Downsizing your home can be a very heavy decision to make. There are many decisions, emotions and possessions to sort through. Going from a large space to a smaller space has some logistical troubleshooting. How do you know when it is the right time to downsize your home and how do you go about it once you have decided?
Factors to consider when trying to decide if it is time to downsize:
Retirement fund. How does your retirement fund look right now? Have you been steadily adding to your fund over the years? It may be best to consult with your tax representative to see if selling your home could add to your retirement accounts and what tax implications that may hold.
Maintenance. How much daily, weekly, monthly and yearly maintenance is involved in keeping your home? Considering mowing, weeding, keeping the yard clean, snow removal, maintaining sidewalks and driveways, and cleaning. Do you want to keep maintaining your home or paying someone to maintain it? Less maintenance on a home will also allow you more free time!
Debt. Could downsizing your home reduce your debt? It is a good idea to review your financial situation with a financial planner to decide the best route for you. Perhaps selling a larger home could help you purchase a smaller home with little to no mortgage payment?
Affordability. A larger home obviously has larger costs associated with it. Are the costs of the upkeep keeping you from enjoying the things you want to do? By downsizing, you can have a lower mortgage, lower homeowners insurance, possibly lower property taxes, lower utility bills and the like. Would you want the extra cash in your pocket, or is it more beneficial to keep your current home?
Space. Do you use all the space and features of your home? Are you using all the bedrooms, dining room, basement entertainment space, or special features of your home? If not, you may consider downsizing.
How Do I Downsize?
After making the decision of wanting to downsize your home, you will need to decide your budget for your new home. Next, decide on a location in which you want to live. Do you want to move towards family, entertainment, or just a special place you love?
After you work through those decisions, it is time to contact your Real Estate Agent. Your agent can help you understand how much your current home can sell for as well as help you find your next home. Be sure to interview your agent and understand the costs to sell your home.
When you decide to downsize your home, it is time to downsize your belongings. You may not be able to fit everything into the new house. This can be very emotional and overwhelming. Be sure to ask for help from family and friends to lend support. Sometimes items may need to be placed in a self storage facility temporarily.
If you are looking to sell some of your items an auction house may be the way to go. Schoolhouse Auctions is a local auction facility that can help sell your items. They will even come to your home to pick them up!
As you are getting ready to sell your home cleaning is always involved. Some people prefer to clean their home on their own. If you feel you would like a little help there are several local cleaning companies around to lend a hand.
Aimee Ness can help you navigate the decision to downsize and find a new home to begin the next chapter in your life. Contact Aimee to learn the process of selling and buying your next home.
For current market information for your Lafayette and West Lafayette communities or a free consultation, contact The Aimee Ness Realty Group Indiana. Our team with over 10 years of local experience, has your back to find your dream home, or sell your current home.