Five Things to Consider Before Downsizing

Continuing the series in helping our parents and aging loved ones make the decision to downsize and/or move, this video covers the five key things to consider before downsizing.

Remember the acronym B.A.L.L.S.

Budget: This will be one of the most important factors to consider. What are your current living expenses? What extra expenses do you need to cover monthly, quarterly and yearly? What are non-negotiable expenses that must be part of your living expenses? What are some things you can consider letting go? Not only will moving be an expense in itself, living in a new apartment, condo, or retirement residence will come with its own set of expenses. What can you do now to properly assess your budget so you can explore your next home knowing you are comfortable financially?

Amenities: If you are moving to a condo, apartment or retirement residence that has both independent and assisted living, what amenities do they include? What is available to you for free or a fee? It’s always good to ask these questions when you are looking for your next home as it will help you to determine if it’s a good fit for you or not.

Location: Sometimes moving means getting closer to loved ones such as children and grand-children. Other times, moving means staying close to what is familiar and known, such as your doctor, pharmacist, grocery store and social activities. You may not want to leave the area in which you currently live, or on the other hand, perhaps you want to move closer to your family and your other loved ones. This is a very important factor to consider.

Lifestyle: Social clubs, friendships, activities, and the lifestyle we are living keep us feeling young and alive. We may not want to give up our current lifestyle and the perks we have in our current home. What are some non-negotiables in your current lifestyle that you know you don’t want to live without? What are some others you would be willing to let go? Make a list and get clear what matters most to you when it comes to the lifestyle you want to live.

Space: This WILL be the hardest of them all. We have seen it time and time again. We all think we can pack in more than a space will allow comfortably and yet it’s one of the biggest challenges most people will face when downsizing and moving. Look at your current home. How much of that space are you truly living in? If you eliminate the storage spaces and rooms that you are not using, how much square footage are you really living in? You can downsize and live comfortably in a smaller home. We know you can. It’s letting go of the stuff that fills your current home that may be the challenge. And yes, we can help with that.

When you are considering downsizing and moving, use the above as your checklist to guide you through your options. You can also download our current Downsizing & Moving Checklist which is available for free here. You will see a link to the right of this post.

As you go through this next phase of your life, remember that you do not have to do it alone. We are here to help.

 

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