Maybe you’re retiring. Or you don’t have the time, resources or energy to maintain this size house anymore. Sometimes life events, such as a divorce or unemployment, push you to find a smaller home for financial reasons. Whatever reason you have for downsizing your home, it’s important to know what you want to accomplish through this move.
Many people who are finished raising their families are leaving their large homes behind and moving to condos, townhouses or smaller single family houses. But waving farewell to the kitchen where you cooked holiday dinners and created decades of memories can be an emotional one. It’s important to understand the trade-offs.
If your new property is all on one level, it can be easier to get around. You might have a smaller (or no) yard to maintain and fewer rooms to clean. Your utility bills might be lower. You may find moving to a better climate, closer to family and friends or better medical care, or an area with more favorable tax rates makes the most sense for you.
A smaller house means you could take your savings and put it toward other financial goals, such as retirement or debt reduction. Furthermore, selling all the stuff you no longer need – furniture, knick-knacks, lawnmowers, etc – can put extra money in your pocket.
When getting started with selling, it’s important to establish a realistic idea of what your house is worth. Most people have an emotional attachment to their house and a tendency to over-estimate their home value. Getting a professional evaluation can help you.
A call to a “we buy your house” kind of company, such as Express Homebuyers, is one way to get a good idea of the market value of your house.
When creating your downsizing plan, take into consideration all the costs associated with selling. Depending on the condition of your property, you could face the need to make significant repairs before putting the house on the market. You’ll have real estate agent fees, movers, transfer taxes and closing costs.
Then remember to include the expense to set up your new home. A smaller house may require you to replace the furniture with pieces that better fit in a more compact environment. Ask yourself if you’ll get rid of items for which you no longer have space or if you’ll incur the monthly expense of storage space to keep them.
Once you do decide to move forward, it’s best not to dilly-dally. The faster you move, the sooner you can start investing the proceeds and savings in your new life. Let Express Homebuyers explain how we buy your house in as few as seven days.