How Downsizing Your Home Can Unlock a More Fulfilling Retirement

As Australians enter retirement age, this whole notion of a “golden” years is changing. It’s no longer just a time to retire and ease off. It is increasingly recognised as a golden opportunity to re-invent one’s way of life, focus on health and enjoy the aspects of life that are truly important. Yet, many are still bound to oversized homes that are a time, money and energy black hole. There are understandable psychological reasons why people are reluctant to leave their family homes but downsizing is increasingly regarded as a major play to position yourself for a more enriching, happy and social retirement.

The Hidden Costs of Maintaining a Large Family Home

The decision to continue to live in a four-bedroom home well after children have left home can also be a physical and emotional strain. Long work and gardening weekends can be tiring, as can be spending evenings cleaning out and keeping up with the maintenance of a large, empty house. The once-place-of-frenzy can become a physical- and financial-burden for older couples.

Moreover, maintenance expenses are only increasing with time. Reducing the size of your home reduces the number of power bills, water rates and other unwanted home maintenance costs. This cost saving combined with the lack of arduous household chores, is why many older Australians are downsizing. The end game is to spend your retirement enjoying your life, not being an unpaid real estate agent for an empty two-story home.

Reclaiming Your Time and Embracing Active Living

Where maintaining a large property often leaves a long list of chores to complete, this can be avoided by outsourcing such chores to a property manager. New retirement options are designed to address this strong sense of needing flexibility and freedom. Retiring into purpose-built developments like Lifestyle Communities can free up active downsizers to enjoy the freedom of one-person living with resort-style amenities and activities – while the hard work of home-maintenance is taken off their shoulders.

Free from maintenance burden, downsizers can easily lock their doors and leave for a long vacation without concern for watering the plants and protecting the home. Or they can enjoy their afternoon doing activities in the community, attending exercise classes and focusing on their health and wellbeing. This profound shift from home maintenance to self-improvement is a whole new ball game for physical, emotional and spiritual health, and satisfaction.

The Mental Health Benefits of Staying Connected

In addition to the obvious benefits of downsizing to a smaller home, the health benefits of placing yourself in a community-oriented space is significant. Remaining in a large and remote home might also paradoxically cause loneliness. As neighbourhoods evolve and relocate, friends relocate, and the make-up of the community changes, older adults can become more alienated in their community. Being in the mix of those who share a similar life stage and interests and worldviews creates a community network.

These regular interactions within the community are priceless. Indeed, the National Institute on Aging’s guidelines on loneliness and social isolation point out strong social connections have a tangible impact on subsequent mental and physical health. A chat over the fence, being part of an organised shared hobby or getting together with a neighbour for coffee can be an important protective measure against isolation, and therefore anxiety and depression.

Practical Steps to Make the Transition Easier

Organising a lifetime’s worth of memories and belongings can seem an overwhelming task. But dividing the whole process into smaller, more manageable steps will make this a possibility, and a less intimidating one. Becoming a non-working carer can be a life change and if this is something you are planning there are some steps you can take to prepare and make the transition less stressful.

• Everyday, begin the decluttering process, starting with one room. Decide what to keep, give away, give to your relatives or sell.
• Consider carefully the kind of lifestyle you would like. Look for new places with easy walking or public transport to medical facilities, local parks and leisure places.
• Culture is key when you’re house shopping. Consider buildings with communal spaces, or have a community garden or local clubs nearby to help you connect with new people.
• Consult with a financial planner to understand the local taxation, pension and future cost savings, associated with selling your big family home.
• Prepare both mentally and emotionally for your move by sharing your ideas with friends and family, giving yourself emotional support.

Embracing the Next Chapter

After all, the decision to sell the family home is a significant life transition and is accompanied by bittersweet emotions and memories. But, as a means to support your long-term health and well-being, downsizing is a powerful opportunity. As you exchange empty bedrooms and time-consuming lawns for enriching connections with friends and relatives, as well as smaller living areas, you create opportunities for a more fulfilling retirement.

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