Downsizing Magic
Downsizing from a family home to a smaller bungalow or an apartment can be emotionally difficult for all those involved. There are many years of family memories wrapped up in our homes and it can be difficult to let go of them. Just the act of moving can be very stressful and letting go of treasured possessions can add more stress. I’ve helped many clients or their elderly parents downsize to a more comfortable living space and here are some suggestions that I learned can make downsizing easier to manage.
Buying first
If you are currently renting, downsizing will be a simpler process. However, if you or someone you know is planning to downsize from an owned home, if possible, I recommend you find a new home before putting the existing home on the market. It’ll be a lot easier to manage your purging and moving schedule (more on this later) if you know where you’re moving to and have flexibility on when you move.
Financing your purchase
If you don’t have a mortgage on your current home and want to buy a new home first, the best way to pay for it is to get a line of credit on your current home before you list it for sale and then buy your new home with funds from the line of credit. After you sell your current home, you can pay off the line of credit with the proceeds. Even if you have a small mortgage on your current home, you can use the line-of-credit method to finance the purchase of a new home.
Handling your possessions
Ideally, your new home will be smaller than the old home. That’s probably one of the reasons you want to downsize—to make your life simpler. After you find your new home, the first thing to do is to decide what you can take from your current possessions to your new home. Another way to look at it is, what can you fit into your new home?
If you need help choosing what to take with you, ask a relative or hire a downsizing service to help you plan your new space with your furniture and keepsakes. An objective eye can help you prioritize what to keep and what to let go of.
Disposing of possessions
Many of the things you let go of can be sent to thrift stores and places where they’ll get a new home with new families. For possessions of value, consider sending them to an auction service, gifting them to family members or friends, or donating them to charitable organizations. There will also be some things that have basically outlived their usefulness; these items can be taken to a waste disposal centre or if there’s a large amount, loaded into a dumpster for bulk removal.
Staging your house for sale
Before you get rid of all your furniture, ask your realtor for advice on what to keep, at least temporarily, to help stage your home when it’s up for sale. Your realtor can also bring in a stager who will add bedding, pictures, lamps, and plants to make your home more attractive to new families. Your realtor will probably pay for the stager consultation (I do), and the cost of renting staging items is very reasonable—a month’s rental might cost $250.
After you’ve determined what you can take with you to your new home, it’s just a matter of packing up, hiring the movers, and moving.
Final prep for sale
After you’ve moved out and before you list your home, it’s a great idea to freshen up the house by adding a coat of paint, making any small repairs, cleaning up the gardens, and having the whole house professionally cleaned, including the windows.
Painting, repairing, cleaning, and staging a property are somewhat easy ways to increase the price you will get for your home dramatically.
As you can see, there are several things to consider when downsizing so if you or someone you know is thinking of downsizing, call me—I’d love to help make the process as smooth and stress-free as possible.