As we enter our later years, the idea of moving from a larger residence to a cosier living environment is often considered "downsizing." Let's reframe the concept as "rightsizing."
Whether it's unlocking home equity for exciting adventures, extending a helping hand to the next generation on their property journey, lowering household bills, prioritising health and wellbeing, seeking a more convenient location near loved ones and amenities, or nurturing a simpler and more spontaneous lifestyle – the advantages of ‘rightsizing’ are plentiful and diverse.
‘Rightsizing’ is becoming increasingly popular too. According to a recent report there was a resurgence in downsizing in the 2023 housing market, with 41% of movers choosing properties with fewer bedrooms - a significant increase compared to 32% in 2022 and 33% in 2019. In fact, this is the highest spike in the number of people choosing to downsize since 2016 – and many believe that 2024 will be an even stronger year for downsizers.
Why? The average price growth in the past five years has been in larger family homes, resulting in downsizers freeing up more equity than ever before. Recent statistics show that the average buyer who moved to a smaller home saved an average of 29%. Currently, downsizers are in control of the property market; giving them time to evaluate their decisions and find a home that is perfect.
Of course, there’s much more to downsizing than releasing equity. For many, it’s a liberating pathway to ensuring they make the most of their retirement years; something that we feel incredibly passionate about at Wallacea Living. It frees individuals from the financial burden of high household bills and opens doors to indulge in more of life's pleasures.
Often, the process begins with a simple question: do I really need all this space? The answer becomes evident as homeowners find themselves in houses with sizeable gardens and rooms that rarely see any activity. These spaces not only drive up the running costs of the house but also demand ongoing maintenance, upkeep and time.
Countless stories from those that have moved to Integrated Retirement Communities (IRCs) paint a hugely positive picture of ‘rightsizing’. Those who've taken the leap often describe it as the best decision they've ever made. The weight of high monthly bills and unnecessary belongings is lifted, giving way to a life of freedom and less responsibility. By selling the family home, they unlock resources to enjoy more holidays, returning to the prime of their lives and rediscovering the activities they love.
Undeniably, the decision to downsize can carry emotional and physical challenges. At Wallacea Living, we understand this, and we're here to make the transition as seamless as possible for those looking to ‘rightsize’. Through our expert partners, we can help with everything from planning the move, to working out the best location for your furniture in your new home, donating or selling any possessions you no longer need, arranging removal companies and setting up your new home. Moving day becomes a breeze, allowing you to focus on what truly matters – living your best later life.
Yes, moving may seem daunting, but we're here to alleviate the stress and make the ‘rightsizing’ process as smooth as possible. With Wallacea Living, you can concentrate on the joys of your later years.
Top tips for downsizing your property.
By The Senior Move Partnership
Pro Tip 1 - Start small and just do it:
Initiate the downsizing process by beginning with manageable tasks.
Allocate a specific amount of time, such as an hour, to focus on decluttering.
Make the process enjoyable by listening to the radio or watching TV in the background.
Reward yourself with a coffee break or indulge in something you enjoy after completing each session.
Pro Tip 2 - Categorise your belongings:
Organize your possessions into four categories:
Items you want to keep or can't part with.
Items suitable for donation to charities.
Items that should be discarded.
Items you can sell or give to family and friends.
Pro Tip 3 - Managing clothing:
Evaluate your clothing: If you haven't worn something in a while, ask yourself why.
If clothing doesn't fit anymore, consider letting it go.
Either repair or dispose of items needing maintenance.
Limit clothing decluttering to one-hour sessions.
Pro Tip 4 - Preserving memories
Find creative ways to preserve important memories when downsizing for example:
Condense collections for display, such as put them in scrapbooks.
Digitise and store photographs for easier access.
Eliminate duplicate or irrelevant photos.
Pro Tip 5 - Managing paperwork
Keep paperwork organised and eliminate unnecessary clutter
Retain business and self-employment records for six years.
Store bills, bank statements, and insurance documents for at least two years.
Maintain tax-related paperwork for at least 22 months after the relevant tax year.
Consider hiring a confidential shredding company for secure document disposal.
Pro Tip 6 - Preparing for removal
Plan your move efficiently for example:
Obtain quotes from three removal companies, considering recommendations and local options.
Consider using a professional service to simplify the process.
Tip 7 - Safeguard essential documents
Maintain a safe box containing critical documents and valuables: Birth/marriage certificates, passports, financial documents, medications, and jewellery should be included.
Final Pro Tip - Take Your Time
Downsizing can be a significant undertaking; start early for a smoother transition.
Plan room-by-room progress to reduce stress and enjoy the journey down memory lane.
Seek assistance if needed, and take it step by step.
Pro Tips for the Family:
Discuss downsizing plans - involve the person moving in the decision-making process.
Encourage family members to express interest in specific items they would like to keep.
Remove your own belongings if they are still stored at your parents' home.
Capture photos of your loved one's home and cherished possessions to create lasting memories.
Respect their choices and attachments during this emotional period.
Pro Tips for Seniors:
Create clear lists of items to keep, give away, donate, or discard.
Measure your new living space to determine what items will fit.
Don't hesitate to seek help from family and friends; they may be willing and eager to assist.
Focus on moving forward and embracing this new phase of life. Relax and enjoy the journey.
Find out more about how Wallacea Living can support you during your downsizing journey here.
