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August 21, 2024 17 mins

In this episode, Dennis and his co-host Judy Gratton discuss the top five reasons why starting the downsizing process sooner rather than later is important.

This episode discusses the financial and practical benefits of downsizing your home during retirement. It covers the costs associated with maintaining a large home on a fixed income and the financial flexibility gained from moving to a smaller or rental property. The current real estate market conditions are also explored, including the difficulties in selling a poorly maintained home. Additionally, the video emphasizes the importance of starting the downsizing process early to maintain control over decisions and avoid burdening family members.
They highlight the importance of reducing the burden on loved ones and finding a balance between preserving memories and practical downsizing.

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Episode Transcript

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Dennis Day (00:00):
Hello everyone.
This is Dennis with GettingDownsized in.
Home and Life podcast.
I hope your day is going well.
We have a fabulous show for youtoday.
We're going to share the topfive reasons why you should
consider downsizing sooner thanlater.
I'm here with my co-host, judyGretton, from Long Beach,

(00:22):
washington.
How's it going?

Judy Gratton (00:25):
It's great, Dennis .
It's always great when I'm inLong Beach.
Thank you so much.
How are you?

Dennis Day (00:31):
Really excited about this show because we get this a
lot in our business, wherepeople really struggle to make
the decision to finally do thedownsize Correct.
We're going to give you somereasons why you should consider
downsizing sooner than later.
Here we go with top fivereasons.

(00:51):
Number one your children won'tforgive you for leaving so much
work for them, and I've gotexperience with this, judy, and
we see this a lot in ourbusiness since we work with a
lot of seniors.
If you love your children, youwill start your downsizing
process and leave as little workfor your children as possible.

(01:12):
They've got busy lives, workingmay have children, and one of
the last things they want to dois sort through your old stuff.

Judy Gratton (01:22):
You're not going to be happy when they do,
because they don't put any valueon it at all.
You put a lot of value on it,and so there are ways to achieve
a happy medium with that.
Dennis, I would love for you totalk about your mother and the
pie plates.

Dennis Day (01:41):
Yeah, father, I had experience until my dad passed
of quite a few downsizingadventures and she finally had
to move from independent livingto assisted living.
Part of assisted living is youcan't have a working stove
because it's not safe.
She had these pie pans and nooven or anything to cook with.

(02:04):
She was holding them tight toher chest and saying, oh, it's
so hard.
She hadn't cooked pie for yearsbut those two Pyrex glass which
you can get anywhere for about$10, were just precious to her
because it was all thoseThanksgivings and Christmases

(02:27):
and birthdays where she made piefor the family.
Pie was one of my father'sfavorite things and even though
she wasn't actively making pie,just the thought of giving up
those pie pans was breaking afamily tradition.
It was breaking the memory ofall that family history.

Judy Gratton (02:51):
Yes, and we run into that a lot.
I personally know how thatfeels, because when you build a
life which we all do, and as weget older, the story of that
life is attached to so manydifferent things in your home
and every time you picksomething up it has a memory

(03:14):
attached to it and I've watchedclients go through this where
they'll pick something up andthey've got a whole story behind
that one thing.
So what I found and what wassuggested to me because I'm
trying to go through downsizingright now myself is that you
take a picture of the thing andthen you could print it out and

(03:35):
put it on a card, turn the cardover and write the memory down,
or you could put it in a PDF andstore it on your computer.
But tell the memory, tell thestory, because when you're gone
that will be so precious to yourfamily.
The memory that went with eventhe pie pans.

(03:58):
A picture of those pie pans andtalking about why they were so
important, why they were part ofyour family, will bring back
wonderful memories for children,will give your grandchildren a
chance to see, and it will haveso much more meaning than the
pie plates themselves which,like you said you can get them

(04:18):
anywhere and they don't tell astory when you're gone.
So I'm trying to do that.
And the other thing that we runinto a lot is because these have
such good memories and becauseat the time you got it it was
probably more expensive and youhad less money because you were

(04:43):
new or whatever.
Like China is a big one andeverybody thinks their China is
worth a fortune because theyprobably paid a fortune for it.
China is worth nothing.
I talked to an estate saleperson the other day and they
said I have had Noritake Chinafrom occupied Japan after World

(05:07):
War II and that was my greataunt's and nobody wanted it.
And I finally had a friend whowanted it and so I wrote out a
little thing for her who it camefrom originally and then how it
finally got to her.
And I just said I really hopethat you will in turn find

(05:28):
somebody else who really wantsthis china, and if she throws it
away it doesn't matter, becauseI gave it away.
So I have to let go of it.
I have pictures of it and Iwrote the memory.

