4 TIPS FOR DOWNSIZING
The Belt Team works with many clients who are downsizing. (We like to call it "right sizing.") So why do people think about moving "down" and how can you simplify the process? Here are the most common reasons our clients "right size" to a smaller home:
Travel - A smaller home is easier to maintain. And that means they can travel more - visit grandchildren - or take those trips they've always dreamed of. This is not uncommon with empty nesters.
Health - Sometimes their current home is just too much to take care of on top of whatever health concerns they are dealing with.
Financial Freedom - Some people bite off more than they can chew. Or their priorities change (or their job situation) and they don't want to be tied down to a big mortgage payment.
Commuting Time - Buying a condo or townhouse closer to the city might be enticing after commuting an hour each way in order to have that single family home.
Age - Perhaps it's time to move into a community where you can get the extra assistance you need and/or have more opportunity for recreation and cultural activities. And maybe it's time for a place without stairs.
4 Tips To Simplify Downsizing:
1. Plan Ahead
Schedule appointments with your financial advisor, your Realtor and your lender. Each one will walk you through a variety of things you'll need to either do or think about: cash flow, market conditions, important amenities, lifestyle changes, tax considerations & more.
And don't wait until you HAVE to move. As soon as the thought crosses your mind - start gathering information. This will make it SO much less stressful when the time comes. My parents moved several years ago. After 30+ years in the same town, the move was emotional. They didn't "have to" move at the time, but they were starting to think about things like stairs and maintenance of such a large home. Not long after they moved, Dad fell & became very ill. If they had still been living in the big house, his road back to "normalcy" would have been long extended. But since they were in their condo by that time, he was able to come home so much sooner. Looking back now, they are so happy they moved when they did.
2. Start Educating Yourself To The Market
Online searches are a great way to see what your money will buy AND see what range your current home might sell for. You may find you have to compromise some of your wish list or you might find your money buys more than you think.
3. Family Is An Easy Way To Simplify
If you have children (or grandchildren) who may benefit from some of the "things" you're ready to let go of, but you're not ready for those cherished items to leave the family; make family holidays a "shopping time". Send each visitor home with a (re)gift! You could also enlist one of the younger generation to help you sell unwanted items on Craig's List. Offer them a percentage of the sales - and you have a win-win. Less clutter for your home. And you're helping teach entrepreneurial skills & hard work!
4. Open House Instead of Garage Sale
When my parents moved, they had an open house. It was like a garage sale, except the items were free. They were moving from a huge house where they entertained a lot - to a smaller condominium, and Mom had so many lovely things she just didn't use any more. She wanted to know that they were going to someone who would enjoy using them the way she did. We set up tables and displayed all the items - silver platters, crystal, percolaters, linens. Mom invited folks over - a number of whom were friends in my generation. They were so excited. I still have a friend who talks about how awesome Mom's turkey roaster is! (They don't make them like they used to.) Not only did this help clear her house of clutter and make moving easier - it was also a nice way for Mom to connect with folks before she moved.
The Belt Team has helped hundreds of clients downsize. And some on our team have even downsized themselves! If "rightsizing" is in your future, call Terry Belt & The Belt Team at (703) 242-3975. We are happy to meet with you and walk you through all kinds of helpful ideas to help you make the RIGHT move!
The Belt Team's Mission Statement is "Changing Lives For The Better". if it's time to change yours, call (703) 242-3975 today!