As we enter new phases of life, particularly in retirement or near-retirement, it’s natural to evaluate our living spaces and consider whether it’s time to downsize. For many high-net-worth families, downsizing isn’t just about moving to a smaller home—it’s an opportunity to create a lifestyle that better aligns with your current needs and long-term goals.
To help you make the process smoother, we’ve created the ultimate downsizing checklist and highlighted services to support you at every step.
1. Define Your Goals
Downsizing begins with understanding why you’re considering this significant life change. Are you seeking to reduce the responsibilities and costs of maintaining a large home? Perhaps you want to move closer to family, embrace a new lifestyle in a warmer climate, or enjoy the amenities of a luxury retirement community. Defining your goals upfront ensures the downsizing process aligns with your personal values and long-term objectives. As you plan for the future, consider how your new living arrangements will meet your evolving needs. Features like proximity to healthcare, accessibility options, and opportunities for social engagement can be crucial.
Get Expert Guidance:
- A Seniors Real Estate Specialist® (SRES®) can help you navigate the process of selling your current home and finding a property that suits your specific needs.
- A financial advisor can assist you in evaluating the impact of downsizing on your overall wealth strategy.
2. Assess Your Current Home
Your current home may have served you well, but it’s essential to evaluate whether it still fits your needs. Start by examining its size, maintenance requirements, and usability. Larger homes often come with higher maintenance costs and more upkeep, which may no longer be desirable. By creating a detailed list of these costs, you can better understand the potential financial benefits of downsizing. Additionally, assess whether selling your home or renting it out would provide the most advantageous return. If selling is the right choice, services like Compass Real Estate can simplify the process with concierge programs that help prepare your home for sale, making it as appealing as possible to prospective buyers.
Get Expert Guidance:
- A Seniors Real Estate Specialist® (SRES®) can evaluate whether it’s the right time to sell your home or rent it out.
- Use a real estate concierge service like Compass Real Estate to prepare and market your home with minimal hassle.
3. Identify Your Ideal New Space
Once you’ve decided to downsize, envision the type of property that would best support your new chapter. Whether it’s a condo, townhouse, luxury retirement community, or a smaller single-family home, prioritize features that will enhance your quality of life. Accessibility should be a key consideration, with amenities like single-story living, wide doorways, and modern safety features being essential for long-term comfort. Location also plays a vital role; proximity to family, cultural opportunities, or outdoor activities can make a significant difference in your overall satisfaction. To help bring your vision to life, digital interior design services like Modsy or Havenly can assist you in planning and designing your new space to maximize both style and functionality.
Get Expert Guidance:
- A Seniors Real Estate Specialist® (SRES®) can help you find a property that matches your goals, preferences, and future needs.
- Interior design services like Modsy or Havenly can help visualize and plan the layout and decor of your new space.
4. Financial Considerations
Downsizing has significant financial implications, so it’s crucial to approach the process strategically. Begin by consulting with your financial advisor to assess how downsizing will impact your retirement plan and overall portfolio. For example, the proceeds from selling your current home can be reinvested to support your long-term financial goals. However, don’t overlook hidden costs, such as real estate agent fees, moving expenses, and potential property taxes in your new location. At TFO Wealth Partners, we specialize in helping clients navigate these decisions to ensure their downsizing plans align with their broader financial objectives.
Get Expert Guidance:
- Work with a financial advisor to assess the financial impact of downsizing on your portfolio and retirement plans.
- Consider reinvesting the proceeds from selling your home to ensure they align with your long-term financial strategy.
5. Declutter and Organize
One of the most challenging yet rewarding aspects of downsizing is deciding what to do with a lifetime of belongings. Start by categorizing items into those you want to keep, donate, sell, or pass down to family members. Involving your family in this process can make it meaningful, allowing cherished heirlooms to become part of your legacy. Professional services like Caring Transitions or The Home Edit can provide hands-on assistance, streamlining the process of decluttering and organizing. If you have valuable items, platforms like Everything But The House (EBTH) or Chairish can help you sell them efficiently while maximizing their value. To preserve sentimental items like family photos or documents, consider using services like Heirloom Cloud, which digitizes and archives your memories for future generations.
Get Expert Guidance:
- Services like Caring Transitions or The Home Edit can help organize and simplify the process of decluttering your home.
- Use platforms like Everything But The House (EBTH) or Chairish to sell valuable items.
- Preserve memories with services like Heirloom Cloud to digitize and archive cherished family photos.
6. Plan the Move
A well-planned move can significantly reduce the stress of transitioning to a new home. Start by selecting a reputable moving company that specializes in senior relocations, such as Gentle Transitions or United Van Lines, both of which offer tailored services for downsizing families. If you’re not ready to part with all your belongings, interim storage solutions like MakeSpace or PODS provide secure options while you decide. To make your new space feel like home, create a detailed floor plan in advance to ensure your furniture and belongings fit comfortably.
Get Expert Guidance:
- Hire a moving company like Gentle Transitions or United Van Lines, specializing in senior relocations and downsizing.
- Use storage solutions like MakeSpace or PODS to store belongings temporarily.
- Consider a professional organizer to ensure your move goes smoothly and your new home is efficiently arranged.
7. Embrace the Emotional Journey
Downsizing is more than a logistical task—it’s an emotional journey. While the decision to leave a beloved home may feel bittersweet, it also provides an opportunity to focus on what truly matters. Taking time to honor your previous home, perhaps by creating a photo album or digital scrapbook with a service like Artifcts, can help preserve those cherished memories. Look forward to the possibilities your new space offers, whether it’s greater freedom, reduced responsibilities, or the chance to create new traditions and experiences.
Get Expert Guidance:
- A therapist or counselor can help manage the emotional transition of downsizing.
- Consider digital archiving services like Artifcts to preserve memories and artifacts from your previous home.
8. Work with a Trusted Team
Downsizing is easier and more successful when you have a team of trusted experts by your side. In addition to working with a financial advisor to manage the financial aspects of the transition, consider hiring professionals who specialize in downsizing. Real estate agents with an SRES® designation can guide you through buying or selling with your unique needs in mind. Professional organizers and estate planners can ensure your assets and belongings align with your downsizing goals, while tech experts like Best Buy’s Geek Squad can help set up smart home devices and technology in your new space.
Get Expert Guidance:
- Real estate agents with an SRES® designation can help you navigate the process of finding a home that meets your needs.
- Work with a professional organizer or estate planner to ensure your belongings are handled appropriately.
- Utilize Best Buy’s Geek Squad to assist with setting up technology in your new home.
9. Reimagine Your Purpose
Downsizing isn’t just about physical space—it’s an opportunity to realign your life with your values and purpose. With less time spent on home maintenance, you may find more freedom to pursue hobbies, spend time with loved ones, or support charitable causes. At TFO Wealth Partners, we’re here to help you connect your wealth and purpose during this transformative time.
Get Expert Guidance:
- Your TFO Wealth Partners advisor can help you ensure your downsizing decisions align with your broader goals.
- Work with a life coach or advisor to explore how downsizing can help refocus your priorities and aspirations.
Are you ready to simplify your life and embrace your next chapter? Reach out to us to learn how we can guide you through the financial and emotional aspects of downsizing.