Dennis Day (05:44):
A little tip for those who are helping someone
downsize be patient.
I was not.
I just could not understandwhat my these are common Pyrex.
They were not antiques, theywere nothing special, they were
just glass and I couldn'tunderstand how important this
was.
I couldn't the feelings she washaving, understand how

(06:05):
important this was.
I couldn't have feelings shewas having and I have since
learned that it is veryimportant to be patient and
understanding and help themfigure out a way to keep the
memory, but get rid of the thing.
Get rid of stuff and yourchildren.
If you do this and help yourchildren that they don't have to
garage fulls of stuff, thenthey'll be much, much happier

(06:28):
with you.
Let's move on to downsizingsooner rather than later.
You'll have better health andmore options.
When healthy, you can have morechoices, like doing the RV trip
, going to the vacation propertythat might not have really fast
access to health care, or youjust bring in so many choices.

(06:53):
When you wait, your choicesdiminish.
You end up doing something thatyou don't really want to do but
do because you're of yourhealth.
Something that you don't reallywant to do but do because
you're of your health.
Go rather than later.
You'll have more options andyou'll be healthier and you'll
have more time to enjoy beingout of that big house that takes

(07:15):
so much time and so much energyand so much money to keep up.
Three Downsizing will improveyour financial flexibility.
Why is that, judy?

Judy Gratton (07:27):
For one thing, maintaining those large homes
costs money.
They cost a lot of money and Idon't know if a lot of money or
you don't have a lot of money.
Generally, when you retire,you're on more of a fixed income
, so for a lot of people itbecomes harder and harder to
maintain that home.
It becomes harder and harder tomaintain that home and the cost

(07:47):
of the maintenance is it canjust sometimes be a burden, a
really heavy burden on people.
If you can get out of thelarger, more expensive thing to
maintain and get into somethingthat's smaller and not so much,
doesn't cost you as much moneyto maintain, or maybe nothing to
maintain, depending on if yougo into a rental or something

(08:09):
like that it's going to give youmore financial flexibility.

Dennis Day (08:15):
Yes, Hopefully, you have accrued a significant
amount of equity which can helpyou purchase the next place, or
you can do something like rentfor a while.
So you make a plan of what youwant it should the sale of your
home should increase the equity.
You should get a good payoutfrom the sale of your home and

(08:38):
that will definitely increaseyour financial flexibility.

Judy Gratton (08:43):
Absolutely.
Right now the real estatemarket is great and the value of
homes are varied becausethere's a shortage of inventory,
Even though interest rates arehigher than they have been in
the past five years but they'veactually come down.
Still, with the lack ofinventory, homes are selling

(09:03):
oftentimes especially if they'rein good condition for much
higher than even asking price.
If they're priced right in goodcondition, the problem comes
you have not been able tomaintain the home and now you
have a home in need of repairsand you don't have the money to
do it.
You are not going to make topdollar for the home and that's

(09:28):
very hard to explain to somepeople that see that homes in
their area are selling for a lotmore than you're telling them
their home to sell for.
But the problem is their homehas.
They have not been able tomaintain it.

Dennis Day (09:41):
How many have done for the upgrades keeping the
roof correct, new gutters, cleanand good repair?

Judy Gratton (09:48):
paint.
As you get older, you can'ttake care of the garden the way
you used to, and so now the yarddoesn't look good.
It's just owning a home is.
It takes a lot of work to keepit up yeah, what would you want
to?

Dennis Day (10:03):
is that what you want to spend your time on?
Spend all your weekend?
No, sometimes it's time to letthat go away.
Let somebody else take it.
On.
Data number four Downsizingwill be easier now than later.
You'll have more energy to doit and probably more time to do

(10:24):
it.
You can do it in a slow processif you start early.
It's just so hard when you getto the point where you can't do
anything and you're relying onyour family or paid vendors to
help you.
Correct, just go ahead.

Judy Gratton (10:43):
And it doesn't matter how old you are.
It's not going to get easierlater.
It may not be as easy now as itwas 10 years ago, but it's not
going to get easier later.

Dennis Day (10:54):
Got to do it again because I forgot to resume.

Judy Gratton (10:56):
Okay, sorry easier now than it will be later.
If you look back, it wouldprobably have been easier to do
five years ago than it is now.
I realize we don't start at 20,but if you're even got an
inkling that downsizing is inyour future, get started.

Dennis Day (11:17):
Get started, your health will be better, you'll
have more options of places togo to and you won't have if you
do it within a slow process thenyou won't have to rely on
family and friends or paysomebody to help you do it
Correct.

