When is it right to downsize?

Photo by Ivan Samkov from Pexels

Every now and then as an interior designer I'm asked for advice on how, when, and/or whether to downsize. At any age, this can be a difficult decision.  Often times it is the adult children helping their senior parents work through that decision. Lydia Chan has provided some advice in the following article written for my blog this month. For additional information and resources especially for caregivers of Alzheimer patients please visit her website at https://alzheimerscaregiver.net/. The article itself has several links to great information! Thanks, Lydia.

Home Downsizing Decisions for Seniors

One of the hardest decisions you can make in life is downsizing to a smaller home, especially if you’ve lived in your house your entire life. If you’re thinking about downsizing, there are plenty of factors to consider — and they may not all be easy to resolve.

Should You Sell or Rent Your Home?
Selling your home is a great way to liquidate an asset and supplement your income, but it’s not without its drawbacks. For example, if you’re selling in an overheated market, you might find that you aren’t getting as much money out of your home as you thought. Plus, moving can be difficult and time-consuming — and who wants to do all that packing?

Brenda Szarek, Designer/Owner of Autumn Light Interiors, has advice for home owners planning to sell in the next 5 years so you can get as much out of your home as possible now.

If you're looking for a passive income, you might decide to rent out your house instead. This allows you to make money off of your property while living elsewhere, such as in an independent living or assisted living community. You can even cut back on costs by downsizing into a smaller space and renting out your old one.

Keeping Your Home in the Family
You may have been planning to pass your house onto the next generation in your family and move into an apartment after you retire, but how can you be sure that one of your kids will want to take it over? One solution is to rent out a home in a location that makes sense for their life and see if they like it. If they do, then you can discuss transferring ownership at some point. Another solution is to transfer ownership immediately upon your retirement.

Is it the right time to move?
One of the reasons why you might be slow to downsize is because you’re afraid of losing your home's investment value. In truth, selling your home can be an ideal option when it comes to downsizing, especially if you have a lot of equity in the house or it's paid off. When working out how much you can make from selling, you'll need to factor in Realtor fees, your outstanding mortgage balance, and average house prices in your city. If you’re a senior and considering moving, but aren’t sure if it’s time, ask yourself these questions: Are your children grown? Is your spouse deceased or do you live apart from them? Do you feel lonely in your home? Does your place no longer suit your needs and desires? Have you had a recent health scare that has shaken up your life (think heart attack or stroke)? If you answered yes to some of these, it may be time to consider downsizing.

Get a Better Night Sleep
Whether you decide to sell, rent out, or keep it in your family, make decisions about downsizing with clarity and confidence. And that translates into less stress, as well as better sleep at night. Visit Autumn Light Interiors, based in Verona, Wisconsin for creative interior design solutions for your changing lifestyle.