DOWNSIZING YOUR HOME: THE BIG DECISION TO GO SMALL

Tiny homes are a growing trend – internationally and in South Africa. Although downsizing to a smaller house or apartment may not appeal to everyone, there may well come a time when downsizing just makes more sense. Maintaining a largely underutilised property doesn’t always make financial sense if the family has shrunk and the children have fled the nest. With the increasing cost of living coupled with the highest interest rates in nearly fifteen years, many bondholders may also be looking to downsize to make their money go further. Whatever the reason, downsizing is a big decision with a myriad of things to consider in addition to space and finances.

Where will you move to, and why?

Where to buy (or rent) a new home depends on your lifestyle and what you need from a home. If you have school- or university-going children, proximity to educational institutions is one consideration. If you’re looking forward to the freedom that comes with retirement and being able to travel, a lock-up-and-go unit in a secure estate might suit you better. You’ll also need to consider the usual things like how close you want to be to your family, shops, and amenities like a hospital.

A guide to the downsizing process

We all tend to think that between the sale of a property and transfer, there’s a long time to pack and sort before you actually move. All too often though, time flies by and suddenly, moving day is upon you. This can be especially stressful when moving to a smaller home and having a whole lot to sort through and donate or dump. This is why it is better to start the packing process as early as you can. Below are a few tips to help you plan for the move to a smaller home…

1. Measure up

Furniture that works in a large home may not work – let alone fit – into a smaller home. The best way to visualise whether your existing furniture will work in the new home is to draw up a plan of the home and then make cut-out templates of the furniture you want to keep. Remember that both your plan and the templates must be to scale. This way you can “play house” and get a realistic sense of what will work and what won’t. This will also help you prepare for any emotional decisions you might have to take to fit everything into the new home. You’ve probably also heard the nightmare stories of the couch that wouldn’t get up the stairs. It is important to measure all possible entrances and exits to make sure you will be able to move the furniture into the home without having to disassemble it first.

2. Buy new furniture after the move

If you have decided that your old furniture won’t work in the new space, rather wait until after you have moved into the new home before ordering any new furniture. Not only will this give you one less thing to move (which will save on moving costs), but it also allows you the time to live in the home and get a sense for what furniture will work in the smaller space.

3. Sort through storage spaces

Look at how much cupboard space and other storage you will have in your new home as a guide for how much you’ll need to clear out in your current home. Moving is always an opportunity to declutter and to throw out the things you haven’t used for years. When it comes to the old linen and other unused clutter, now’s the time to toss the old ones that you kept just in case you might need them.

4. Digitising music and memories

Tough though it might be, now’s the time to ditch the old vinyls and the CD collection and move to digital music platforms. Similarly, you can digitise all your photo albums, home movies, and videos for storage in the cloud. In the cloud, they’re secure and easily accessible for those family memory movie evenings in your new home. Keep just a few of the special ones by framing them and hanging them on the walls in the new home.

5. Trash or treasure?

When deciding what to keep and what to trash, it’s best to do so systematically and tackle one room at a time. Pick one room and finish it before moving to the next. Begin with rooms you use least and categorise items into boxes as follows:

• For the children (perhaps one box per child)
• Must keep
• Donate
• Rubbish
• Unsure: keep the momentum going by simply putting the items that you are unsure of to one side. Once you’ve sorted through everything, you can allow yourself the time to go through these again to decide whether to hold onto them or get rid of them.

6. Turn trash into cash or kindness

Instead of taking everything you don’t want to the local dump, consider what could be recycled, reused, or repurposed. With the myriad of online marketplaces, selling your unwanted goods has never been easier. They’re geared to selling anything from furniture and appliances to linen and bric-a-brac. Setting up a home is costly. Not only could selling your items help you afford new items for your new home, but others will also be happy to turn your “trash” into their new (to them) treasures.

You could also help out those in need by donating your unwanted goods that are in good condition to thrift stores and charity shops. Many charities, like hospices, have retail outlets where the income from sales goes a long way to helping with the important work they do in the community.

Some last thoughts about downsizing

It is important to be certain that the property you’ve chosen will suit your current and future lifestyle needs. For example, as we get older, homes with stairs can become a challenge. If you are forced to sell in less than five years, which is the window after which you’re most likely to see a return on your investment, you might lose out financially. While homes appreciate in value over time, it is important to bear in mind the other costs that go with a property transaction: transfer costs, agent fees, moving and relocation costs, etc. which eat into the capital you have available.

If you’re thinking about downsizing and don’t know where to begin, contact your nearest RE/MAX office.

Have more unanswered questions? Here are some related questions – and answers – that might help…

What is the best age to downsize your home?

They say age is just a number which suggests there isn’t a “best” age to downsize one’s home. Usually, though, as people approach retirement – in their mid-to-late 50’s and early 60’s – downsizing becomes a serious option.

What are the negative effects of downsizing?

Probably the most negative effect of downsizing other than learning to live in a smaller space, is the stress that comes with such a big move. Other negative effects include the impact of moving away from a familiar part of town and away from friends and family.

What is the proper way to downsize?

In short, the proper way to downsize is to be sure that you’re making the big move to go small for all the right reasons. From a practical perspective, as with most things, the proper way to downsize is to be systematic and organised as you downsize from a larger to a smaller home.