Are you a senior looking to downsize? How to avoid the “downsizing regret”

Downsizing regret is a term that describes buyers who move into smaller homes and then regret their decision.  These buyers often feel cramped in their new homes and miss the extra space they had in their previous residences.

A recent survey suggests that 29% of seniors who’ve retired and moved have done so to “downsize”. What could have been the “golden years” in their new space may instead become a source of discontent and regret.

1. Consider emotional aspects

When downsizing, it’s important to consider the emotional aspects of your decision. It’s not just about the number of bedrooms and bathrooms – it’s about how you want to live now.

Life transitions can lead you to consider change, and when paired with a recent retirement, you may be feeling “ALL the feels” at once. It’s important not to make decisions too quickly, and with great consideration. By objectively working through whether your current home “fits” your new lifestyle, you’ll be able to embrace your transition more fully.

2. Know what you want in a home

Location, size, and amenities all play a role in finding the right home.

Is the new location convenient for driving? Is it near seniors’ services or transportation? What about medical services? Are you within a convenient driving location to family and friends?

These questions may feel daunting and possibly even overwhelming.  But if you take the time to answer them, you can begin to see a clearer picture of what you want in your next home. Think of what you not only need now but in the future, as well.

3. Be realistic about your living space needs

The number of bedrooms and bathrooms you need in retirement may not be the same as when you were raising a family.

Think about your hobbies, whether you’ll have guests over often and what activities you want to take part in. For example, if you love to cook but don’t have groups of friends (and children’s friends!) who visit anymore, will a large kitchen with lots of counter space be needed?

Remember, it’s not about filling up space just for the sake of having extra room. How will you use the space?

And, of course, don’t forget about your yard space. Do you want to spend time mowing the lawn, shoveling snow, and maintaining a garden? Or does a smaller yard with less maintenance free you up for hobbies that you’d like to participate in?

4. Recognize the benefits

Recognize that there are many benefits to downsizing that you may have not thought of, but yet may be quite appealing.

For example:

• Less responsibility
• Lower maintenance costs
• Smaller house size = easier to clean!
• Lower heat and utility bills
• Less maintenance = more time for travel, hobbies, and time with family

In addition, there may be tax benefits to downsizing. Be sure to consult with your accountant or financial advisor to see what options may be available to you.

5. Be realistic about what comes with you to your new space.

You may be bringing items from your larger home that you thought you “had to have”, but really just take up space and don’t fit into your life as it is now.

For example, your 8-person dining room table might be great for big holiday dinners with family, but you may not host those large gatherings anymore. 

Downsizing doesn’t have to mean making sacrifices or giving up everything you’ve held dear for so many years. It can be an exciting time of change and growth.

Think about what you can live without and what will truly enhance your new lifestyle. And if certain items aren’t bringing value to your life, why not sell them? You can use the money for fresh new furniture, art, and accessories or even a trip to an exotic location on your bucket list! Making memories with others is a true gift.

6. Get help from an expert to determine what will work best for your needs and budget.

Making such a big life change is complex.  You don’t have to go through it alone.

There are many professionals who can help you downsize your home in a way that is best for you and your family. Interior designers, professional organizers, and downsizing experts can all offer valuable advice on what will work for your unique situation.

Taking the time to make a thoughtful decision about downsizing and living arrangements can help you embrace your next chapter and create a home that truly reflects the life you wish to live.

As you approach this decision and are looking for a realtor to help you through the process, contact me! I would be honored to assist you.

By taking the time to answer some key questions about your needs and desires, you can begin to see a clear picture of what type of home will best suit your retirement years.

Image credit: CharlieAJA | iStock | Getty Images Plus