Moving time
27 May 2019
In the second part of a series of articles tackling this most important of topics for retirees, we look at the right time to downsize.
Downsizing is often something we plan to do one day. So how do you know when the time is right to take action?
As with any move, a whole host of factors come into play: property price movements; finances; health considerations; memories and emotional attachments; being clear on what you need and want in the next stage of your life; and finding the next home that is right for you.
Sometimes people only move forward with downsizing when something such as a change in a health situation forces their hand.
Pip Archer, owner, Simply Downsize, says people tend to stay in their homes as long as possible. Many of her clients are in their 80s and 90s. “Without doubt, the best time to downsize is while you are still in charge of your destiny and before other factors – such as a fall, a downturn in health, or the sudden death of a spouse – make the decision for you.”
One 80-year-old woman who was on her own and didn’t have any children to help her began thinking about downsizing from her two-storey home several years ago. Then when she knew an operation was ahead for her, she decided the time was right to make the move.
It’s not just about bringing the practical side of the move together. The best-laid plans can falter for emotional reasons, Pip says.
She points to one couple who twice gathered her together along with a real estate agent, property stylist, and gardener in a two-month period. The couple had even put a deposit on their next home and needed to be living somewhere without stairs. Emotionally, however, they were not ready to go ahead with the move.
“They think they are ready and then they are not actually ready to leave a home where they have brought up their children and had grandchildren visit.
“It’s about emotionally letting go of those things and realising that the next chapter is a good, exciting chapter.”
Ideally, the time to downsize is going to be when you have plenty of time to plan and process. That will help reduce the stress of making such a major change. “Give yourself time to make a plan and tackle it gradually over several months or even a year,” Pip suggests.
The timing may also depend on when you can enlist the support of family, friends or a professional service to help you physically and emotionally.
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