Making the Choice to Downsize Your Home – But Not Your Life

Empty nester Choosing to DownsizeMany folks are choosing to simplify their lives by downsizing to a smaller home or moving closer to their families. They have lived in their home for many years, have accumulated memories and possessions, but now their life and their needs have changed. They feel the urge to de-clutter and prioritize. To move to a home and location that meets their current needs. But it can be overwhelming to imagine all that needs to be done. There are new neighborhoods to consider and discover, lifestyle choices to ponder, financial implications and emotional implications as well.  This big step can be looked at like a new beginning and a new adventure; it can be fun and exciting. To help it to be so, begin at the beginning: with a list.  Here is a quick list of things to consider. It is by no means complete, but can act as a guideline.

  • Decide where you want to move and see if it is affordable and fits in our budget. Consider neighborhood amenities, proximity to entertainment, freeways, shopping, hospitals, etc. You may want to enlist the help of Realtor who is familiar with your target area who can guide you and narrow your search. Understand this process can take some time since this may be a big transition for you.
  • Speak with a tax specialist to discuss potential tax implications.
  • Speak with a financial adviser if needed.
  • Ready your home to be put on the market either for sale or for lease as your need determines. Speak with a local realtor who can determine today’s market value of your current home.
  • See if you have any possessions that can be given away or sold or put into storage, especially if you will be moving to a smaller home. This can be overwhelming, so give your self time and space to take this step. Enlist the help of friends or family who can make it easier for you.
  • If you are going to sell your home and need the proceeds to make your new purchase, don’t get too attached to the new place prior to selling your current home.  There are many things that can be negotiated to ensure you sell your home at a fair price and then purchase a home you truly love with as little stress as possible.

If you have not bought or sold a home recently, many things have changed! Again, this is where a good Realtor can best advise you how to present and market your home to its best advantage to today’s buyers.

If you arm yourself with knowledge and information beforehand, the transition can be easier. Give yourself time to take the necessary steps so you land right where you want to be.  If you need more information or would like to start the discussion of a downsize, feel free to give me a call. I have helped many clients like you and understand your needs.  949.525.5905. You can click here for more info, too.

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