Downsizing

Smart Downsizing Strategies Specifically for the Savvy Senior

/ Christopher Garguilo / Leave a comment
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(Article submitted by Caroline James of Elderaction.org)

As we advance in age, there comes a time to simplify life and make it more manageable. This often involves downsizing – moving from a larger living space filled with belongings collected over a lifetime to a smaller, more functional one. For many seniors, the task of downsizing can seem daunting, even overwhelming. However, with some planning and the right approach, it can turn into a rewarding process. This article shared by Real Estate with Mr. G provides you with a comprehensive guide, packed with valuable tips and advice to help make your downsizing journey smoother and more enjoyable.

Utilizing Storage in a Smart Way

When downsizing, creative storage solutions can be your best friend. Selecting furniture with built-in storage compartments allows you to keep necessary items without cluttering your living area. But it isn’t just about hidden storage. Vertical storage solutions, such as shelving units or wall-mounted racks, can significantly help utilize available space better, freeing up your floor space and providing an airy feel to your new home.

Donating: A Fulfilling Approach to Decluttering

Undoubtedly, you’ll find many items that you no longer need or use while sorting through your belongings. Instead of throwing these items away, consider donating them to local charities. This approach serves a dual purpose. It helps declutter your space and benefits your community, creating a sense of fulfillment and purpose. The knowledge that your items will be put to good use can make the downsizing process much less emotionally challenging.

Sharing Keepsakes: Continuing Family Traditions

The sentimental value attached to certain items can often make them difficult to part with. Instead of selling or donating such items, why not offer them to your family members? By doing so, these cherished mementos stay within your family, continuing the family traditions and preserving the memories associated with them. It’s a way of passing down your legacy and ensuring your memories live on.

Wardrobe Streamlining: Simplify to Amplify

A significant part of the downsizing process can involve taking a hard look at your clothing collection. Keeping only the clothes you frequently wear can significantly reduce the amount of storage space needed. You can donate, sell, or recycle the rest. Not only will you have fewer clothes to worry about, but your dressing routine will also become much simpler and quicker.

Embrace the Digital Era: Less Clutter, More Space

Utilizing technology can help make the downsizing process easier. Before unplugging your devices, take a few photos of the wiring setup, serving as a convenient guide for reconnection in your new residence. Furthermore, transform vital documents into a digital format like a PDF and store them securely either on the cloud or an external hard drive, dramatically reducing physical storage requirements and making document retrieval more straightforward. Fortunately, there are many free tools to make this simple. For instance, if you’d like to merge two PDF files together so you can keep similar topics/documents together, you can use this to make it happen – all for free.

Bulky Items: Smart Replacements for Space Efficiency

Consider replacing large, cumbersome items, like traditional ironing boards, with compact alternatives. A wall-mounted ironing board or a handheld steamer could be practical solutions that free up space. Also, consider investing in appliances designed with small spaces in mind – they can be just as effective without hogging your valuable room.

Multipurpose Furniture: Maximizing Space and Utility

When space is at a premium, furniture that can serve more than one purpose is invaluable. A dining table that folds out from a wall unit can double up as a desk when needed, or a sofa that converts into a bed provides extra sleeping space without needing an extra room. These multifunctional furniture pieces are clever space savers that don’t compromise on comfort or utility.   Embracing the downsizing process is about more than just reducing the quantity of your possessions. It’s about simplifying your lifestyle, making daily living more manageable, and creating a comfortable, clutter-free space that you can truly enjoy. With careful planning, a little creativity, and a positive mindset, downsizing can become less of a chore and more of a journey towards a new phase of life. Remember, downsizing doesn’t mean you’re losing something – instead, you’re gaining the freedom and ease that comes with a simpler, less cluttered life.  

Reasons Your Home May Not Be Selling

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When it comes to selling your house, you want three things: to sell it for the most money you can, to do it in a certain amount of time, and to do all of that with the fewest hassles. And, while the current housing market is generally favorable to sellers due to today’s limited housing supply, there are still factors that can cause delays or even prevent a house from selling.If you’re having trouble getting your house to sell in today’s sellers’ market, here are a few things to think about.

Limited Access – If You Can’t Show It, You Can’t Sell It.

