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Downsizing – What to Watch Out For

Personal_Finance / US Housing Oct 23, 2019 - 03:39 PM GMT

By: Submissions

Personal_Finance If you find that your current home is now too big for you, the idea of downsizing can be very appealing. Perhaps your children have moved away and the extra space is making you miss them more. Perhaps you’re starting to struggle with getting up and down the stairs, or with keeping everything clean. Perhaps you just like the idea of having a smaller place in a more convenient location, or of freeing up money so you can live more comfortably. Downsizing isn’t always trouble-free, however. To avoid problems, give some thought to the following.




Can you find the right property?

In some areas, smaller properties are in such high demand that they actually cost more than larger ones. In others there simply aren’t any available. If you want to stay near family members or if you have your heart set on a particular area, bear in mind that it might take you a while to find the right place. If you want to make sure it’s good for the long term, you may also want to ensure that it has a ground floor entrance and level access throughout. Consider the local facilities and public transport links in case you’re not always able to drive.

Can you get your old home in shape?

Many people put off downsizing until they’re forced into it by circumstances such as a bereavement or failing health, which make it hard to get their existing homes into good shape for a sale. Even if you’re not facing such difficulties, you should allow yourself at least a month to organise and pack away a lifetime’s worth of possessions. Some removal companies offer a professional packing service with skilled staff who will be careful not to damage or misplace the things you love. After the packing is done, hiring professional painters to spruce the place up, and replacing old carpets, can be a good investment which will help you get a much better price.



Do you have a plan for your possessions?

If you’re downsizing after living in your current home for a long time, it’s unlikely that you’re going to be able to keep all your possessions. If you have heirloom furniture which you want to pass along in due course but which your children don’t currently have room for either, getting a long-term deal on a storage unit can be a practical option. Sometimes it can help to know that things you find to hard to let go of are going to good homes. Consider Freecycling them or donating them to charity so that they reach people who are in need and will value them.



Have you got your family on board?

If your children have left home, they may still have strong feelings about the place and about some of the items within it. You may end up causing a lot of upset if you don’t discuss your plans with them or make them part of the process. Before you dispose of anything, find out what they’d like to take – there may be odd items which seem to be of no great importance to you but that have sentimental value to them. Be prepared for them to have a sentimental attachment to the building as well and to need a bit of time to come to terms with the fact that it’s being sold – but don’t hang onto it for their sake when it’s time for you to move.

Are you looking after your mental health?

Your children may not be the only ones who find your move stressful. Remember to take care of your own mental health and make time for your emotions. It’s natural to feel some grief when leaving a place you’ve lived in for a long time, even if you’re happy about the move overall. You may feel stressed by all the pressure of organising the move and, if you’re moving to a new area, you may feel anxious about fitting into a new community. Make sure you have someone to talk to about these feelings and be careful not to let yourself get exhausted.

Although downsizing can be a challenging process it’s one which very few people regret. Once on the other side of it, you may well feel a tremendous sense of freedom, having left many of your cares behind. You can look forward to a new life with fewer responsibilities in a space not weighed down by the past – a space that suits who you are now.

By Lee Ralph

© 2019 Copyright Lee Ralph - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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