A Guide to Downsizing your Home in Ireland

Whether you're an empty nester looking to simplify your life, a retiree seeking to reduce expenses, or someone who simply wants to embrace a more minimalist lifestyle, when it comes to downsizing your home there are many options open to you.

In this guide, we take you through all the steps involved in downsizing your home:

When should you downsize your home?

First try to assess your current housing and shelter needs. Evaluate your lifestyle and determine your actual living requirements. Consider factors such as the number of bedrooms, garden, storage space, and overall square footage you feel you need. Another important factor to evaluate is the reasons you need to downsize your home or why it would suit your lifestyle and requirements.

The two most popular reasons for downsizing your home include:

Downsizing your home for retirement

Downsizing is a popular option for the elderly, especially as their housing needs change. When you reach retirement, kids have often left the nest and retirees notice that they no longer need such a large home. Moving to a city as one ages to areas of greater availability of amenities such as public transport, shops and more can hold great appeal.

If you're a looking for a home that better suits your needs as you get older, you may need to consider buying a bungalow instead of a two-storey house. Other considerations as part of this can include whether there's a downstairs bathroom, area crime rate, and social activities in the locality. A smaller home or apartment is also easier to protect if using a monitored home alarm like PhoneWatch. This is because smaller homes have less burglary entry points due to a lower number of windows and doors. Home security often increases in importance for the elderly.

Downsizing your home for a minimalist and debt free life

Another frequent reason people cite to downsize their home is to live a more minimal and debt free life. This can include those who've lived in their city and built-up significant equity in their home and now wish to move to the country for more space.

How to downsize your home

When considering downsizing your home there are a number of steps involved. They include:

• Creating a Plan

First, develop a detailed plan outlining the downsizing process whether this is moving to a new smaller home, a granny flat or just creating a smaller space in your home.

• Take Inventory and Declutter

Take stock of your belongings and categorize them into essential items you regularly use and non-essentials. Digitize documents where you can to save space. Keep sentimental items that truly hold meaning. Invest in storage boxes and utilize under-bed storage, wall shelves, and other creative solutions.

• Room-by-Room Approach

Tackle one room at a time to maintain focus and prevent feeling overwhelmed. Sort items into piles for keeping, donating, selling, or discarding.

• Invest in smart home technology

Consider implementing smart technology where possible to make life easier in your new home. Items like a smart plug can program appliances to turn on from the app reducing the need to leave your seat or else have food ready for you when you're home.

• Downsize your Furniture

Consider the size and functionality of your furniture. Opt for multifunctional pieces and choose smaller, space-saving options.

• Sell or Donate items you don't need

Host a garage sale, sell items online, or donate to charities. This can help reduce the financial burden of moving and benefit others.

• Move your home alarm to your new house

A smaller home can be cheaper for home insurance and be less vulnerable to burglary if it has fewer doors and windows vs your previous home. You should notify your home alarm company of your new move. It may even make sense to review your contract as you may no longer need as many security sensors.

Unexpected benefits of downsizing your home

There are many positive aspects of downsizing, such as reduced maintenance, lower expenses, and a simplified lifestyle.

Remember, downsizing is a process, not an event. Take your time, stay organized, and celebrate the newfound freedom that comes with a smaller, more manageable living space.

• Cost Savings

One of the most significant benefits is often the cost savings. Smaller homes typically come with lower mortgage or rent payments, reduced property taxes, and decreased utility bills.

• Reduced House Maintenance

Smaller homes generally require less maintenance. There are fewer rooms to clean, less outdoor space to maintain, and potentially lower repair and upkeep costs.

• Simplified Lifestyle

Downsizing can lead to a simpler, more streamlined lifestyle. With fewer possessions and less space to manage, you may find it easier to stay organized and focused on what truly matters to you.

• Less Environmental Impact:

A smaller home often has a smaller environmental footprint. Reduced energy consumption, less use of resources for maintenance, and potentially a smaller yard all contributes to a more environmentally friendly lifestyle. It may also be easier to upgrade the BER rating as it is smaller in size.

• Time Freedom

Smaller homes can free up your time, as there's less to clean, maintain, and take care of. This can provide more time for hobbies, travel, or spending time with loved ones.

• Financial Freedom

Downsizing can free up equity tied up in a larger home. This extra money can be invested, used for travel, or put toward other financial goals, providing a greater sense of financial freedom.

• Easier Retirement

Many people choose to downsize when they retire. A smaller home can be more manageable on a fixed income, and the reduced maintenance allows retirees to focus on enjoying their leisure time.

• Debt Reduction

Downsizing might be an opportunity to pay off debts or reduce mortgage balances. This can contribute to a more secure financial future.

• Flexibility for Life Changes

A smaller home is generally more flexible, making it easier to adapt to life changes such as job changes, family size changes, or a desire to relocate.

• Easier Aging in a new home

A smaller house with fewer stairs and less maintenance can be more suitable for aging in place. This can provide a sense of stability and independence as you grow older.

Conclusion

There is a lot to consider when reviewing whether you should downsize your home and it is not a decision to be taken lightly. Consider the benefits and disadvantages of the move and make the best decision for you and your family’s future.

From house alarm systems to tailored home security, PhoneWatch create and install alarm systems to match your budget and give you peace of mind. We are trusted by over 118,000 homes in Ireland to keep them safe every day. Get a personalised home security quote today.