Downsizing is so much more than moving from a big house to a smaller one. It is becoming clear to a growing number of Baby Boomers and their families that downsizing in a competitive real estate market is more complicated than it appears. Given the number of variables that exist today it is nearly impossible to go it alone – selling your current home, buying a home to fit your current and future needs, estate planning, tax implications, financial strategies and so much more.
Planning for your future starts with you, but it continues with the help from a team of experts who can get you to where you want to be down the road.
Here are 5 tips to get you thinking big about living small:
Start with a Plan. It takes time to plan a move, and moving from the family home requires more than just moving boxes. 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.
Partner with a Professional. Once you’ve made the decision to downsize, contact a trusted REALTOR® to prepare a Custom Market Analysis (CMA) on your home. A great REALTOR® will take the reins and the stress off your shoulders. They will give you insight on the true value of your home, potential expenses, the best timeline as well as a comprehensive overview of the market conditions.
Pack it Up. 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. Steve McKenna & The Home Advantage Team have vetted resources to help with every stage of this process.
Make Your Next Move. You’re ready to make a move, but where do you go? Selling and finding the right home and location can be tricky in a competitive market. We have helped many clients get a great price and terms for their home and find a new space that suits their needs and lifestyle. There are numerous communities in Metro West or beyond that offer space and affordability. We also work closely with developers and contractors and have our finger on the pulse of new construction in the area.
Understand Your ‘Why.’ When you understand why you are ready to downsize, the how, where and when become much clearer. Is the maintenance and care of the house too much? Do you need main level living? Do you want to be closer to kids and grandkids? Many people who downsize want walkability with access to public transportation. Finding the right home and location to suit your lifestyle requires some thought, but it is a process that can result in many happy years to come.
If you feel apprehensive about downsizing, you’re not alone. Steve McKenna & The Home Advantage Team will handle every step of the process and more – providing a smooth transition and ensuring that you well cared for throughout your move and beyond.
