Essential Decisions to Make Before You Downsize

Has the thought of selling your family home and moving somewhere else started to tickle the back of your mind? That journey may be a few years away, but there’s nothing wrong with planning ahead. Downsizing can be both an emotional and exciting time. You might be looking forward to what the future holds. All the same, you may be terrified of what the future holds! It’s perfectly normal to have these conflicting feelings. We are all human, after all! But making many of the critical decisions now will help you experience a seamless transition when the time does arrive. 

Downsizing Decisions Big and Small

For many people, downsizing provides a sense of exhilarating freedom like never before. You’ll be free from the headaches of maintaining a large family home. And for the first time in your life, you may find yourself with enough money to realize all the dreams you’ve had to put on the back burner. 

Taking care of some of the details now means you won’t have to deal with unnecessary headaches later. Consider this guide your “pre-downsizing checklist.” You can look forward to a new beginning with the next stage in your life.

Decisions, decisions, decisions! Where do you even start? Accurate information helps, and the following posts are a great way to get it:

• How Seniors Can Navigate an Ever-Changing Real Estate Market
• Secrets Of Aging In Place
• Advice For Seniors Selling Their Family Home

What Will You Do With Your Belongings?

Do you ever give much thought to how much stuff you have in your house? Even if you keep your home meticulously clean and organized, you still have clothes you don’t wear, souvenirs from trips you’ve forgotten about, and gifts from people you don’t even remember. 

During your day-to-day life, you probably don’t think about these things. You have no reason to. But when the time comes to move, you have to examine and consider every single item you own. 

That’s why decluttering is often the most challenging part of downsizing. This step is not a single decision, but rather a series of countless choices, each one more perplexing than the next. And it’s such an emotional, even heart-wrenching process.

Anyone else looking at your belongings may just see “stuff.” But to you, each item is a precious snapshot from the moments of your life. Now, each one requires a decision about whether to keep it with you, discard it, or give it away.

And for every item you must give away, there’s the decision of who gets what. How do you manage this monumental task? The following tips can help.

• Start as early as possible. Every decision is less stressful when you have time to think about it.
• Involve your family members and close friends. Giving away a treasured item to someone else who will cherish it is far more satisfying than disposing of it.
• Work with a professional cleaning company that specializes in decluttering. Your Realtor® can help you remain logical and objective throughout the process. Or they can arrange to do it all for you if you don’t want to think about it.
• For any item you’re on the fence about, put it away in a box for six months. If you never find yourself rifling through or even opening the lid, chances are you don’t need it.

What Level of Support Do You Need or Want?

If you plan to stay active and have a clean bill of health, a world of options is open to you. Your choices may be to travel, move to a smaller home in the same city, or venture to a different part of the country you’ve always wanted to live in.

If you have mobility issues or need other support, you may decide to stay close to your family. Your options can include:

• Constructing a nanny flat
• Living in a small condo with little maintenance to worry about
• Even assisted living

What Will You Do With Your Existing Home?

Selling the home you lived in for years and raised a family in is no easy feat, emotionally. It’s not just four walls. It’s the place where you have loved, laughed, cried, and forged countless memories that will stay with you. If you can, you may decide to pass it down to a family member.

However, selling your house is the most logical and realistic choice for most people. The proceeds from your sale will help to support a comfortable and happy retirement and allow you to live the lifestyle you want. In that case, there are more decisions ahead of you.

• When should you sell?
• What updates, if any, should you make?
• Should you buy your new house first or sell your existing home first?
• How much should you list your home for?
• What is the best way to bring your listing to the attention of the most likely buyers?

The answer to the above questions will depend on the real estate market and your unique situation, as no solution covers every scenario. 

What Is Your Backup Plan?

You can plan the next stage in your life to the last detail, but sometimes the universe has other ideas. Being alarmist never pays, but it is always good to have a backup plan if life takes you in a different direction than anticipated. For example:

• You are healthy now, but you may need to plan for extra support later on.
• The housing market can change between now and when you decide to sell your family home.
• A family member you planned to live near may decide to relocate. Will you move with them or stay where you are?

The more prepared you are with a backup plan, the less stressful these last-minute hiccups will be. Expert guidance will help you make the best decisions with the most accurate and up-to-date information.

How can you find the right real estate agent to help you through your transition? The following resources may help:

• Why Work With an SRES® Agent as a Senior?
• Why Working With a Local Etobicoke Realtor® Is More Critical Than Ever

Should You Work With a Full-Service Real Estate Team?

A full-service real estate team can offer you personal guidance to help you make the most of your sale so you have more options open to you.

If you are over 55, you might even consider working with an SRES® agent who specializes in helping seniors when buying or selling real estate. Working with professionals offers many benefits. 

While we can’t alleviate the emotional impact of leaving your family home, we can remove nearly all of the stress and anxiety from the transaction itself. If you prefer, we can handle every aspect from start to finish so you can enjoy an almost hands-off experience. 

Best of all, an experienced real estate agent will almost always help you earn more from your sale, leaving you with more financial freedom and security during your retirement years. 

At Thompson Sells, we offer customized plans for seniors to help with every aspect of your transition. Find out more about our specialized services right here. And feel free to reach out at contact@thompsonsells.com or call 416-450-5900 with any questions you have.