Downsizing deliberation: tips for retirees, empty-nesters and those looking for a smaller home
Category News
It is no longer just those reaching their retirement years who are considering downsizing to smaller, more manageable homes. Buyers of all ages are choosing to make the lifestyle change to smaller homes - and for many good reasons! Smaller homes can be more affordable and they will definitely involve less maintenance and more free time for homeowners. Jawitz Properties takes a close look at the downsizing trend.
Timing is everything
If your downsizing plans have nothing to do with a retirement journey, then taking the time to plan your move will still enable you to budget effectively and accurately which will allow you to choose a perfect home for your family.
And if you are retiring, one of the first steps in your planning process must be to consider where you want to live as you may view retirement as an opportunity to semigrate to another part of South Africa or to move closer to your family. Retirement can feel like an intimidating process at first, but you can make the transition far easier by having plans in place and knowing where you want to live. It's imperative to do your homework around retirement location hotspots and where necessary, retirement villages and estates.
Another important opportunity of downsizing is that it's a real opportunity to declutter and recycle, upcycle or give away that which you no longer need. Now is the time to take stock of your current home setup and lifestyle in order to prep ahead for your next home journey.
Be conscious about your home space
Think carefully about how much space you need. Efficient storage solutions, adaptable furniture and spaces that multitask are all great ways to make smaller spaces work for you. However, before you start looking for your new home, you need to decide how much you want to downsize. If you currently own a four-bedroom home, there will be a big difference between downsizing to a two-bedroom retirement unit or a bachelor pad. Think about whether or not you need a spare bedroom, a double garage or a home office. Make sure you have clarity on your negotiables, where you are willing to compromise and where you still really need space.
Downsizing can often save you money - but crunch the numbers first
Many people choose to downsize for financial savings. Lower bond repayments, utility costs and property taxes have an undeniable appeal. However, it's important to crunch the numbers and consider the bigger picture. For starters, consider any additional expenses that your new home may incur. For example, if you're moving from a freestanding house to a sectional title development or retirement village, you will need to pay a monthly levy. You'll also need to consider the costs of relocation and possibly the cost of new furniture if your current furniture proves too big for your new home. It's also worth chatting to a financial advisor and a property practitioner to consider the relevant real estate market conditions and the broader financial implications of your decision.
Prepare for the emotional side of downsizing
Moving home may be an emotional time because you're likely saying goodbye to a home that has been the setting of many wonderful memories. It can also be difficult to let go of furniture, objet d'art and memorabilia that you may not have space for in your new home. You can prepare your heart for the change by accepting that you need to say goodbye to some things to usher in the benefits of downsizing and the new lifestyle that awaits. It also holds an uplifting and exciting time as you embrace change and find opportunity to make your new, smaller property a home.
Three quick advantages of downsizing
- Downsizing can often enable you to move into a sectional title, where your security and exterior property maintenance will be taken care of for you - and you can lock up and go.
- Choosing a smaller home can save you time and money. The property itself may cost less and you'll spend less on maintenance and upkeep.
- Downsizing can offer remarkable peace of mind, especially for retirees, as you know that you've got a property that's easy to manage and that help is at hand if you need it.
The decision to downsize may be unsettling, but the rewards that you'll reap if it is done with good planning are well worth your while. If you need any help with the downsizing process - from selling your current home to finding a smaller home that's ideal for you and your family - get in touch with Jawitz Properties today.
Author: Jawitz Properties
