Are You Ready to Downsize?

posted in: Real Estate, Tips | 0

Do you think your time has come to downsize?
Are you ready to downsize?

Downsize is the word that many retirees use when they are ready to sell their home and get something smaller, but how should one go about downsizing?

Look Below for Downsizing Tips:

Reducing the size of your home is what downsizing means. Usually it means you will be selling your home, then moving to another place that is smaller, cheaper or perhaps more luxurious. Downsizing means you will be using the equity in your home and purchasing something smaller and for less money. Not all downsizers spend less money, but some decide to spend more money to have a luxurious property that they have worked for their entire life to enjoy when they retired, then some retirees just purchase a second home or a summer home in another country.

Remember, downsizing is more than just moving from one house to another. It comes with work, research, planning, and taking the time to actually prepare yourself for a new transition. One rule to follow is – Think with your head-Follow your heart!

Are You Ready to Downsize?

Why should you downsize? Are you ready to downsize? You should ask yourself these questions before you jump into downsizing. People downsize for personal reasons, health reasons, and a variety of other reasons. Most people downsize because of retirement. When kids leave the family home and the parents are left with space that they don’t need or use, then this is a good reason to downsize. If your house is becoming too hard to clean and maintain, then you would benefit from downsizing. If you have always wanted to live by the seas or amongst the trees and you just are looking for a change of scenery or maybe you always dreamed of traveling, then downsizing is a great option for you.

Unfortunately, in most cases, it is money reasons that force people to downsize upon retirement such as needing to have more money to live on. You can purchase a smaller home and live cheaper. Health issues is unfortunately another reasons that people downsize, because of health costs, people need the extra money and people need to be closer to family members or they need to live in a retirement village where they can get assistance to live a normal life.

    Are you the best candidate for downsizing? Check out these pointers:

  • Write down what you want and need from a new place
  • Take your time when downsizing
  • Start decluttering your things. You can’t and won’t need all your items
  • Think about the kind of property that you would like to have. A condo, townhouse, villa, apartment or even a small house
  • Research the market thoroughly before buying or selling
  • Look over the new location first, and try renting before buying. Do the ‘try it before you buy it’ option
  • You should consider being close to family, friends, and any networks that can help you
  • Don’t make any rushed decisions
  • When you do sell your property make sure you don’t blow the money
  • You should never be pushed or coerced to purchase any property

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