Senior Spotlight: Three ‘Buckets’ of Downsizing
Going smaller does not have to make your stress bigger!
Downsizing is a word that evokes much fear and stress in everyone who has ever attempted or considered it. While moving is a daunting task at any age, dealing with a lifetime of possessions on top of it (and maybe even changing housing options) can feel even more overwhelming. A recent read from Bankrate published last month presented 3 key takeaways that we felt were a great way to sort your downsizing tasks into ‘buckets’ rather than seeing it as one large storm!
#1: Let your timeline of downsizing be driven by your retirement timeline.
That does not mean you have to figure out the timeline alone! Talk to your financial advisor, think about your current home value and career trajectory and consider where you may be moving to. Based on rates and inventory, you may decide to move locally now even if you are still working, or waiting until you are officially off the clock and on the house hunt out of area.
#2: If monetary savings is a goal – look at all factors, not just home value.
Many older adults wish to downsize to save money and maybe even have some extra cash to throw in the bank. Be sure to look not just at the cost of your current home and your next one, but also: property taxes, insurance, utilities, cost of living (especially if changing locales), costs of selling and moving, etc. If you plan to age in place and not join a senior housing community, can you afford the improvements needed to support changes in health and mobility? Do you have room and savings allotment for a caregiver if needed down the road?
Note: Some seniors choose to ‘rightsize’ rather than downsize – which is another great option! They may choose a home that fits their needs better regardless of size – but may have less stairs, be closer to family or have an extra living space for a caregiver.
#3: Once you decide to minimize your possessions, decide HOW you want that process to look.
Stuff. Too much of it. This is a common problem with moving and especially if you are moving to a smaller space. Believe it or not, getting rid of stuff is rarely easy and almost never free. Family members hardly ever want old furniture, knick knacks are often considered ‘junk’ and you typically have to pay to have large items hauled away.
Do you want to enlist the help of friends and family? Hold your own garage sale and hire your own hauling service for the rest? Hire a professional move manager to do it for you? Knowing who you want to help (and who you don’t) can save a headache or a few down the road.
To read more helpful tips, we encourage you to read ‘A Senior’s Guide To Downsizing’ here.
Warm regards,
Bobbi
Bobbi Decker
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Broker Associate
650.346.5352 cell
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www.bobbidecker.com
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