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Tips for Downsizing

Downsizing Tips

If you’re downsizing into a new residence, it can be intimidating. Real Estate Ink, your Palm Bay real estate agent, offers the following suggestions to make the process easier.

Timeline: Downsizing is likely going to take longer than you think, so establishing a timeline is important. Plan to be organizing and moving in eight weeks, but if you have the time and leisure, you could take up to six months to go through your belongings, determine what you’re going to donate, sell, or trash, place your current residence on the market, and buy (or lease) your next residence.

Housing options: These days, many people are downsizing to condos. But whatever type of dwelling you seek, choose a place fulfills your needs, is comfortable, and where you’ll be happy.

Financing options: You may decide to take out a mortgage for your new residence. Talk to a financial adviser if you need assistance with your financing options.

Storage: Since the point of downsizing is to be in a smaller space with fewer belongings, renting a storage unit is generally not advised for those wishing to downsize. Storage units can be expensive and still present you with the same issue: having too much clutter you don’t use. If you wish, you could always auction or donate collected items instead of storing them. Or hold an estate sale. Determine what you’ll sell and what you’ll keep before you call for a sale, and make sure you have a specific reason for hanging onto what you’re keeping.

Possessions: When methodically assessing your belongings, think about the possibility that if they’re decades old, their monetary value has increased over time. If they’re not going to stay in your possession, and you wish to sell them, consider using an appraiser for help valuing items.

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