#downsizing lifestyle

System Change, 7

downsizing your stuffBefore you decide whether or not you are ready to downsize, you should consider the risks. What are the risks in downsizing? We have compiled a list of the key things you need to think about before you determine it’s the right move for you or not.

Key downsizing risk #1: Less Space

If you like to entertain friends, you will have less space to do this. Elaborate parties aren’t that easy to do in a small apartment. If you often host holidays, you will need to think about what that might look like in a smaller home. Additionally, there is less storage space so, all of the dinnerware you’ve invested in for special occasions might not be able to come with you.

If you often have visitors stay with you, you might not have the space to accommodate them. If your children and grandchildren don’t live nearby, you may want to have plenty of space for them when they come to visit. Especially if they come often. If that loss is too significant for you, downsizing might not be right for you.

While you may see a smaller space as cozy, in reality, you may end up feeling cramped especially if your previous home was large. There are ways, of course, that you can make rooms feel larger, but it’s definitely a risk that you feel hemmed in and catch cabin fever.

Key Downsizing Risk #2: Your Lifestyle

Your lifestyle will change completely because everything you do will be different. You will shop differently, you will purge possessions and therefore how you accumulate them will change, you won’t spend your free time the same way or gather in the same way, and you may not be able to entertain as you did before.

There is an emotional aspect that you need to work through. You may have decided that you were prepared to let go and move only to realise that this isn’t the case. You’re leaving the home you have spent years in, you raised your children there, and may have seen grandchildren playing in the garden. It’s a risk to let all of that go.

You will be moving to a new neighbourhood and a new home. There is a risk that you just don’t fit in or like it once you’re in place. This is why many people choose to rent before they buy – this is a costlier exercise and it means more moving, but it allows you to determine whether the area is right for you.

Key Downsizing risk #3: The Financial Side

There are social security implications.

For many, their home is a status symbol which means that letting go of that to move into a smaller home is seen as a loss of prestige. If you feel that your home represents your success, downsizing might be the wrong move for you as you risk changing people’s perception of you.

What are The Risks in Downsizing? Only you can truly determine what the risks are for your downsizing project.

Read more Downsize Now Tips

Once your kids leave home, you are suddenly in a house that is too large for your needs. So, downsizing seems to be a smart consideration to make.

There is a certain pressure involved as well, with the incentives the government are offering looking to make way for the younger crowd who are looking to move into family homes.

There is a lot to consider here – you have made a home in your community and you might not want to leave the social circle that you have created. You have a connection to both the home and the neighbourhood so, it’s nice to maintain that connection by finding a smaller home within your current neighbourhood. However, there are a wide variety of options that you need to consider when you decide to downsize.

What are the Options When Considering Downsizing?

It gets difficult to maintain your home as you get older, particularly when it has multiple levels. However, if you are hesitant to sell, there are plenty of alternatives to help you avoid doing so.

Consider Leasing

You can rent out a room, rooms or even an entire level of your home. It’s possible to do this on a long-term basis or for short-term lets. It means you get to stay in your home, and it eases your burden. Of course, it means that you will likely need to share a kitchen. So, you may want to share with another retiree or a friend who has downsized.

Another Way To Live

You aren’t ready to sell, but you do want to go exploring? Then rent your home out while you take to the open road. You can worry about downsizing later. This is a good opportunity to get to know where you may want to settle down as well.

The other options when considering downsizing

Whether you move into a California bungalow, a Queenslander or an apartment, you need to be prepared to compromise. You probably won’t find a home that ticks every box on your list. You may have to settle for living a little bit further away than you anticipated or, you may have to live with a single bathroom rather than two. Compromise is inevitable, but before you start shopping for a new property you are going to need to consider what you aren’t willing to compromise on. So, set out your absolute must-haves in stone before you get started and think about the points you are willing to compromise on. It will make the process much easier.

For example, if you want freedom and adventure, an apartment in the city is a good idea, but a retirement village outside of town probably isn’t.

If you are suffering from ill health, there’s a good chance you want your support network close by. You may want to consider investing in a home with a Granny flat and inviting one of your children and their family to move into the main residence. It gives them part of their inheritance now and provides you with comfort. You can move into a retirement village that offers health support or, simply hire a health aide/assistant when the time comes.

You might also like to read our article on What are the best housing options for Seniors?

Read more Downsizing Tips and News

Downsize Now is a leading online journal helping people make the right downsizing decisions. we provide highly relevant content to those making downsizing decisions. We also connect companies that help people through their downsizing journey

Downsize Now provides leading independent information, news and general advice for people considering downsizing. Our focus is the provision of high-quality information, news and project advice to assist people in transitioning to the next phase of their life. We are part of the Life Begins At suite of quality publications.

We are Downsize Now a leading independent publisher of tips and news in the world of downsizing. Our leading online site helps people navigate the downsizing decision with informed relevant content and leading project information

Downsize Now provide the latest information and updates to those considering a downsize in life. Our website contains valuable resources to assist people make informed decisions around their futurel life.

For more information about downsizing lifestyle visit the site : https://www.downsizenow.com.au/