planning on downsize it’s because you want to put location first. Whether that’s a location closer to family, the beach or more central to friends, don’t compromise on what you expect from a location. Take into consideration transport in the area, proximity to supermarkets, restaurants and what the lifestyle of the area is like. If you find once you’ve gone for a bit of a drive around the suburb that it’s mostly younger crowds, maybe that’s not what you’re looking for and need to reconsider.
When it comes time to choose a property and work out your buying budget, speak to a Mortgage Specialist here at Smartline Rockingham. We help people every day move into homes that are perfect for retirement and free up much-needed cash to fund all those activities on your bucket list.