Downsizing can be an emotional yet rewarding transition for retirees and empty nesters looking to simplify their lifestyle. According to Antonie Goosen, principal and founder of Meridian Realty, careful planning is essential to ensure a smooth move into a smaller, more manageable home while maintaining financial stability and quality of life.
Many homeowners delay downsizing because they are emotionally attached to their family home, but Goosen advises that early planning can make the process far less overwhelming. “The key is to think practically about your future needs and make a proactive decision rather than waiting until circumstances force you to downsize,” he says.
Financial considerations play a crucial role in the downsizing process. Homeowners should assess the costs associated with selling their current home, purchasing a new one, and covering potential relocation expenses. “Many people assume that downsizing automatically saves money, but factors such as levies, security, and maintenance in a smaller property should be carefully evaluated,” Goosen explains. He also highlights the importance of ensuring that proceeds from the sale align with long-term financial goals, especially for retirees relying on investments.
Another challenge is deciding what to do with excess belongings accumulated over the years. “Sorting through decades of possessions can be overwhelming, but starting early and taking a systematic approach can ease the process,” Goosen advises. He recommends prioritising essential items, donating or selling what is no longer needed, and considering storage solutions for sentimental keepsakes.
Location is another crucial factor. Many retirees opt for secure estates, retirement villages, or lock-up-and-go properties that offer convenience and community support. “Think beyond the size of the property and consider accessibility to healthcare, family, and amenities,” Goosen suggests.
With proper planning, downsizing can lead to a more fulfilling and stress-free lifestyle. “This transition is an opportunity to embrace a simpler way of living, reduce maintenance responsibilities, and free up time and resources for the things that truly matter,” says Goosen. He encourages homeowners to approach the process with an open mind and seek professional guidance to ensure they make informed decisions.
