People downsize or all sorts of reasons. It can be a financial measure: if your circumstances change it’s well worth compromising on living space to reduce your outgoings, for example. Or you might want to liberate some of the capital tied up in your property so you can use the money rather than living in it!
It might connected to a change in your life: retirement is a time when many downsize, as they don’t have a full family living at home, and the routine cleaning maintenance of a large house begins to become burdensome as you get a little older. You want to be able to focus your energy on enjoying your retirement, not hoovering rooms that no one uses any more. It can also feel lonely, to be rattling around the same house you raised a family in as a single, older person with all of that behind you.
You might even be downsizing your life within the same house, so you can open it to lodgers! If you have a big house, you could well provide for your own retirement by confining yourself a single small flat within it and letting the rest out.
Whatever the reason you are planning to downsize, it brings with it a host of logistical problems, and today we’re showing you how you can start solving them today!
Bluntly, you’re going to need less things. What you can comfortably fit into a generous three or four bedroom house simply won’t fit in a one or two bedroom flat. You can start clearing out today, though! Find out if any of your friends would appreciate some of your spare items. You’d be surprised who might need a spare bedframe, or a mattress, and this helps slim down your clutter while doing someone a good turn!
If there are things you think you can sell or dispose of, but in weeks or months rather than the short time scale you’re working with, look into a storage facility like byStored. Getting them out of the house doesn’t just give you more physical space. It creates the emotional space you need to start getting rid of things you’ve owned for years.
Talk to Your Financial Advisor
At the root of it, most reasons to downsize are financial, or at least have financial implications, and you want to be sure your you’re dealing with them efficiently. You should read the Important Things to Help Protect Your Home in Bankruptcy. It’s no good downsizing to free up some money, but being unprepared when it drops into your bank account.
Speak to your financial advisor to come up with a plan to make the most of that extra money and ensure you can really achieve your aims.