Does the idea of downsizing get you down?

“Downsizing is not about saving money; it’s about improving quality of life.” (Downsizing Amongst Older Australians, Bruce Judd, University of NSW).

These days everyone over 60 seems to be talking about doing more, starting new hobbies and expanding horizons.

But maybe, this can simply mean finding the road to a less congested way of life in which you are required to do a lot less, enjoy yourself more, and generally improve your quality of life.

So why aren’t more people downsizing their homes in their retirement? Doctor Judd’s report found that only nine per cent of people aged over 50 have opted to move to a smaller home.

As we get older, we begin to think about how we will cope with changes in our living arrangements, income, interests and our capacity to do all the things we want to do.

Home downsizing can be quite overwhelming, but with the right help can be an exciting time.  Most of the time people just don’t know where to start, they have a lifetime of collections and memories.  Once people are aware of the alternatives and help available, the stress is taken away and they are ready to move forward.

Downsizing, despite the statistics, is becoming a more popular lifestyle choice in retirement; to sell the family home and buy a smaller, cheaper one. This may free up some funds and mean you still fully own your home.

“It is important to research the costs of buying and selling to ensure you achieve your aim,” said Rebecca Summerville of professional organizing company, Raw Beetroot.

“It can be hard to know where to start, but the first step is making the decision to change your lifestyle and start the conversation with your family and friends. It might sound trite, but a list of pros and cons can work wonders! You don’t want to regret your decision so try and mitigate any “surprises” before they come and tap you on the shoulder”.

Rebecca suggests that you ask yourself what your priorities are. Socialising with friends, spending more time with family, travelling more, cleaning less. Then come up with a plan based on these priorities and the solutions that address each of them them…likewise with any concerns you may have.

According to a recent survey, almost a third of baby boomers expect to retire with a mortgage, about a third plan to clear their debt by downsizing, a quarter say they’ll pay it off with superannuation and 21 per cent plan to use other investments. Fifteen per cent remain unsure about how they will pay off their mortgage after retirement. (Survey by RaboDirect, published Sunday Telegraph (Sydney), 9 Mar 2014)

“Downsizing doesn’t have to be a negative thing. Your aim can be to go small but still think in the big scheme of things!  It is a time for you to live with your ‘best stuff’ and spend your time doing more of the things you love,” said Rebecca.

“It may just be a matter of changing the way you think. Whenever you have moved, you’ve had to “edit” your life somewhat. Every move requires a certain amount of removal or disposal. It doesn’t mean you have to bid farewell to the things that mean the most.”

For a lot of people, that means memories, but keep in mind, there are more memories ahead to be made.

Rebecca said it’s important to focus on the benefits of “editing” your life.

“Yes, you might need to hand over a dinner set to the kids a bit earlier than expected, or  trade in the family-sized couch for a cozier option but focus on the freedom of having less to maintain, buy and clean going forward.  The upside is you get to see your children enjoying and getting the use of your much loved items.”

For those who are looking for the next chapter in their lives, downsizing is a practical option.

Just remember to consider only properties that fit your lifestyle, based on your list of priorities.

Some things to think about when compiling your list:

1. Proximity to loved ones
2. Proximity to shops and public transport
3. Proximity to health and aged care services
4. Storage space
5. Furniture space
6. Parking
7. Lifts
8. Maintainability
9. Common areas such as clubhouse, pool, computers
10. Attraction to the location
11. Hobbies and activities

“Start early and make a list of the items you love and can’t do without, and edit heavily the items with no sentimental value,” she says.

Many of the people moving into retirement villages are now younger and more active. Many still work part-time or spend a few days a week volunteering with their local charities.

As such, retirement living options have changed dramatically in recent years, having to keep up with the evolving expectations and demographic of those want the simplicity of a village lifestyle, without feeling like their living in a home for the elderly. They are continuously creating connected and vibrant communities that meet the needs of today’s modern retirees.

Just remember to make that list that you can tick off when you go and visit a prospective new residence, to ensure you’re getting exactly what you want.

This article is sponsored by Aveo retirement villages. For more information on your lifestyle options take a look at the Aveo website or call 13 28 36.