Redefining downsizing – imagining your lifestyle by design

When John Lennon wrote Imagine, he was envisioning a better world and hoping to inspire a different outcome for the people listening to his music. This idea of redefining the future was brought to life by a generation of Baby Boomers that redefined everything from clothes to careers to philanthropy and politics. The Baby Boom generation carved such a creative and dynamic path through the world that they are the healthiest, wealthiest and most educated generation of 55-plus humans the world has ever seen.

That brings us to retirement and downsizing, the next thing that Baby Boomers are redefining, and a big step in that process is imagining a better future.

Where previous generations of seniors have notoriously been tied to their easy chairs and inactive habits, Baby Boomers are rejecting that life, choosing to imagine their next chapter and pursue their passions and renewed purpose into a third age.

One of the biggest lifestyle trends among Boomers is downsizing earlier than the previous generation. Boomers are downsizing with intention, choosing to leverage the equity in their home to fund their new lifestyle and renewed purpose. While it may start with a splurge on a big purchase or travel adventure, it often shifts into longer term purpose driven activities such as volunteering, mentoring or family. Aligning their real estate choices with their life choices is the core of our process. Whatever they choose, now it’s their time.

FINANCIAL BENEFITS

“The global pandemic has been devastating for many, however, it has provided a great opportunity for Baby Boomers,” says Vincent Côté, CEO and broker at Transitions Realty. “As young families seek more space to work from home and accommodate virtual school, there is now a tight sellers' market for larger detached homes. This means that Boomers may have an amazing opportunity to sell at premium prices, which can be an extra bonus to their retirement nest-egg.”

The decision to downsize space is not always a financial one, although many Baby Boomers admit it’s the first thing they think about.

“The redefinition of downsizing means that people are not just looking at their physical space, but doing more planning around their social life, health and wellness and financial needs,” says Côté.

AGING IN THE RIGHT PLACE

There’s been a lot of news recently about Boomers choosing to age in place. At Transitions, we believe it’s not just about aging in place, but about aging in the right place and, equally important, the right community. It is so important to ensure that your home addresses both your active lifestyle and your future needs.

Joe and Jen purchased a pre-construction townhome from a developer as their downsizing property without thinking about the mobility issues they might have. While the property was being built, they approached us at Transitions. We reassessed their long-term needs, and they realized it was not a suitable age-in-place home. We then worked with them to transition to another home that better suited their long-term goals of community connection, health concerns and physical independence.

“Keisha helped us see that our four-level townhome was not the best house to age in place,” the couple says.

PREPARATION AND PLANNING ARE KEY

There are a multitude of downsizing companies that will pack up your house for you, and help you put things into storage or auction off your belongings. What’s missing from this formulaic approach, however, is the mental, emotional, and intellectual aspects of uprooting your life.

What we’ve learned from talking to other Boomers is they aren’t prepared for the transition. Every Baby Boomer we’ve worked with or spoken with in our business has struggled with the process of transitioning. This is mostly due to the transactional nature of the current downsizing approach. We believe it goes deeper than just a transaction.

The Transitions model is a full-service concierge style approach for clients interested in downsizing. While real estate is at the heart of what we do, Transitions believes helping Baby Boomers create a lifestyle by design is the best way to be prepared and fully enjoy the process.

As Lennon inspired us to do, it starts with imagining your future.

To get started, Transitions has developed a tool for Baby Boomers to start working on what that future looks like. If you are ready to create your Lifestyle by Design, visit downsizingexperts.ca and download the free Rightsizing Workbook.