Downsizing: When The Time Comes To Move Into A Smaller Home

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Are you considering downsizing from your home and moving into something more small and manageable?  What are the circumstances behind that consideration?  Becoming an empty nester is one of the many things that lead homeowners to want to downsize.  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!