Many years ago Jeff and Jill sat down with a cup of coffee every morning before work, and planned for the day they would leave their jobs and enjoy some time together. With every passing day, Jeff and Jill didn’t realize they were a little bit closer to their goal. In the blink of an eye the kids had moved out and there was actually some extra space in the driveway. What Jill and Jeff hadn’t thought of was downsizing, maybe even before retirement. Many family homes are filled with years of amazing memories. The homes simply become too large once kids have moved away and life has calmed down a little. Maybe the time has come for Jeff and Jill to find a place for the couple where their kids/grandkids can definitely visit.
The first step in considering if you are ready to downsize, is to answer the question “why”. Is the house just too large now? Have you started to travel more and require a home with less up keep? Is the house/upkeep becoming time consuming? Are you moving for financial reasons? Are you looking for something more “age appropriate”, less stairs etc.?
Next, take a look at your everyday life. What do you truly need? Do you have visitors often, enough that you would really need a guest bedroom? Is a 3 car garage necessary, now that the kids are gone? Would you really like to have a gym space in your home? Some buyers close to retirement are financially able to finally get the little things they have always wanted. Some are in a better position if they sell their homes, with downsizing in mind, and end up with a nest egg to put towards the travelling they have always dreamed of.
The third step is to choose the area in which you want to live. For some, a home closer to their children and grandchildren is important. For those downsizing with a couple more years left to work, an area with a quick commute time might be best. Always wanted to move to a bedroom community? Now is the time!
The home where you raised your family is truly a special place. There are tons of great memories that live on in every room. The next chapter should be just as special. Peakman Group would love to assist you in finding a new home for your memories. Keep an eye out for next month’s post on downsizing