Downsizing your home for retirement: Steps, benefits & more

25 June, 2024
By Storo
Downsizing your home for retirement: Steps, benefits & more

With decades of hard work under your belt, that glorious milestone is finally upon you: retirement, your time to wind down and finally relax. You’ve earned it! You deserve nothing more than to enjoy this chapter of your journey, and we have one life-changing suggestion to make the road ahead even smoother — it’s time to downsize your home.

If the echoing rooms haven’t yet convinced you, we discuss a host of benefits that come with this smart decision. We also provide tips on how best to do it so you’re prepared for your new life of leisure! 

What Is Downsizing?

Downsizing refers to the process of moving to a smaller — and typically less expensive — home. It’s often associated with more simple, minimalistic living, and reducing your worldly possessions alongside your square footage. While this can benefit homeowners at any stage of life, there are particular perks for those at retirement age. 

Benefits of Downsizing Your Home for Retirement

retired couple sitting together watching tv

A Bigger Nest Egg 

Selling a larger home and moving to a smaller, less costly one can result in a substantial influx of liquid cash. This can come in handy in a number of ways — paying off any outstanding debt, supplementing your retirement income, or even funding those bucket list items you never had the time to tick off.   

Lower Monthly Costs 

Smaller homes typically come with lower property taxes, insurance premiums, utility bills, and maintenance costs. This can free up more of your retirement income, and add new meaning to those ‘golden’ years. 

Simple, Relaxed Living

After a lifetime of chores and a busy career, you deserve to kick back; a downsized home requires way less maintenance and upkeep. Simple tasks can also cause a lot more strain on your body as you get older, so a tinier, cosier home can do wonders for your mental and physical health. 

Greater Accessibility 

Moving to a smaller, single-story home can be the most practical option as you age. Without stairs to climb daily, your risk of falls decreases and it becomes easier to navigate your home if mobility becomes an issue. 

Relocating to the Ideal Neighbourhood 

Downsizing can also open up the possibility of moving to a more desirable location. Smaller homes are often more affordable in sought-after areas, allowing you to live in a place that better suits your lifestyle and preferences. With more time to spare and no job to keep you busy, you might be more interested in hobbies, clubs, and opportunities to get involved with your broader community.

You might also want to live closer to healthcare facilities, family members, and even public transport options (in case driving becomes difficult). Considering all the benefits of smaller homes we’ve discussed, trading square footage for a better location might not even feel like a compromise. 

How To Downsize Your Home for Retirement

Step 1: Choose Your New Home

Whether you’re moving to a cosy condo near family or settling down in a retirement village, you should take extra care when choosing your new home. A smaller home doesn’t necessarily mean an accessible one. Look out for features like slip-resistant floors, benches and grab bars in the bathroom, and good lighting. Do thorough research on nearby amenities and seek out opinions of what it’s like to live in any places you’re considering. 

Step 2: Get Rid of Excess Belongings 

When you’re up there in the years, chances are that you’ve accumulated a lot of stuff. Decide on your absolute essentials — bye-bye briefcase and office attire — and start getting rid of the rest. Anything you don’t need in your home can be sorted into four categories: donate, sell, throw away, and store. 

Here’s how to sort your items into each pile:

  • Donate: Some of your things might be pretty useful — just not to you. Consider donating them to friends, family members, or charitable organisations. You get to declutter and someone else benefits from your stuff; it’s a win-win situation! 
  • Sell: Got anything of high value? Appliances, electronics, and large furniture you no longer need can fetch a high price. Every cent counts towards your retirement fund, so check out online platforms, physical marketplaces, and second-hand stores for selling any valuables. 
  • Throw Away: Anything that’s no longer in usable condition can be tossed/recycled. This includes outdated electronics, plugs, etc.
  • Store: Don’t have space for those family heirlooms in your new abode? That’s what storage units are for! They’re also great for seasonal items, important documents, and anything else you don’t need daily access to. 

Step 3: Enlist Moving Help

retired friend helping other friend move

Once you’ve chosen what to keep, pack your stuff up using high-quality moving materials. The next step is finding moving help, because this step truly takes a village. If your friends or family members can’t help you on the day, consider hiring professional movers to do the heavy lifting. You’ll need a moving van for big pieces of furniture and appliances, and expert movers will handle your things with particular care. 

Storo Self Storage Can Help You Downsize for Retirement 

Downsizing for retirement is one of the best decisions you could make for yourself — but let’s face it, moving is a huge hassle. Here at Storo, we’re committed to making your move as smooth as possible. Need sturdy moving boxes? We’ve got affordable options in varying sizes. Not sure where to put your things in between places? Our storage units are available on short-term contracts for temporary moving needs. We also have long-term options for storing excess items year round. 

With our controlled access and advanced security measures, you never have to worry about your stuff. Think of us as your second home, while you enjoy a cosy, clutter-free place post-retirement.


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