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As more and more children of Baby Boomers head out on their own many of these empty nester parents start to consider selling the large family home and downsizing. There?s a lot to love about a smaller home ? less time and money required for home maintenance, less expensive to heat and cool, smaller mortgage payment ? particularly in highly desirable locations such as on the water or in a great area of the city. Active retirees are often drawn to the amenities in many communities that have smaller homes or condos such as golf courses, boating, tennis, hiking, and more.
When working with clients considering downsizing it?s easy to get excited about these benefits, and to showcase how much fun this type of lifestyle can be. Most won?t miss mowing the lawn or cleaning four bathrooms, but it can be a very emotional thing to consider parting with a home you?ve lived in for many years and raised a family in. Even for families that moved around a lot downsizing can be a tough transition to think about.
Here are some ways to talk with your clients about their concerns:
1) No room for family and visitors.
This is often the biggest sticking point for those with far flung relatives. The home might too big for one or two people fifty weeks out of the year but when all the children, spouses, and grandchildren arrive in town for Thanksgiving or Christmas it?s bursting at the seams. It can be hard to consider a home that won?t have enough room to host these family gatherings, but there are other options. Is there a great hotel or bed and breakfast nearby where out of town guests could stay comfortably? Some larger communities even have an onsite hotel within walking distance. What about renting a vacation home where everyone can gather on holidays, either nearby or in a fun new designation each year? Maybe it?s time to give Mom a break from roasting the turkey every year and rotate the hosting duties among the adult children, who might love the chance! It can be tough at first to rethink time tested family traditions, but there are a lot of great options.
2) Having to part with possessions.
Moving from a large home filled with furniture, clothing, books, dishes, artwork, etc, etc, into a smaller space that will accommodate only a fraction of these items is daunting to say the least. It requires a lot of time, and can be an emotional experience to get rid of meaningful belongings. Help your clients picture what a beautifully decorated smaller home can look like by showing them model homes in the communities they are considering. This might get them excited about living among a carefully curated collection of the things they?ve accumulated over the years. Heirlooms can be passed down to children, valuable pieces sold, and everyday items donated to charity (often with a tax benefit.)
It?s important to focus on the positive aspects of the move while acknowledging and addressing any concerns about the change.
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