Things to Consider When Downsizing Your Home
Written by Karoline Gore Downsizing is becoming an increasingly popular prospect for Americans, especially for older Americans — with senior downsizers exceeding upsizers by 3 to 1. The reasons why seniors are downsizing could potentially be because it's a way to generate equity for their kids, allowing them to use it at a time when they're trying to climb the property ladder themselves, or as a way to declutter and get into a more manageable space. Further, many seniors are looking for the opportunity to inject some new life into their Golden Years. Whatever the reasons may be, the objective is always the same: peace of mind. Here are some things to consider when making the move to downsize your family home. Home Warranty One of the first things you’ll want to consider in order to secure that peace of mind is home insurance. There are unsurprisingly a lot of choices out there for this, and naturally you want to make your money count in this area. Finding one that provides the right amount of cover for you can save you a lot of time and hassle down the line, helping you avoid those surprise out-of-pocket payments. A survey conducted by Homes.com cited both spending less money and saving money as the leading driving factors for people downsizing. Shopping around for a plan that covers the right amount whilst not hitting you too hard with premiums, can prove central to achieving those aims. Contents Insurance There are similar insurance considerations when it comes to specific items in your home not covered by a broader home insurance package. While you’re going to have less material possessions, you’re going to want to focus on looking after what you keep. A family heirloom or a piece of antique furniture will require unique coverage in the event of theft or damage. Finding the right coverage for your new move is not necessarily about finding the cheapest or most comprehensive. It’s about considering the new implications of where you’ll be living and what you need covered to meet those new needs. Spending the time early will ultimately save you inconvenience and stress when it counts. Swedish Cleaning The same homes.com survey also listed getting rid of possessions as a major downside to the process with 50% of respondents identifying it as an issue. The Swedish döstädning or ‘death cleaning’ can be a useful thing to think about when approaching downsizing. Simply put, döstädning describes the process of decluttering your home so that those you leave behind won’t have to sift through all your belongings when you’re gone, an often painful and time consuming process. Downsizing can figure quite neatly into a strategy like this, while not perhaps as macabre as it first seems, death cleaning is much easier to do if you’re planning on moving into a smaller space. While potentially stressful and unpleasant in the short term, decluttering your space can lead to a better picture of mental health in the long run. For both you and those you’ll eventually leave behind. The goal to keep in mind is to worry about less things by having less things to worry about. Securing the things that count while jettisoning the things that don’t is a daunting task at first but is ultimately a rewarding one. Ensuring both financial and mental wellbeing.
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