Cutting Back: Should You Downsize Now?
Cutting Back: Should You Downsize Now?
August 12, 2020
If there ever was a time to reconsider all of the stuff we own, now is certainly that time. Between the economic downturn, the increased time we’ve spent at home, and the uncertainty of all of our futures, many of us are reconsidering both past purchases that fill our homes as well as the future accumulation of more possessions. We’re all likely learning that less is more. So the question then becomes, is now the right time to downsize? Either to jettison unwanted or unneeded possessions or even move to smaller and less expensive housing? From past agebuzz posts, we know that it’s never easy to downsize- whether finding a new home for your prized possessions or selling or giving away items that no one wants any longer. And while the pandemic may be pushing more of us in that direction, it also makes the process more complicated.
To get a lay of the land, you might first want to take a look at a recent piece by Richard Eisenberg on Next Avenue. Eisenberg has interviewed Professor David Ekerdt from the University of Kansas, whose new book, Downsizing: Confronting Our Possessions in Later Life presents findings from his research about downsizing. Ekerdt found that over 60% of those over 60 feel they have more possessions than they need but they also feel that downsizing is hard work and drudgery. As one survey respondent stated, “I just wished at one point there could be a fire to take care of all these things.” So if you’re feeling overwhelmed by the prospect but lazy about the actual implementation of a plan, you’re not alone.
Over at Nerdwallet, writer Liz Weston found that even if you do decide to get rid of belongings, the pandemic is definitely having an impact on pricing. The first challenge may be getting appraisers to give you prices, though some are apparently willing to do so virtually. She also cited many online sources for selling (or giving away) your goods, including Replacements Ltd. for selling china, jewelry, and housewares, and Biblio for selling rare or collectible books you want to shed. If you’re environmentally concerned and looking to recycle items to neighbors in need, you may want to try your hand at The Freecycle Network or The Furniture Bank Network. In fact, given the anticipated number of households that will need downsizing help over the next 20 years (and the anticipated value of $20 trillion in household items that will need to be jettisoned), there’s a new collaboration between the moving company William Chuff and the not-for-profit Renovation Angel to help ease the downsizing and distribution process of household goods while recycling unwanted items and even generating tax deductions in the process. And if you’re struggling on your own with your “toss, keep or donate” piles, you might find a little humorous support from a recent New Yorker post on “The Great Storage Locker Dilemma.”
Finally, for some, downsizing is not only about shedding possessions but also moving to smaller and cheaper housing. But in today’s real estate market, with valuations questionable and moving surely a hassle, one alternative you may want to explore: The Downsize Side Hustle: How we downsized in place and made BIG money!, a new book by entrepreneur Art Barry that provides practical advice to “downsizing” your home and yet staying put (and even earning additional income) by creating private guest quarters in your current home.