Downlow on downsizing

Andrew Blaine and Barry Smith, co-authors of ‘The Next Step – Planning the road through Retirement’, share some useful advice

NORMALLY, your first step towards independence is to leave home and move into your own rented “pad”. From this the progress involves sourcing an apartment/ house and, depending on financial success and number of dependants, starting to increase the size, location and complexity of this home.

Eventually the kids leave home, the house becomes too big and/ or maintaining the home becomes onerous. It is then that the process starts to reverse, turning into downsizing.

What does it mean to downsize?

Moving to a smaller home, which may be a distance from the family.

Reducing the number of possessions and starting to adjust to the new situation.

As one ages, it becomes physically more difficult to manage a large home and garden. In many cases, downsizing takes place just before or after retirement. We suggest that you do not immediately relocate any great distance. Moving precipitately, it is easy to end up suffering two major losses, firstly the loss of one’s work-related identity and secondly, the loss of one’s relationship network. Take some time considering all the options.

Negatives

Downsizing usually means leaving a home full of memories, a familiar neighbourhood and friends.

It involves de-cluttering – letting go of furniture, family treasures and items of sentimental value.

Moving away means the loss of your network, both business and personal. This can be emotionally demanding and often leads to loneliness and all its consequences.

Benefits

Moving to a smaller home has benefits and there may be various good reasons for downsizing, including:

The “empty nester” who no longer needs a large home.

Reducing the strain and cost related to the upkeep of a large home, both inside and outside.

Reduced living expenses.

The flexibility and “freedom” associated with the “lock-up-and-go” syndrome.

It is easier to commit energies to creative projects rather than to housework.

When considering the process of downsizing, we suggest you closely examine and consider the following important issues:

What is the total cost involved in downsizing, both financial and emotional?

Will downsizing affect your social network?

Will a smaller home mean a smaller lifestyle?

What do you need to keep and what do you have to dispose of ?

Will you be able to live in your new home for an extended period?

Does the new home have the features that cater for your ageing? There is no perfect solution and it depends on each individual's personal circumstances. Research has shown that in some cases it has worked out well and in others, not so well.

Downsizing can bring an emotional roller-coaster. Do your homework and ensure that you are emotionally ready before taking the plunge.