Maybe you are retiring and planning to move closer to your children and grandchildren. Or maybe your current house isn’t suited to support your health conditions. You could also be simply selling your home to move to a smaller place and enjoy the equity that’s tied up in your home. Whatever your reasons for downsizing, it can be a challenge and requires time and proper planning.
If you have decided to downsize to a smaller house, here are a few things to remember.
1. Stop Acquiring Things
As basic as this tip sounds, many of us have gotten in the habit of regularly buying new things. The key to stress-free downsizing is to carry as little debt and stuff as possible. For example, if your old car works fine and is paid off, do you need to upgrade to a newer model? If you are looking to downsize, now is not the best time to add new expenses.
Downsizing also requires a shift in thinking based on the idea of being content with less and simplifying your life. Try to look at it positively. With less stuff, there’s less clutter. And with fewer obligations, you have more time on your hands. Since you are moving to a smaller space, you will need to have fewer belongings.
2. Get Rid of Things You Don’t Need
Downsizing is a great time to get organized and get rid of things you don’t need. Donate, sell, or throw away things you haven’t used in a long time. Go through your clothes that don’t fit, books you don’t want, and musical instruments and other hobby-related items you don’t use. Any decorative knickknacks and unused furniture also need to be discarded if they cannot fit into the smaller house.
Decluttering will give you more space to move around and minimize the chances of an accident. Fewer things also mean less cleaning and maintenance. A more minimalist approach can also help with mental wellbeing.
3. Understand Home Buying and Selling Process
A big part of downsizing is selling your home and buying a new one. Speak to a local real estate agent for a realistic estimate of your home’s current value. You could also refer to real estate websites like Zillow and Realtor to know the prices on homes that recently sold in your neighborhood.
Use these resources to research properties in the neighborhood you’re planning to move to and understand what you’d have to pay for the type of home you want to buy. You will also have to estimate living costs. Do your research to determine transportation expenses, insurance costs, gym membership expenses, and other daily living costs.
If you’re downsizing, saving money should be a priority. Agent commissions, repairs, marketing expenses, and more can eat into how much you make selling your current house, leaving you with little equity after the sale. At Sell House MKE, we buy houses in Milwaukee as-is and for cash. Since we’re direct buyers, you don’t have to share the proceeds with the agent or contribute towards closing costs. The real estate investor will take care of everything, including closing formalities and after-sale junk hauling.
As leading cash home buyers in Milwaukee, we promise a fair evaluation, and we will handle legal issues related to the sale.