Contemplating retirement is also the time to
start contemplate downsizing your home. You might be tired of
all the work a big house requires, especially if you plan to do
some traveling. Mowing grass, raking leaves, shoveling snow and
chasing dust bunnies through 5 bedrooms can become overwhelming at
times. The only problem is downsizing can be equally as stressful.
It can also be expensive and upsetting.
Here are some things to consider before taking that leap.
Your existing home
Selling your home in the current depressed real estate market
can be a daunting task. The better option might be to try to rent
it until the market improves. Of course, the danger is being caught
paying for two homes at once if your tenant breaks the lease and
you are unable to find a new tenant.
The cost of moving
It's easy to forget about the actual cost of moving. Unless you
have a lot of friends and family to help you schlep boxes and
furniture, you'll need to hire someone to do the heavy lifting for
you. The cost will depend on how much you have to move and how far
as well as if you want to pack it or have the moving company pack
it. If you have the time, you can save money by packing it yourself
and simply hiring a company to move everything to the new location.
This can range anywhere from $500 - $2,000 depending on the
quantity of items and how far it needs to move. If you don't have
the time, you can have a company pack, move and unpack your things.
This can range anywhere from $2,000 - $4,500 and can sometimes be
upwards of $10,000 - all depending on quantity and distance.
Your new home
Settling in to your new home can sometimes cost more than you
might think. With smaller closets or a different layout, you may
have to invest in shelving units and wardrobes or space saving
furniture. Making the space work for you can be fun, but costly as
well. It's a good idea to budget for any improvements that might
need to be made to make your new home comfortable.
Your belongings
Getting rid of things can often be the hardest part of
downsizing. It's easy to become attached to items you've collected
over the years and saying goodbye to them can be sad or
disappointing. Choosing between the items you want to keep and the
things that are expendable such as items associated with
significant events in your life (graduations, weddings,
grandchildren etc.) can be painful, but sometimes very necessary.
You might find there are certain items you just can't part with,
but don't have room for either. Storing some of your collectibles
is always an option, but you also might be surprised to find that
some of your family members might be happy to store them for
you.
Donate, Donate, Donate!
Whatever you decide to do with the items you can no longer
store, keep charitable organizations in mind. There are always
organizations willing to take just about anything. From furniture
that can be restored to clothes that are considered vintage to pots
and pans for those that can't afford new ones, there is always
someone that would love to have your gently used items.
At first downsizing and getting rid of items you once loved
might be hard but after you experience your smaller scale and
easier to maintain lifestyle, you may feel a sense of freedom you
haven't felt in years!
Carrie Robertson
Research & Community Education
Chicago Skilled Nursing
Chicago Senior
Living