If you’re a parent with adult children who’ve successfully launched, statistics show you’re among the most likely demographic to contemplate selling your home.
As an experienced local agent, I’ve worked with many couples seeking to downsize, maintaining an excellent lifestyle while reducing the obligations of owning a large family home, which let’s face it, can be exhausting.
Downsizing is never an easy decision, and it can be hard work. Moving to a smaller property means that not all your treasured belongings can go with you. And so, you face the prospect of choosing between items that should stay and those that must go.
If you’re in this situation right now, I’ve listed a few of the common challenges and some solutions.
In the meantime, if I can help you sell your current property or find that perfect, smaller next-home, please do not hesitate to contact me.
Visualize your future
How do you plan to live the next 10 to 20 years? Will you continue to work, or can you retire and travel? Are you seeking the Montana lifestyle, or do you want to be on the beach? Answer these fundamental questions before beginning your property search.
Do your numbers
Don’t assume selling your family home will make you financially secure. Before making such a significant life decision, seek professional advice to understand the impact of your decision. If you’d like to understand the value of your home in the current market, give me a call and we can do an appraisal for you to discuss the potential numbers with your adviser and see what options they offer.
Hidden costs
Many couples choose to move into an apartment or condo in a managed complex. While this makes sense, you should calculate costs such as management fees before making a purchase. Don’t assume these fees are less than what it takes to run a house.
Investment mindset
Think about the future value of your new home. Choosing a location with rising values is one way to predict that your property will be a good investment.
Helpful advice
Don’t underestimate the change in lifestyle that downsizing will bring. For example, you may miss the family home. If you’re concerned about the emotional impact, talk with friends who’ve already downsized and find out how they dealt with the move and ways you can mitigate it.
No surprises
It’s a smart play to discuss your decision to downsize with the whole family. Perhaps a son or daughter will not like the idea of losing the family home. Take the time to explain your position.
Big clear-out
Make sure the rest of the family have the opportunity to retrieve any belongings you intend to discard. Throwing out items to which someone has a personal attachment can create unneeded tension. But set deadlines for the collection of belongings that works to your timetable to move or you’ll find yourself stuck with them.