May 26, 2015

How To Know When It Is The Right Time To Downsize

We go through many housing changes in our lives, but the one decision that may be most difficult to commit to is downsizing. The entire process of deciding to sell your home and move into a smaller or different home is a very personal and emotional decision.   Whether your decision is based upon financial reasons, a change in your family structure, or just having too much house to care for, the thought of selling your personal home is a difficult choice to make.

Reflect on the many great memories that were created and be thankful for those memories. Then take the next step and anticipate and look forward to a new beginning. This is a time of transition that you can embrace and be excited about what the future holds. It doesn’t have to be an end of something, but a beginning to your next chapter.

You should consider these points when considering to downsize your home:

 

communication

Family Meeting. Discuss the idea of downsizing with your family and friends, as well as your advisors including attorneys and accountants. Explain your reasons, understand your options and real estate plans and tax implications.

hirearealtor

Let a Professional get you started.  Contact a reputable realtor in your area to prepare for you an analysis of your home (CMA). An experienced Realtor will give you an insight on the true value of your home based upon recent sales and properties presently on the market. They can advise you of the present market conditions, give you advice as to what you may need to repair in order to bring in the highest offer, as well as give you an estimate of proceeds you will receive on the sale of your home.

analysis2

Timing is Important. While change may be difficult, don’t procrastinate too long. It is important to be proactive and work with your realtor to decide upon an optimum time to get your home on the market. It may take some time to clean out, organize, or get your home ready for sale. So start the process early enough so you are not adding additional stress to your already emotional decision to sell.

research

Think About Your Next Move. Start doing your research as to where you want to move and the cost associated with moving. What is it you want for your next home? Less maintenance, walking distance to shopping/entertainment, closer to your children/grandchildren, lower taxes, less in mortgage payments, etc? Write them all down. Take your time to carefully consider all your needs and options so you make the right move.

garage-sale

Cleaning Out.  Enjoy the journey of packing up a lifetime of memories. Take your time going through all of your precious belongings and treasures, however, be realistic when making decisions as to what you want vs. what you need.   Perhaps family members will enjoy receiving some of your furnishings or belongings. Having a home free of clutter and “things” makes your home that more appealing to a new buyer. They can envision themselves in your space with their furniture and belongings. It is your responsibility to show off the features of your home and not what is in your home.

These are a few suggestions that will hopefully be helpful in makaing your decision to move an easier transition and remove some apprehension, which many people going through this process experience.   You are not alone.

 

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