It’s easy to assume that the decision to downsize is straightforward; after all, you’ll presumably have cash to spare once you’ve sold ‘the big house’, but of course, the reality is far from simple. In our experience, it is rare that finances are the main challenges of downsizing.

If you are stuck in the paralysis of failing to grasp the nettle and get on with making the move, you may be experiencing some of the other significant challenges to taking the important step to downsize, such as:

  • A fear of change,
  • A reluctance to deal with the hassle, and
  • An indecisiveness as to what to replace the existing home with

At Stacks, we work with many clients who are looking to downsize and move away from their larger family home. We can help if they are ‘stuck’ and beset with the downsizing challenge. So, if you are thinking about downsizing and need some help and advice on this daunting process, why not contact us today to see if we can help you get ‘unstuck’?

Why Do These Challenges of Downsizing Exist?

The challenges of downsizing arise for several reasons. It’s a familiar scenario – you spend much of your life trying to gain more space to house a growing family, then, twenty years later, when the last of your offspring has flown the nest, you realise that the house is much too big. You know that the equity would be better spent helping to house those very children who are struggling to house their own families.

You are then faced with a bewildering array of choices: Stay in the house and rattle around, heating space that’s only occupied at Christmas and summer holidays? Try to find a property that’s in the same village or area that lives up to your family home (which is always a difficult task). Move away from the area that you’re so familiar with in order to find a property that suits your needs.

Some Tips on How to Face Up to the Challenges of Downsizing

Consider Staying: If you’re not ready to downsize then consider using the extra space that has been vacated by your fledglings – perhaps B&B or lodgers? If you really are set on staying this could be a good option for you. However, it does usually involve a lot more work that it initially seems. It might not be the way you would like to spend your retirement, particularly if you’re used to your own domain.

Less Space vs Different Space: The term ‘downsizing’ is in itself a misnomer, as often people do not want ‘less space’, just ‘different space’ or ‘the same space in a different location’!! For simplicity’s sake, we’ll continue to use the term ‘downsizing’, but you might actually mean ‘resizing’ or just ‘relocating’. This might be something to consider when you begin your property search. Think about what kind of space you’re looking for and how that may look for you and your family.

Bungalows and Retirement Homes: If you’re downsizing, the assumption that you will ‘obviously’ want to move to a bungalow may not apply to you. Many of the people that do want to move to this cannot. During recent years, the supply and demand of bungalows and single-storey living have become unbalanced. It’s no secret that these types of properties are in high demand.  

Retirement homes might be another option you are considering, however, these are also not an easy to come by as you may first assume.

Instead, if you’re planning for all eventualities, look for opportunities to add lifts or ramps in the future, opt for open plan layouts with ‘flow’ or bottom-heavy properties that could have a bedroom and bathroom on the ground floor, perhaps from the get-go (send visitors up the stairs to the guest suites!).

Finances: For those who are influenced by finance, releasing capital by downsizing to something smaller and cheaper, is generally incentive enough. This is usually the main reason for downsizing for  people who want to release their capital and support their children whilst they are able bodied enough to see them enjoy the collateral.

Tips for Downsizing

As a property finder, we often help our clients to move away from the family home whether resizing, downsizing or relocating. Here are our top tips for downsizes and facing the challenges that follow.

So, what is our best advice for downsizing?

Start Thinking About It Early: There are of course numerous side-benefits, and we would encourage those empty-nesters who anticipate downsizing to start thinking about it early, not to put it off until the need has become urgent. There is a huge amount of planning and research to be done, and this can be achieved better where there are minimal time pressures. It’s also easier for the “younger old” to form new social networks.

Talk to Your Family: Our advice would be to consult the family at an early stage – there may be issues that affect your decisions that you are unaware of, and if all relevant parties are aware of your intentions, it prevents problems from arising at a later date. But try to be resolute and put your own needs first. The advantages of downsizing are often only fully appreciated after the move has taken place. The improved lifestyle, proximity to family, amenities and transport, decreased maintenance issues, and improved or specialist ergonomics can be incredibly liberating.

Call in Help: In many cases, the children of downsizers will find themselves playing a major role in the house moves of the older generation. House selling and buying has changed dramatically over the course of the last 20 years, and homeowners who have been out of the cycle for many years may be unaware of some of the issues that apply today. They may not have access to computers, they may be unaware of recent taxes and expenses involved, and they can find themselves struggling to make the best decisions. Often, downsizers are widows who may have never dealt with the sale or purchase of a property in their lives, increasing the anxiety all around.

Think About Location: The most important consideration for downsizers is how they want to live – think ‘lifestyle needs’ as opposed to the ‘kind of property’. Look at the issues surrounding the move – financial, geographical and practical, and make reference to the future. The best thing to do next is to get out and look at property, don’t restrict your search to the internet, as it is great for prevaricating, but not much else!

Help and Support for the Challenges of Downsizing

If the thought of downsizing seems overwhelming at present, and you would like some help and support with the challenges, why not have a free no-obligation chat with your local Stacks Regional Director .

We have helped many people facing the same challenges as you get re-settled happily. So contact us today.

More tips for downsizers can be found here.

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