Like many empty nesters, my boomer parents have elected to downsize their home.
Retired, aging, and starting to slow down in terms of energy and motivation, my folks are selling our family abode, the property they’ve lived in for over 30 years. No longer interested in tending to our oversized backyard, and starting to get a little too advanced in age to handle the upkeep of a large house, they would prefer to live out their golden age in a property that’s significantly smaller and more manageable for them to look after as they get older.
Downsizing now, before they get too old to manage a move, is the right decision, and the right time, for my aging mum and dad.
So how do you know if it’s the right time for you to consider downsizing?
Let’s discuss.
Slowing Down: You’re Getting Older
Is everything around the house starting to get too hard? Endlessly weeding the garden and getting up on the roof to clean the gutters might all be becoming a little too challenging as you get older. Even just vacuuming and mopping the floors can make the family home that once felt like just enough space for everyone feel like an unnecessarily enormous space to clean.
Yes, you’re getting older, the kids have moved out, and you simply don’t need as much space as you used to. But not only is that all extra room unnecessary, it’s also starting to feel like a hindrance. Climbing up the stairs of your double-storey home to reach your bedroom each night is becoming a chore, and even the kitchen is too big for your needs now.
If all of this sounds like it applies to you, this is a great sign that it’s time for you to downsize and move into your retirement home; a smaller space for you to live out your later years in peace and comfort.
Financial Considerations: You Want to Make a Profit
When selling your family home and downsizing to a smaller property, you might be fortunate enough to be left with some extra funds you’ve acquired from the sale. Of course, you’ll also need to outlay considerable funds in the process of selling your old home and buying your new one, including real estate agent fees, stamp duty, and other related expenses.
But the beauty of downsizing is that often, the new, smaller property can be bought for a lower price than what you sold your original home for. This means you’ll likely have some money left over, some extra cash you can use to fund your retirement.
Before You Downsize: Other Aspects to Consider
As well as expenses like stamp duty and other taxes, you’ll likely need to make some other investments when purchasing your new, downsized property. There might be some maintenance needed at your new home: you may want to install fresh tiles on the roof, or a new, plush carpet in the bedrooms, or updated curtains in the living areas.
As well as this, you want to make sure the property you’re buying is structurally sound and safe to move into. To make sure, it’s a good idea to employ the services of professionals who can perform home and pest inspections in Ballarat or your local area.
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Knowing when it’s time to downsize is key to embracing the next chapter of your life.
Living out our later years in peace and comfort is the ultimate end goal, and for many people, choosing to downsize their home is central to achieving this.
If you’re feeling like you’re starting to get too old to look after your current home, or feel you would benefit from the financial gain of moving to a smaller property, downsizing now, before you get too old, could be the right decision for you.
