Houses seem to shrink and grow at will. When you’re busy with work and family activities, your dearest wish might be for an extra room, a private getaway space, or a larger yard. What homeowner exists who hasn’t wished for an extra garage bay just to accumulate the “stuff” we all seem to collect? But, when one or two children leave for college or depart to find homes of their own, you can be left with either too much stuff or too much space.
It’s then that most people think about downsizing. Whether you act on the urge depends on your individual situation. There are a number of things to think about, particularly if you have lived in the same home or neighborhood for a number of years. You also will have financial considerations.
Things to Consider
It’s always good to have a plan. Many people make financial plans for retirement, which is a logical way to approach the inevitable process of growing older. Too many, however, don’t consider planning for a different residence based on changing lifestyles or altered space needs. Sometimes a change is thrust on seniors because of health or mobility issues. In such circumstances, renovating an existing home can be an option.
Other seniors contemplate a move to a warmer climate or wish to spend retirement years nearer family and grandchildren. Still others purchase vacation homes that can serve as permanent residences “when the time comes.” The question remains: When does that time come? If you think of moving, would you know where to go?
We think there are 7 sure signs that point to downsizing:
1. Empty Rooms
Even though it might sound frivolous, if you have empty rooms in your home because children have “raided your house for furniture that they can use, you probably should consider moving to a smaller place. The same is true if you still occupy the home your raised your children in , and you never venture up to the second floor or down to the basement game room. Unused space, even if you still have it furnished, is a sure sign that you could simplify your life, perhaps reduce your costs, and increase your happiness quotient. It depends on your location, of course, but with strong real estate markets in many areas, and with interest rates still low, this can be a good time to sell as well as a good time to buy.
2. High Costs
Even if you no longer have a mortgage payment, rising utility costs, taxes and maintenance may be eating into your budget. Older homes are generally less energy efficient than newer construction, and if you have more space than you currently need, it is freeing, both financially and psychologically, to downsize and move on.
3. Too Much Upkeep
Yard work, routine upkeep, unexpected repairs and normal cleaning and straightening can all become burdensome for seniors. If you routinely grumble about raking leaves, cleaning gutters, weeding and mowing, you might have the option of hiring a yard service. But another viable option might be a move to a retirement community that includes common area maintenance and yard upkeep in the association fee. Some communities feature clubhouses and golf courses, restaurants and group activities, and even onsite clinics to make living enjoyable and convenient.
4. No Family Nearby
If your kids have “flown the coop,” no doubt you see them and your grandchildren less than you would like. It is natural to miss family, so if you’re feeling stuck in familiar surroundings, but you’d like to be elsewhere, investigate the possibility of making a move, even if it’s only for a part of the year. A workable solution for some seniors is to replace a large home with two smaller condos or apartments, allowing you to stay “at home” as well as to be close to family for part of the year.
5. Desire to Travel
Active seniors today often long for the ability to “turn the key in the lock and be gone.” With financial security and good health, a great option is a secure condominium or apartment in an urban setting that allows you to take that world cruise or head out to the lake or golf course whenever you choose. With no worries about maintenance and security, life can indeed be good.
6. Weather
It’s easy to explain the current population growth in Sunbelt states. Sun and warmth have always been attractive to senior citizens. And with changing weather patterns combined with cost of living considerations, leaving the north and heading for warmer latitudes is entirely understandable.
7. Friends Have Moved On
It’s an absolute certainly: Aging means changing. If most of your friends have moved on, it can be tempting for you to make a lifestyle change as well. Psychologists recommend, however, that you maintain your ties to things that make you happy. Even if you move to a new locale, find outlets for your interests, seek out cultural events, cultivate new friendships, and don’t make quick decisions that can leave you feeling alone or suffering pangs of regret.
The key to successful downsizing is advance planning and an honest assessment of your needs and goals.
