Considering Downsizing?
Contrary to popular belief, downsizing is not just for empty nesters or retirees. The concept of downsizing is more a matter of simplifying ones life than simply reducing the space one occupies. While it may involve less square footage, there are a number of other moving parts. Throughout my career as a Jamaican Realtor, I have had the privilege of helping many people transition to homes more suited to their needs. Here are 5 things to consider when downsizing to a smaller home:
1. Where to move
Naturally, where to move may be one of the most important considerations. Will you buy, rent or move-in with family? Is your independence and privacy of most importance or are you more interested in finding somewhere with a sense of community and nearby neighbours? Do you have mobility needs? Will you require a bungalow, ground floor or elevator access? What amenities are on your wish-list? Do you want to be able to swim everyday or is it more important to have a space to garden?
Having an experienced Realtor who knows the ins and outs of all the options on the market will be crucial at a time like this. Your Real Estate Agent can help you narrow down your search based on your priorities. He/she may even know of off-market or upcoming property listings that would be of interest to you. A good agent will have your interest at heart and will advise based on what is best for you and not simply what is best for their pocket.
2. What to do with your current home
If you have an existing home, you will need to decide whether or not to sell or rent it, or whether to keep it in the family. It is important to have a discussion with your loved ones and to seek advise from professionals where retirement income streams and estate planning is concerned. You will need to decide if your home’s title should be held as joint tenants or tenants in common, as this will have an impact on the transfer tax.
3. What to do with all your stuff
Over the years, we all accumulate a surprising amount of stuff. Organizing and de-cluttering may seem daunting, but it will give you a great sense of accomplishment once it’s done. If you intend to sell your property, it will also be necessary to do this so that your home can be shown at its best. You might consider donating useful items to a local charity or having a yard sale. You could even have a virtual moving sale! Also consider gifting things to loved ones or friends. Here are some useful resources that can help you get started. I’ve also found that music and a glass of wine can help to make it seem less of a chore.
4. How to adjust to the change
Moving generally creates upheaval in one’s life. The process can be very daunting, so we often put it off until we are forced to make a decision. The best way to avoid this level of stress, is not to delay. Grab the bull by the horns and think of it as your latest adventure. Talk to other people who have made a similar move or share your concerns with people who care and want what is best for you. The following resources may also be of value:
5. Where to find help
When you have the right support, the process will be a lot easier. Turn to an experienced Realtor who will offer the guidance you need at a pace that works for you. That Agent will not only be able to assist you with selling, purchasing or leasing, but he/she will also be able to connect you with a host of other professionals that include, but are not limited to, lawyers, appraisers, insurance brokers, and moving companies.
Are you thinking about downsizing? We would be happy to schedule a complementary consultation to discuss your needs further when you feel the time is right.
