After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.
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You have successfully raised your children and watched with pride as they have become responsible adults, started careers, and established homes of their own. But amidst the joy, many parents who find themselves in this position also experience feelings of dread when they think about maintaining all that empty space in a home that is now too large for their needs. For many, the best solution will be to sell the family home and downsize into a smaller, more comfortable home. If you want to sell a home, but have concerns about how to pare down the amount of furnishings and other items you currently have, the following tips can be helpful:
Bequeath family treasures early
A great way to free up space and ensure that your favorite family treasures are divided exactly as you wish is to distribute them to your children, relatives, and friends now as part of your downsizing process. In addition to the enjoyment the recipients will get from having some memorable furnishings and other special items in their own homes, you will also get to share in their enjoyment, instead of waiting to bequeath them in your final will. In order to allow this type of distribution to take place with no bickering or hurt feelings between your children and relatives, consider holding a family meeting and allowing each person to take turns choosing an item from the list of what you want to give away.
Sell large items
Once you have distributed the family heirlooms and sentimental items, you may find that you still have large couches, freezers, extra bedroom furniture, and other large items that will not fit comfortably into your new, smaller home. A good way to get rid of these items and make a profit, too, is to list and sell these items on an online classified site or to hold a yard sale or auction before you place your home on the market.
Donate unneeded household items
Chances are good that downsizing into a smaller home will eliminate the need for many common household items, such as extra bed and bath linens, small kitchen appliances, cookware, and home accessories. These are the same items that are often needed by local shelters and organizations. Most of these organizations also offer receipts for these donations that can help you save money on your income taxes.
For even more smart tips to help you downsize more easily, consult with your trusted real estate professional. In addition to helping you find the right home in which to spend your later years, your agent can also help with proactive suggestions on the entire downsizing process.Share