IS IT TIME TO DOWNSIZE?

7 frequently asked questions about making the move

Kay Volman, age 79, knew she needed to make a big life change several years ago when she had surgery on her Achilles tendon and was in a cast for weeks. 

“My husband had been talking about the idea for a while, and while I was recovering from the surgery, I realized he was right,” Volman says. “It happens. You realize you just can’t do the same things you used to.” 

The Volmans faced the fact that they were spending way too much time maintaining their massive, 18th-century home in Maryland, the place they had called home for 42 years. 

They uprooted their life and relocated to a familiar area in the Virginia mountains, choosing to build a smaller cottage that still had plenty of room and a functional layout for visiting children and grandchildren. It also has little to no outdoor maintenance other than optional gardening, which Volman enjoys. 

“This is another season of our life,” she says. “And we are very fortunate because we are still in good health. We did it at the right time, so we are still able to enjoy it.” 

The Volmans’ journey is what’s commonly referred to as downsizing. It typically happens later in life, as a person or couple reevaluates their future and what they need from their home. 

Downsizing is a big decision, so we asked Karl Miller, of Karl Miller Realty, to answer some of the top questions he receives from homeowners. 

What are the benefits?
Miller says most of his downsizing clients have a lot in common with the Volmans. 

“Most of these folks are coming from older houses that are in need of maintenance and want to get into a home that just has less stress,” he says. 

Along with reduced square footage, he adds, comes reduced energy costs and less space to clean. “You get to enjoy life instead of constantly taking care of your property,” he says. 

One benefit that’s a little tougher to talk about is how downsizing can typically make things easier for children and grandchildren down the road. 

“You don’t want to be forced to make tough decisions late in life by others when your physical or mental health has deteriorated,” he says. 

Volman also notes that none of her children wanted her historic Maryland home. “They would love to inherit the house we have now!” she explains. 

When should I downsize?
There are several big signs, according to Miller: 

• You have a lot of unused space in your house. “If you aren’t going into half of your house, then you aren’t using that asset very well. Get into a home that fits your needs.” 
• You’ve been thinking about it, or your children or grandchildren have mentioned it to you. “If your family members are suggesting it, that’s a cue. It might not be easy to hear, but they know you best.” 
• Your house is paid for. “If you aren’t burdened by a mortgage, it’s a really good time to downsize.” 

What about my stuff?
The longer you’ve been in your home, the more challenging it can be to downsize. Volman recalls feeling worn out as she cleaned out their home of 42 years. 

“It would have been a piece of cake if I was 25,” she laughs. “So time is important. Make sure you either wait to sell your home when you have sorted through some things or put extra time in your contract.” 

Volman had a yard sale for odds and ends and found antiques dealers for a lot of the furniture she had acquired through the years. 

Miller agrees that moving is “short-term pain,” but your real estate professional can help point you in the right direction, including how to hold an estate sale. 

He also warns that there is often a sense of loss associated with the transition. 

“It can feel like you are selling your memories,” he explains. “But I always tell people, you don’t need that physical property to have those memories. You will always have them with you in your mind.” 

Where should I live?
“Location, location, location” is one of the mantras in the real estate world — and it’s just as important if you are in your golden years. According to Miller, the number one reason people are moving right now in the U.S. has to do with family ties. 

“I find it fascinating that 21 percent of Americans move because of family connections*. They are trying to get closer to kids or grandkids or maybe an aging parent that isn’t doing well,” he says. 

This is a time in your life where you finally have the time to do the things you enjoy — whether that be your church, outdoor opportunities or visiting restaurants and shops. 

“So you want to look for a home that has those things within an easy distance,” Miller says, adding that in some cases, hospitals or medical centers also may need to be in close proximity. 

*According to surveys of buyers and sellers by Buffini and Company

What type of home should I look for?
While most people think of reduced square footage as the main indication of downsizing, Miller recommends to his clients to look more closely at floor plans. 

“Make sure it flows and works well for you. I’ve seen 1,500-square-foot homes that are way easier to live in than larger homes because the floor plan is a better design,” he says. 

Many people look for one-level living or, at the most, one-level living with a basement; they typically avoid multi-level homes or homes with split foyers. If you are leaving a home because you want less maintenance, you’ll also want to find a home that’s move-in ready or needs minimal updates. 

What’s the first step?
Before you start cleaning out your attic or scheduling an estate sale, Miller says it’s important to sit down and discuss your options with a real estate professional. Also, bring other family members into the conversation, such as adult children, if appropriate. 

“The smoothest transactions are the ones where kids are 100 percent on board with getting mom and dad moved into a smaller house,” he says. 

Will I be able to afford it?
After you call a real estate professional, he or she will evaluate your current home, run some numbers, and then show you what you would net after a sale. 

“Sometimes there is maintenance or work that needs to be done — but not always. Even by just spending $5,000 on a couple of updates, we can oftentimes get a huge return on a sale,” Miller says. 

One of the biggest factors in downsizing right now is whether the homeowners have their house paid off. If you aren’t downsizing out of necessity (divorce, death, illness, etc.), it may not make sense to trade a 2- or 3-percent interest rate for a 7-percent interest rate in a smaller home. 

“Bottom line: You want to be within budget; the numbers need to make sense for you personally,” says Miller. ✦