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Tips for Homeowners Looking to Downsize

There are many different reasons why someone might sell a property they own. One of the most popular, at least when it comes to an aging population, is to downsize.

Once the children have grown up and left home and the property is now too big for one or two people, or perhaps because you want to retire and you need a smaller property with smaller bills, you might consider selling your current home and looking for a smaller one. This can feel like a daunting task, but it can also be an excellent idea.

If you think downsizing is the right thing for you to do, here are some tips to get started. 

 

Consider Your Options 

Before you know you’re ready to make this all-important move, you’ll need to know just what all your options are. Of course, the main idea is to find a cheaper property so that you can sell your current home and, ideally, buy a new one without needing a mortgage. That way, you can keep the profit to retire on.

However, that’s not the only way to downsize. You can also:

Think about what you want the next phase of your life to be like, and choose the best option to suit you. 

Take An Inventory Of Your Belongings 

If you are moving from a larger property to a smaller one, it’s important to know just what you will be taking with you and what you will no longer need. When you lose space in this way, the items that you used before may not all fit, so you’ll need to carefully measure your living room furniture, dining table, bed, desk, and so on.

Once you find a new property you’re interested in, you’ll need to see what will fit and what won’t. Whatever doesn’t fit can be sold or, even better, you can donate it. Then you’ll need to buy new furniture that will fit, so you’ll have to budget for this. 

Not only will you need to consider your furniture, but your other belongings too. Over a lifetime we can collect all kinds of things, and you’ll need to think about whether you actually want to take them with you to your new home, especially if there will be less space. If you can’t bear to part with them, you might need to store them somewhere, and this will also need to be budgeted for. 

Prepare Your Home 

The one obstacle that you might come across is selling your current home. There is a lot of competition in the housing market, and if your property is not priced correctly and if it doesn’t look and feel appealing, it’s going to be hard to sell. The longer it takes to sell, the more money you’ll be spending on it and the more frustrated you’ll become that you can’t move on to your retirement plans. 

With those things in mind, it’s crucial to prepare your house before you put it on the market. Make sure all the fixes are made, impact windows are installed (if needed for hurricane weather) it is decorated well, the yard looks great, and that it is appropriately priced – too high or too low will put people off. Do your research, and selling won’t be so hard.

Hopefully these tips will help you, if you’re planning to downsize any time soon.

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2 Comments

  1. Thanks, Debbie. We moved to a slightly bigger house a few years ago, from a teeny tiny one, so I will probably not downsize. But, I want to be a snowbird and spend a couple of months by the beach every winter!

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