Are you considering downsizing from your home and moving into something more small and manageable? What are the circumstances behind that consideration? Have your children moved on and now there is just the two of you? Is maintenance becoming too much to handle and you would rather let someone else handle all that? No matter what the reason, countless Americans each year are making the commitment to sell their existing home and move into something smaller.
But
a lot of people are also having a hard time actually implementing that
commitment. What are some of the reasons to expedite this life-changing
event? You will not only save
money on tax payments, but your utility bills will be more manageable
and mortgage payments smaller. And in cases where homeowners will be
moving to a condominium or cooperative, there will be a lot more time
and energy once you have freed up the need to maintain your property.
Here
are some of the ways you can get stuck in the process and how you can
manage each situation. Once all is said and done, you will finally be
able to focus on the more important things in life!
Not Knowing Where Or How You Will Go
For
many homeowners the sheer idea of having to move from their home
elicits fear and uncertainty. If you live in an area where there may not
be a lot of options for downsizers, what are you to do to find a
smaller place? Usually people moving from a larger home into a smaller one have a lot of stuff to deal with before the move.
The
solution is to meet with a Realtor that will prepare a list of
properties ideal for your situation. Whether it is a condo with extra
storage or a community designed to accommodate certain age groups – your
Realtor can steer you to suitable properties in your desired location.
Unsure About How Much You Can Spend On a Downsize
In
most cases when a homeowner makes the decision to downsize they will
utilize the equity in their existing home to purchase the new property.
But if you have lived in the home for ten, twenty, thirty or even longer
than that – chances are you have little idea of what you can actually
afford. This can also impact your decision of where you want to move.
Contact your real estate agent for a customized assessment (also called a CMA)
of what you will likely be able to sell your home for in today’s
market. Once you know what you can expect, looking at other homes in the
area that recently sold, you will have a better idea of what you can
afford.
Accepting That You Will Need to Reduce Your Stuff
This
is the hardest step for most people making the decision to move to a
smaller home. After living in one home for years and years, there is a
lot of stuff to deal with that must be managed. Some items will of
course be of sentimental value, others are things you just can’t bring
yourself to get rid of and still other things might be items of another
family member that has moved away.
The
best way to deal with this situation is to make the commitment to
downsize and then undergo a cleanup operation. Either you can hire a professional organizer
or set up four categories and organize your things by the labels
“Keep”, “Donate”, “Sell” and “Trash”. Your real estate agent can put you
in touch with various professionals to help you manage this undertaking
whether through estate sales, auctions, donation centers or other
avenues.
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For help with these or anything else related to your real estate and home life goals, contact me today!
