Downsizing is a good idea for homeowners who cannot physically or financially manage to live in their current property. You can enjoy freeing up equity from the home sale and choose a house that’s better suited to your needs.
But there are plenty of issues to consider and several things to do before downsizing. Here are four things to consider when you want to downsize.
1.Get Rid of Things
Reducing your belongings to a manageable amount will make downsizing much easier. Start by clearing your closet to get rid of clothes you do not need. Then, move on to other things like books, cutlery, glassware, dishware, and decorations. You should also sort through any sports equipment, musical instruments, gadgets, and other hobby-related items. When you are preparing to downsize, it can also be helpful to get rid of old or unused furniture.
2. Stop Acquiring Things
Marketing techniques are designed to make people feel they need things even if they don’t. If you are planning to downsize, the first thing is to make the conscious decision to only shop for what you need. To control impulsive purchases, do not buy anything without prior planning. Limit your clothes shopping to a few staple pieces, and put off plans to purchase large furniture pieces until after you have moved.
3. Plan for Additional Costs
Even after downsizing, many people end up with little or no freed-up money because they’ve spent more than they can afford while selling their original property. For example, agent commission can cost around 6% of the sale price. Closing costs, repairs, cleaning, and other expenses soon add up. Having a budget that includes additional costs can help ensure you end up on top when downsizing.
4. List Your House on the Market
Downsizing is a good idea when you’ve made good investment choices. Estimate your property’s value by checking with online estimators or local real estate agents. Since selling your home with an agent can be costly and time-consuming, consider alternative selling methods.
For example, you can sell your house to cash home buyers in Phoenix. At Go Fast Offer, we buy houses in Phoenix for cash and as-is. You don’t have to spend money on repairs or pay for closing costs. Since we’re direct buyers, you don’t have to pay agent commission or hire a home stager.
Are you looking to sell your house fast in Phoenix? Call us at 480-305-6688 for a free all-cash offer in less than 24 hours.