Downsizing - What Does It Mean? - by Linda Pelland, Lic R.E. Salesperson, SRES
Coldwell Banker Prime Properties
For baby boomers “downsizing” is a term we hear everywhere. What does it mean? Google the term and you’ll find many definitions. Let’s use this one: To simplify (one's life, for instance), as by reducing the number of one's possessions. To live in a simpler way, especially by moving into a smaller residence.
O.K. that sounds like a nice idea but why should I downsize? You need to answer that question, because without a solid understanding of what you hope to achieve by moving into a smaller residence you may be disappointed.
Finances, medical needs or relocation to another area are but a few reasons. I am a big believer in using pen and paper or computer to find clarification and direction. You don’t need to do it all at once. Collect your thoughts and mark them down as they come to mind that over time your plans and expectations will change and become clearer.
Family, friends, and others will offer advice but professionals will provide proper guidance for your plan. Financial advisers can review your plan and offer suggestions that will maximize your long term financial picture. A realtor can assess the value of your current home and explain the options for downsizing to a smaller home based upon financial, personal, and physical requirements. Realtors with a SRES Certification (Senior Real Estate Specialist) have been trained to understand and work with the emotions and challenges which will affect a move as well as the knowledge to maximize resources for your downsizing plans.