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Downsizing Support Site [Please Build on this Idea]

An online / offline service where people aged 50 - 65 can be supported to make an informed financial decision on whether to downsize

Photo of Kate Rushton
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Who is your idea designed for and how does it support the dreams and obligations of those 50 and older?

This is designed for 50 - 65-year-olds considering downsizing their homes to make sure they make an informed financial decision that results in an increase in their financial freedom

One theme that struck me in the research phase is that many people in the 50 - 65 age group are considering downsizing their homes. It made me think. How much support do they get when they are considering downsizing?

I also noted that it was reported that some people had downsized their homes but their spending increased. This could be due to a number of factors. For example, if someone moves from a city to the countryside they may have to travel further to entertainment centres, their doctor or their bank increasing their transportation costs. 

Is there a need for an app, website or in-person service to help people make an informed financial decision on whether to downsize or not? Is there a need for a tool to help people set and stick to a budget after they downsize? Is there a need for a tool to help them plan and co-ordinate the actual act of downsizing?

What information would you need from the 50 - 65 year olds to help them make an informed decision e.g. habits and house information?

Is there a need to link to websites or information sources e.g. real estate websites or form affiliations to other companies e.g. real estate lawyers?

What other pieces of information would be needed e.g. typical costs for removal vans?

Do you think there is a need for this services/tool?

I would really like someone in the OpenIDEO community to build on this idea if it resonates with them. I am unable to develop this idea. 

What early, lightweight experiment might you try out in your own community to find out if the idea will meet your expectations?

[Please build on this Idea]

What skills, input or guidance from the OpenIDEO community would be most helpful in building out or refining your idea?

[Please build on this Idea]

Tell us about your work experience:

I am the Community Guide for this challenge.

Please check all that apply:

  • I'm not currently involved in a credit union, but am curious to learn more!

This idea emerged from

  • An Individual

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Photo of Bettina Fliegel
Team

Great thinking Kate.  This is a very practical and useful idea.
To add on - Might information be available as part of a "downsizing support package/site"  on how and where to sell possessions? - ex. I think there are services now where one can have someone help sell items on Ebay.  Also, there are companies that will come in to assess and purchase household furniture.  Can services such as these assist when downsizing and help to bring in some additional funds by the sales of these items?  
Also maybe info on how and where to make charitable contributions, of household items, clothing etc. and how contributions can be reported on one's tax returns, for tax relief?

Spam
Photo of Jim Johnson
Team

Bettina, Kate. I agree and am posting as a contributor and a recent participant in downsizing. What a headache! We sold a lot of stuff and had a caravan of deliveries to Goodwill. But there are some items we wanted to keep to hand down or maybe use in a second home. More of an emotional decision and not very practical. We're currently paying $300 a month in storage. Not sustainable. 
Realtors are tuned into this dynamic. I've read about one empty-nester apartment complex that developed a program specifically designed for downsizing through services geared toward these needs. 
Since the challenge centers around financial services, could items in storage be loaned out and generate revenue? We have a piano currently being sold on consignment. We considered lending it to a friend with a musically gifted daughter until we found a place for it in the future. 
Another issue after downsizing, both your home and your career, is in acquiring loans and leases. Proof of sufficient income is replaced with proof of sufficient savings. Perhaps there's a credit rating type of score that identifies your fiscal health. Perhaps that's another idea. 
I'll be reading through this challenge for advice! Thanks...JIM

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Photo of Bettina Fliegel
Team

Hi Jim.
Thanks for sharing your experience and ideas.  I like both the idea of creating a mechanism to lease things, and also the credit rating score for fiscal health!  

Check out this new Idea that was posted.  It builds on Kate's thought starter here and proposes a web service to address the many issues and tasks facing folk who are downsizing.  
https://challenges.openideo.com/challenge/financial-longevity/ideas/rightsize