One of my specialties is helping seniors downsize the family home to something smaller with more amenities and less stress. Downsizing can improve quality of life, that is- after the initial stress of understanding why and how to downsize in style. Thus, I have put together 3 tips to easily downsize your home.
Step 1: Consider inventory. Inventory is low right now in the real estate market. Are you aware of what your options would truly be if you were to sell your home? A conversation about what local inventory is truly available, and for how much, needs to be had with a real estate professional before any decisions are made. Many people are seeking to downsize to condos. What condos are available in your market? Are townhomes an option for you? If condos aren’t available, would you consider a smaller home?
Step 2: Do you want to sell your family home or rent it? If the home is paid off, renting the home means access to continued income, but it does mean more liability and responsibility on your part. And what happens to your money, tax wise, if you do sell the family home? These, and more, questions should be considered before making any real estate downsize decision. It is important to know what you are gaining and loosing financially.
Step 3: Make a list of your needs and wants. The key is to be realistic. Your move has to meet your needs, your added wants should come secondary and you need to be reasonable. If is very hard to find a place that meets all of your needs and then all of your wants. Having a list better helps you seek out the perfect, happy medium when it comes to a downsized home.