down sizing

Subscriber exclusiveCan’t bear to downsize your home? Think of it as rightsizingAngela TanFollow topic:ST InvestMePublished 15 hours agoUpdated 5 hours agoListenSign up for ST InvestMe and unlock full access to exclusive insights and financial literacy courses today.SINGAPORE – It all started over a get-together of old friends and empty nesters whose children are grown up and have moved out of the family home.Patrick Chan and his wife Julie have lived in the same detached house for more than 30 years. It is where Julie grew up and, after she got married, raised her children and watched her family grow. Today, things are different.Their sons are married and have their own homes, and their daughter is working overseas. Their rooms have become storage rooms.On most days, it is just Patrick and Julie and their helper.One evening over dinner, Patrick casually wondered if they should sell the house and downsize to a smaller place.It was a simple question, but it sparked an angry outburst from his wife, who viewed the proposition as a downgrade in lifestyle and status.“I can’t talk to her about money or downsizing. She gets so emotional,” says Patrick with a sigh. “Our current place was last renovated before we moved in with her parents. We added another floor.“Every day feels like a military operation – I have to plan my movements to avoid climbing up and down the stairs multiple times,” he adds.Bothered lately by his cranky knees, he figured it might be more convenient to move to a more compact home with newer fittings that could be cheaper to maintain, easier to clean and better suited to this stage of life. Doing so would also allow the couple to unlock the money tied up in the house Julie inherited when her parents passed away. This could give them more financial freedom to enjoy retirement, including spending on travel, healthcare, hobbies and other things they value, without constantly worrying about money. Unfortunately, Julie does not feel the same way. She is emotionally attached to the place and the neighbourhood, though in her heart she knows Patrick is just being practical.See more onST InvestMeInvestSingapore propertyRetirement planningTop storiesExplore top stories from all sections in one placeSingaporeSingaporeSingaporeSingaporeFitness chains tout incentives to lure members affected by True Fitness, True Yoga closuresIn an uncertain world with many problems, Singaporeans must help each other: SM LeeWorker dies after being struck by hose at Jurong Port Road construction site; MOM investigatingInclusive festival lets visitors experience life through the eyes of disabled artists