The Seller’s Guide To Downsizing
Change of career or lifestyle can cause you to move homes or to downsize. This can be daunting, especially if you’re used to seeing the same lawn and living in the same home for years. To help you, here is a guide for you:
Create a game plan.
Moving out can be stressful but more so if you’re downsizing, so you need a solid game plan. Consider these:
Costs. Downsizing doesn’t mean the property costs less, so make sure that you have a proper budget, be realistic, and stick to it. Take note of the costs of selling or breaking the lease of your old home. Keep in mind that acquiring a new property has new fees and costs to think about.
Goal. Are you downsizing because of a change of lifestyle or because of retirement? Your goals determine the type of property and location you will choose—make sure that you have it in mind when looking for your new home.
Your belongings. Obviously, some of your belongings might be out of place and unnecessary in your new home. Think of ways on how you can declutter—you can donate to charities, organise a garage sale, or give them away.
Get help from the experts.
Downsizing can become complicated and this is why you should seek advice from professionals such as financial advisers, solicitors, and agents. They can help you navigate the intricacies of the downsizing process.
Research is your friend.
Even if you can get help, you should still do your own research. Look into the requirements of financing, and what documents and papers you need when downsizing. Know if your state gives incentive or concessions to downsizers. Keep an eye out on the property market to determine a good price for your current home, and get a new home in the best price possible.
Think of the future.
Moving into a new property always entails thinking about the future—that doesn’t change even if you’re downsizing. Make sure that the property you’ll choose is the property you see yourself living in for at least the next ten years. Ask yourself these questions:
Are you able to maintain your new property?
Are your family members likely to move back with you in the future?
Will the location of your new home fit your social needs?
Think twice in buying before selling.
It’s risky to sign a contract for a new home while your old home is still on the market. You might find it hard to sell your home or sell it for less than you anticipated.
When you sell before you buy, you will be sure about how much you can spend on buying a new home, making it less stressful for you than when you need to find money for the new home. But if you do buy a new home before selling your old home, look into bridging finance to help you in financing your new home.
Follow your head, not your heart.
Downsizing and selling the home you’ve had for years can be emotionally taxing for you. However, you will need to remain practical when making decisions. It also involves decluttering—getting rid of many of the possessions you’ve had for years. Even another emotional task that requires you to listen to your head, not your heart for it to become successful.
Choose the right home.
Your purpose for downsizing determines the type of home you will choose. For retirees, look for homes or apartments that are senior-friendly with well-lit rooms, barrier-free entrances, accessible sinks and countertops and the like.
For people who downsize because of lifestyle or career change, make sure that your new home is accessible to shops, restaurants, public transport, health services, parks, and the like.
Here are some tips that can help you choose the right home:
The location should be accessible to friends and family.
Check for sufficient storage and wardrobe space.
Consider having an extra room that can serve as a study or guest room.
For apartments, check if there are enough parking bays and functional lifts.
If you’re a retiree, consider getting a single-level property or a property with a room and bathroom downstairs, in case climbing stairs becomes an issue.
📸 Benjamin Hosking
Downsizing can be an emotional process, especially if you’ve been in the same home for years, making memories with friends and family. It might seem hard but think of downsizing as a new chapter in life, where you can create better memories and live life the best way possible. If you need help with downsizing or just seeking advice in general, don’t hesitate to drop a message.