(11:37):
It's a big job, there's noquestion about it, and as the
years go by, it gets harder andharder to do Our recommendation.
The years go by, it gets harderand harder to do Our
recommendation.
Ready for the last one, judy?
Yes, all right.
Oh, yes, number five, you willbe in the driver's seat.
This is where really the bigpiece is.

(11:58):
People wait and then they haveto go, and they have to go on
terms that they don't want.

Judy Gratton (12:09):
No.

Dennis Day (12:10):
Your health is so bad you have to go into assisted
living.

Judy Gratton (12:14):
Then your family, sometimes the state that you
live in, depending on howdisabled you are, will start
making those decisions for you,and I've never met anybody who's
ever been happy in thatsituation.
It's really a sad thing to dealwith.

(12:36):
So you will have nodecision-making powers.
The longer you wait, the olderyou get, the less capable you
are, the more someone else isgoing to be taking care of all
of this for you.

Dennis Day (12:44):
If you want to be the driver of the decisions
about your life, then gettingready, downsizing, starting that
process or going into it justreally adds to your personal
ability to control the situation.
Waiting until a decision has tobe made by family and then you

(13:09):
don't have much say no.
It's really sad and I seeseniors who are in that
situation.
They're depressed, they'reangry, they're frustrated
because it's not what they wantto do, but they have waited so
long.
There isn't any other option Ifyou really want to be in
control of what happens andwhere you go.

(13:32):
Get busy on that downsizing.

Judy Gratton (13:36):
And the thing is, like you mentioned earlier, that
even if you're looking at itfive years down the road, if you
start thinking about, do Ireally need this thing, is this
really, am I using this thing?
And if it has memories behindit, like we talked about, take a
photo of it, write the memorydown, save it in a file but

(13:59):
start little Downsize work on adrawer, work on a cabinet, work
on a roof, do it a little bit ata time and when you let go of
something it's gone, it's notyours anymore, so where it goes
from there, it should just letit go, because you still have
the memory of.

Dennis Day (14:16):
That's important, yeah, and you'll have the
options of what to do with thesethings too.
If you wait too long, thenyou're going to have somebody
come in and start makingdecisions about your stuff for
you, and that can be reallyupsetting to people pull.

Judy Gratton (14:39):
We've all seen.
We in the real estate industry,especially those of us that do
a lot of work with seniors seethat a lot and it is tragic.

Dennis Day (14:45):
The earlier you begin and more planning you do,
the more you're going to havecontrol of what happens, and
then you can feel good aboutwhere you're at All righty.

Judy Gratton (15:00):
Just a reminder.
If you're in Washington stateand you would like for us to
give you some idea of the valueof your home or just talk to you
personally about some of ourknowledge on downsizing, please
feel free to reach out to us.
Our phone number is right here.
Our email address is, I think,right there.

Dennis Day (15:20):
It's our website.

Judy Gratton (15:22):
Our website and you can contact us through that.
So please don't hesitate.
We're here and it's free.

Dennis Day (15:30):
It's free.
Asking advice or questions isalways free, and getting an idea
of what your home is worth canhelp you start that planning
process.
And we do that.
Give you a competitive marketanalysis to find out what your
home is worth as a snapshotright now, and there's no charge

(15:50):
and there's no obligation butgetting.
I think that would be if I wasto give advice to people who are
considering downsizing.
That would be the place tostart Find out what your current
home is worth and find out howmuch equity you have and then
start working on a plan Correct.
Yeah, so we are the downsizingexperts.
Folks, we'd love to hear fromyou.

(16:10):
Go ahead and like this podcastand YouTube channel, subscribe,
leave some comments.
We'd love to hear what youthink and hope to hear from you.
Anything else, judy?

Judy Gratton (16:24):
Just going to go have some more beach time here.

Dennis Day (16:27):
Beach time.
How was the Blues Festival?

Judy Gratton (16:30):
The Blues Festival was absolutely fabulous.
That was on Saturday.
That's the day we attended lastweek and it was great.
The kite festival is going on.
The International Kite Festivalis going on right now.
Our weather is a little bitiffy, very northwest weather.
It could be raining, could notbe raining, be sunny.

(16:51):
So we see the kites in the sky.
I haven't really been downthere yet to see what they're
doing, but if you've never beento the international kite
festival, it is absolutelyamazing.

Dennis Day (17:03):
thousands of kites in the sky I have not
experienced it, but I've seenvideo and pictures.
It just looks beautiful,incredible people from all over
the world yep all.
That's it for this episode ofGetting your Edge Out to Resize
your Home and Life podcast.
I hope you enjoyed it, learnedsome things from it and we will

(17:26):
be seeing you next time.
Don't hesitate to call thephone number 206-204-5372 or go
to edgegroupteamcom.
Thanks so much for watching andor listening.
Bye.
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