If you have decided that downsizing for retirement is the right decision for you, you may be wondering what comes next? Our 10 downsizing for retirement tips can help you on your way to a stress-free, well-prepared move.
In this article we discuss:
- Basics of downsizing
- Our top 10 downsizing tips
- How professional help can streamline the process
Downsizing for Retirement The Basics
When downsizing, choosing a home that meets your needs with regards to space, required maintenance and budget is the obvious first step. Researching your preferred new neighbourhood and its facilities, convenience, healthcare offerings, dining and more are also important.
Once you actually make the leap and sell your home, what comes next? What should you be doing to prepare for what could be your final house move and the beginning of a wonderful new chapter in your life?
Our Top 10 Downsizing for Retirement Tips
If downsizing your home in retirement is on the cards for you, keep in mind that downsizing in your 60s is much easier than waiting ‘til your next decade. With some careful planning, it can be easier than you think.
1. Take Photos
If you are downsizing your home for retirement, take photos of your home and (once sold) ask for the professional photos from your real estate agency that handled the sale. Not only does this help you create great memories but it can also be a great way to help you declutter.
Look back at your photos and see which personal items stand out and bring you joy – they are the ones you keep.
2. Give Away What You Can
Gift or donate items you no longer want or need. Keep records of everything you donate to charity as these can be counted as charitable deductions at tax time. The photos from step one are also a great way to record and track these items.
3. Don’t Wait
Start preparing for your downsizing well in advance of the sale of your home. Reducing clutter and sorting through a lifetime’s worth of possessions is best done over a period of months or years rather than in a few short weeks amidst the rush of packing and moving. Doing this will also help your home look more presentable for sale.
4. Research and Pick Your Real Estate Agent Wisely
You want to ensure the best possible result from your sale. Downsizing in retirement is done to create a better financial position, so it is key to have an agent who works hard to get you the best sale price.
5. Eliminate Spaces You Will No Longer Need
If downsizing means no guest bedroom or garage workshops, then you will need to sell or give away everything in these spaces. Don’t complicate your move by keeping things you have no room for or trying to find a property to accommodate items you no longer use.
6. Sell What You Can
Gumtree, Facebook Marketplace, eBay and yard sales can all be useful to offload your unwanted items. You may not make much from selling these items but it can be a great way to have things taken away without you having to organise their disposal.
7. Gift Legacy Items in Advance
Family heirlooms can be gifted early to save you space and the hassle of added packing. As a bonus, you’ll get to see these items enjoyed and appreciated by people you love.
8. Involve Your Family in Downsizing Your Home in Retirement
Many hands make light work and you may find that family members will be interested in taking items you no longer want or need. It’s also a great opportunity to bond while clearing out the clutter and easing the emotional burden of downsizing.
9. Book Your Removalist
Now is not the time to cut corners! Book a removalist that has great reviews and that can be trusted to move your remaining possessions with care. Moving days can be stressful at the best of times; a great team of movers can help minimise this stress.
10. Take Time to Celebrate
When all the hard work is done, be sure to stand back and acknowledge what a big step you have taken. Celebrate this new chapter and give yourself time to adjust to and get excited about the fresh, new start and the fun that lies ahead.
Downsizing for Retirement – How Collins Mann Can Help
At Collins Mann, we are passionate about providing our clients a secure financial future and providing choice without compromise. If downsizing the house for retirement purposes is part of your retirement plan or you’d like advice about whether it could be, we can help.
Should you need advice about superannuation strategies leading into retirement, our expert financial advisors can walk you through this too.
Contact Collins Mann today on 07 3251 3200 to discuss downsizing for retirement of your dreams.
Once you actually make the leap and sell your home, what comes next? What should you be doing to prepare for what is likely to be your final move and the beginning of a wonderful new chapter in your life?