According to the National Association of Realtors, 12% of homebuyers between the ages of 45 and 64 have downsized this year. 42% of seniors over the age of 65 are also planning to downsize when they next move. There are many ways that you can help to support your elders if they have made the decision to move to a smaller home. This includes practical support, such as sorting out the belongings that they have accumulated over the years. You can also help your elders obtain advice on any of the financial concerns that they may have.

Financial planning for the future

Many seniors make the decision to downsize for a number of reasons. Often they believe that a smaller home will be more manageable. They may also want to have some equity released from their existing property to put by for the future. Guiding your elders to someone that specializes in estate planning and elder law issues can really help. They will be able to calculate the amount of money that your elder may need to save in order to be able to cover living expenses as they get older. It will also help them to be able to work out the sort of home they can afford. This sort of financial planning means that your elders can have peace of mind that they will have enough savings to live comfortably as they get older.

Preparing to downsize

One of the biggest worries for elders when they downsize is that they won’t be able to fit their possessions in their new property. Preparing to downsize means sorting through belongings and dealing with any clutter that they may have. It is important to get this done sooner rather than later, as most seniors have far more belongings than they actually need, but they may find it an emotional wrench getting rid of some of these items. You may need to help your elders declutter by first putting out items that they are not attached to. Suggest that these are donated to goodwill so that they can help another family in need. It is a good idea to document any items that your elder wants to keep, such as photo albums, so that you can keep track of what is staying and what is going.

Thinking about the new home

When your elder is thinking about downsizing, it is worth considering their needs when looking at a new home. Go and visit potential new homes with them, making sure that accommodation has the amenities that they need for everyday living. Look at the rooms, and help to decide if they will still have the space needed to suit their lifestyle. For instance, if they like doing jigsaws, it may be important that there is desk space to do this. It is also worth considering the community if they are thinking about moving to a new area – will it be suitable and offer activities to suit their interests?

You can really support your elders if they want to downsize. You can contribute towards the practical arrangements of moving, and also help them find professionals to organize essential financial planning, ultimately helping to take the stress out of the move.