I have been working lately with a increasing number of people who are looking to downsize. Mostly empty nesters, who are looking to pull some equity out of their homes, or who are not using the space. There are actually many reasons why people may choose to downsize. Moving to a smaller home can be a great move both financially and mentally. Less square footage usually means lower utility bills, and less space for clutter.
Before making the move
Take Inventory of your stuff. What are you using, what are you holding on to for emotional reasons or just in case. Sort your items in each room by keep, sell or donate.
This is one of the most daunting steps of the process. Try to remember it is just stuff. People often hold on to things for the memory not for the item itself. If it is not something that you would be willing to display, then let the item go. There is no point in holding on to items that you would not use in the next year.
Get rid of duplicate items, only keep your favourite item.
Take a look at your existing furniture will it fit in a smaller space? Do you have a dining room set that you haven’t used for years? Do you need a dining room in the new home?
Remember, your home will show better for selling if you have already gotten rid of the extra items you no longer need.
Emotionally you will also feel lighter if you are able to pair down your items before deciding to move.
Calculate how much equity you will be able to pull from the sale of your home. Figure out your revised budget, know how much it is going to cost you to move. Look at what is on the market. and what properties are selling for. People are often surprised at the cost of bungalows and condominiums.
Condos often have monthly maintenance fees, these can take a big bite out of your budget. They cover lawn and garden maintenance, sometimes it covers roof, or other exterior repairs.
Take your time
Take the time to think about the move before making the decision. Don’t rush in, talk with friends and family, but make sure what you are doing is the right choice for you.
Enjoy the process, take the time to bask in the memories but remember you are moving for a reason, and it will be a new adventure. This process will allow you to live the lifestyle you want.
If you are thinking about downsizing, give me a call today.
Andrea Clendening, Real Estate Broker
Re/Max Twin City Realty