Downsizing is a major decision and one that is often met with many questions. Senior homeowners may be concerned about covering the cost of a move, being able to fit all their belongings into a townhome, or finding a buyer for their current place, and while those are all valid concerns, the benefits tend to outweigh any potential cons. Not only does downsizing give you the opportunity to save money, but it can also help reduce the amount of housework and upkeep you have in your current home, leaving you more time to do the things you enjoy.
Here are some tips from House Removal to help you sell your home at a nice profit and find the perfect place for the next chapter in your life.
Fund your move, and then some
Selling your home is a big step, especially if you’ve lived there for a number of years, but if it’s in good shape you’ll be looking at a nice sale price that will allow you to fund your move with some left over. It’s a good idea to do any small upgrades you can to your old house before you sell. Some fresh paint and window repairs can add good value. Just be sure to save receipts and records.
Because there are always a few fees associated with selling, you’ll want to make sure you know exactly how much you can expect to take home when it’s all said and done, so get your finances in order and look for a handy home sale proceeds calculator that will tell you its value while subtracting taxes, fees, and commissions. Once you’re armed with a solid number, you’ll be able to plan more efficiently for the move.
Many seniors who downsize also make extra cash by selling items they won’t need in the new house. Try having a garage sale or posting on a resale app so you’ll have more space after the move.
Get ready to save
Not only does selling your home bring in some extra cash, but you’ll also be able to save each month with lower mortgage payments, smaller utility bills, and fewer maintenance costs. For many homeowners who choose to downsize and move into a townhome, this is the main attraction because it allows them to save for things like family vacations, retirement, or college funds for the kids. Once you have a new home in mind, add up what your monthly costs will be and compare it to what you spend now. You may be surprised at the difference. There are a number of ways seniors can save, including taking advantage of senior discounts or joining a discount club.
Relax
Saving money is a major perk of downsizing, but it’s not the only one. Once you have a smaller place to take care of, you’ll have fewer chores and maintenance—like yard work—to worry about, which means you can spend more time doing the things you love and focusing on your health or your family.
The process of moving will allow you to declutter, which Psychology Today notes can lower your stress levels and boost mental health in general. Reducing stress will have an effect on many parts of your lifestyle, from the way you sleep to your ability to handle responsibilities at work. You might even have more time to spend on a hobby that can be turned into a side-gig or create a home-based business!
Getting rid of a lot of stuff before a move can help you save money during it. One major savings is that you won’t require a large team to get your things moved effectively. You’ll likely be able to accomplish it with a man-and-a-van service. If you are attached to your posessions then consider putting them in storage.
Consider it an adventure
Whether you want to start a new career or prepare for retirement, downsizing will give you the opportunity to do so in a new town if you wish, which could turn out to be a major positive. When it’s time to search for a townhome, don’t be afraid to branch out in other cities or states. Do some research on the area to find out more about the local culture, school ratings, crime rate, and interesting landmarks and attractions, all of which will affect your lifestyle or job choice. If you’ve been thinking about making a fresh start, now is the perfect time.
Downsizing definitely comes with a lot to think about, but with so many benefits it would be a shame not to at least consider it. Do some research to find out how much you can expect to get for your home and how much you’ll save in the first year, which might convince you to take the plunge.