One of the biggest mistakes you can make as a seller is limiting the days and times when buyers can view your home. In any market, if you want to maximize the sale of your house, you can’t limit potential buyers’ ability to view it. Remember, minimal access equals minimal exposure.In some cases, some of the most motivated buyers may come from outside of your local area. Because they’re traveling, they might not have the luxury to adjust their schedules when faced with limited options to tour your house, so make it available as much as possible.

Priced Too High – Price It To Sell, Not To Sit.

Pricing is a critical factor that can significantly impact your home sale. While it’s tempting to push the price higher to try to maximize your profit, overpricing can deter potential buyers and lead to your home sitting on the market longer.Jeff Tucker, Senior Economist at Zillow, notes:

“. . . sellers who price and market their home competitively shouldn’t have a problem finding a buyer.” 

Not to mention, buyers today have access to a number of tools and resources to view available homes in your area. If your house is priced unreasonably high compared to similar homes, it may drive potential buyers away. Listen to the feedback your agent is getting at open houses and showings. If the feedback is consistent, it may be time to re-evaluate and potentially lower the price. 

Not Freshened Up Before Listing – If It Looks Good, It’ll Make a Good Impression.

When selling your house, the old saying “you never get a second chance to make a first impression” matters. Putting in the work on the exterior of your home is just as important as what you stage inside. Freshen up your landscaping to improve your home’s curb appeal so you can make an impact upfront. As an article from Investopediasays:

“Curb-appeal projects make the property look good as soon as prospective buyers arrive. While these projects may not add a considerable amount of monetary value, they will help your home sell faster—and you can do a lot of the work yourself to save money and time.”

But don’t let that stop at the front door. By removing personal items and reducing clutter inside, you give buyers more freedom to picture themselves in the home. Additionally, a new coat of paint or cleaning the floors can go a long way to freshening up a room.For all of these things, lean on your real estate agent for expert advice based on your unique situation and feedback you get from buyers throughout the process.

Bottom Line

If your house isn’t getting the attention you feel it deserves and isn’t selling in the timeframe you wanted, it’s time to ask your trusted real estate agent for advice on what you may need to revisit or change in your approach. To get those expert insights, let’s connect.

The Benefits of Downsizing for Homeowners [INFOGRAPHIC]

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Some Highlights

  • Downsizing is a popular choice for homeowners when they retire or when their needs change, but with inflation still high, it’s also a way to reduce costs.
  • Downsizing could help cut down on your expenses and your equity can fuel your move.
  • If you’re thinking about moving to a smaller home, let’s connect to go over your housing goals and look at your options on our local market.

How Homeowners Win When They Downsize

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Downsizing has long been a popular option when homeowners reach retirement age. But there are plenty of other life changes that could make downsizing worthwhile. Homeowners who have experienced a change in their lives or no longer feel like their house fits their needs may benefit from downsizing too. U.S. News explains:

“Downsizing is somewhat common among older people and retirees who no longer have children living at home. But these days, younger people are also looking to downsize to save money on housing . . .”

And when inflation has made most things significantly more expensive, saving money where you can has a lot of appeal. So, if you’re thinking about ways to budget differently, it could be worthwhile to take your home into consideration.

When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares:

“A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.”

That windfall is thanks to your home equity. If you’ve been in your house for a while, odds are you’ve developed a considerable amount of equity. Your home equity is an asset you can use to help you buy a home that better suits your needs today.

And when you’re ready to make a move, your team of real estate experts will be your guides through every step of the process. That includes setting the right price for your house when you sell, finding the best location and size for your next home, and understanding what you can afford at today’s mortgage rate.

What This Means for You

If you’re thinking about downsizing, ask yourself these questions:

  • Do the original reasons I bought my current house still stand, or have my needs changed since then?
  • Do I really need and want the space I have right now, or could somewhere smaller be a better fit?
  • What are my housing expenses right now, and how much do I want to try to save by downsizing?

Once you know the answers to these questions, meet with a real estate advisor to get an answer to this one: What are my options in the market right now? A local housing market professional can walk you through how much equity you have in your house and how it positions you to win when you downsize.

Bottom Line

If you’re looking to save money, downsizing your home could be a great help toward your goal. Let’s connect to talk about your goals in the housing market this year.