Downsizing is a popular option for seniors in, or approaching, retirement. This step requires you to scale back your possessions, including furniture, books, dishes and even heirlooms, so you can move into smaller accommodations. Whether moving to a smaller home, moving in with family or relocating to an Independent Living community, downsizing can be a stressful and emotional process. Fortunately, you can do several things to make this process more manageable and easier to handle.

This article provides more information about downsizing to help you determine if it’s the right option for you.

When Should You Consider Downsizing?

You may choose to downsize in retirement for many reasons, including:

• Convenience: Oftentimes, empty nesters are looking for a simpler lifestyle with fewer household chores and maintenance. Moving to a smaller home allows you to spend less time cleaning. If you choose to move to an Independent Living community, housekeeping, laundry and home maintenance may be included.
• Fewer expenses: Maintaining a big house made sense when the kids were home and you were still working. As you move into retirement, paying upkeep for a big house may no longer be your best option. Moving to smaller accommodations can cut your costs and allow you to spend that money enjoying your retirement.
• Health issues: If you or your partner are struggling with health, mobility or memory loss issues, remaining in your home may no longer be safe. Downsizing to an Independent Living, Assisted Living or Memory Care community can provide supportive services, such as assistance with daily activities.
• Relocation: It’s not uncommon for seniors to downsize so that they can move closer to their kids and grandkids. This type of long-distance relocation requires some extra planning and an understanding of the housing market at your current and future location.

When determining if downsizing to smaller accommodations is the right choice for you, it’s important to explore all your options and understand everything involved in making such a big move. Keep reading to learn more.

Is Winter a Good Time to Downsize?

Despite what you might think, you can effectively downsize at any time of the year — even in the winter. Moving during the winter comes with certain challenges, such as the unpredictable weather, but it also comes with some advantages.

First, winter, especially around the holidays, is the perfect time to hand down special heirlooms to loved ones. Since you may already be getting together for the holidays, you can use this time to pass on some of your most cherished possessions to your children, grandchildren, siblings and other special people in your life.

Secondly, moving in the winter can give you access to more services and greater flexibility. Studies show that most people move between mid-May and mid-September. During these in-demand months, scheduling a time with professional movers can be difficult, and they’re less likely to make adjustments if necessary. On the other hand, if you move during the offseason, you’re likely to find greater flexibility as to when you move, and the rates may be cheaper.

How to Plan Financially

It’s crucial to have your finances in order before you move. Take the time to set a budget that meets your needs but still gives you the ability to enjoy your retirement. If necessary, schedule an appointment with your financial planner to get a better idea of your current financial state and what you can expect during your retirement. This step can help you make sound decisions regarding moving.

You must also understand the numerous expenses involved in downsizing, such as:

• Home-selling expenses: Getting your home ready to sell comes with various extra expenses, such as home repairs and staging. You’ll also face fees when selling your home, including closing costs and commission fees.  
• Moving costs: Before moving, contact several moving companies for estimates. Pay close attention to the services included in the estimate. This step allows you to compare costs and select the best option for you.
• Storage fees: You may incur storage fees if your home sells before your new one is ready to move into or if you decide to hold onto more items than fit into your new home. Be sure to include these monthly fees when calculating your budget.  

Tips for Downsizing

Here are some tips to make the downsizing process easier to manage.

• Make a plan: The first step is to make a plan. You can start by making a basic inventory of your possessions and determining what you need to get rid of or give away. Then, you can set deadlines for specific tasks you need to complete, such as decluttering, contacting a real estate agent, touring senior living communities, donating items and moving.
• Set a budget: While the goal of downsizing may be to cut costs, the actual process of moving to smaller accommodations can be quite costly. These costs can quickly add up if you’re not careful. To avoid overspending, set a budget right from the start.
• Enlist help: Downsizing can be a big project, depending on the size of your home and the number of possessions you have. The good news is that you don’t have to do it alone. Enlist the help of your family and friends.
• Decide what to donate: One of the biggest parts of downsizing is deciding how to get rid of the possessions you can’t keep. You have four options. You can donate, sell, give or throw it away. Start the downsizing process well before you’re ready to move. This gives you enough time to sort through all your things and decide what to do with them.
• Take measurements: You don’t want to discover that some items you decided to keep don’t fit in your new space. Take measurements of your new accommodations, so you can make better decisions regarding what to keep and what to donate or give away.
• Focus on the positive: Downsizing can be extremely emotional. Even if you know that moving to smaller accommodations is the best option for you, getting rid of so many things that mean so much to you can still be difficult. Instead of focusing on what you must let go of, try to keep your thoughts focused on the future and the positive parts of moving.

If you decide downsizing is the right option for you, consider all your options. For example, senior living at Montereau offers maintenance-free living in luxury accommodations. Contact us at 918-495-1500 to schedule a tour and find out for yourself everything our community has to offer.