Chances are the thought downsizing (or helping a loved one downsize) is something on the horizon that gets pushed aside for another day.
But today, home values are high, interest rates are low, homes in Arlington and surrounding areas are selling fast, and from a market standpoint, it’s an ideal time to sell.
Of course, it may feel differently from your standpoint. Prepping to downsize usually means cleaning out, cleaning up and making tough decisions about who gets what and what goes where – but downsizing does not need to be daunting!
With the right help and a plan tailored to suit your needs, you can make a seamless transition to a new chapter of life.
Here are the 5 things to consider when preparing to downsize:
- Family Meeting. Discuss the idea of downsizing with your family and friends, as well as your advisors including attorneys and accountants. Understand your options and the potential changes to your estate planning and tax implications.
- Rely on a Professional to get you started. Contact a trusted real estate professional to prepare a Custom Market Analysis (CMA) on your home. Someone who is a local expert will give you an insight on the true value of your home (not just what Zillow tells you), potential expenses, the best timeline as well as a comprehensive overview of the market conditions.
- Timing is Everything. Change is hard, procrastinating is easy. Unfortunately, many people are ultimately forced to move for either health reasons or other personal reasons. It is important to be proactive and understanding the time it can take to downsize – which can be up to two years depending on certain physical, financial and emotional situations.
- Think About Your Next Move. Start your research early in the process. Understand why you are moving - is the maintenance and care of the house too much? If that's the case you may want something with little or no maintenance, such as a condo or townhouse. Do you need everything on one level? Maybe not immediately, but look to the future and decide if you might need a bedroom and bathroom on the main level. Whatever your lifestyle and decision is; take your time and consider all your options.
- Cleaning Out. Packing up a lifetime of memories is often the hardest part of downsizing. A professional stager and organizer is invaluable in helping you prepare your home for sale, as well as knowing where you can donate certain items or the proper place to discard them.
If you feel apprehensive about downsizing, you’re not alone - and we are here to help. Steve McKenna & The Home Advantage Team will handle every step of the process and so much more – providing a smooth transition, peace of mind, and ensuring that you’re well cared for throughout your move. It’s as easy as putting your home in our hands.