Are you considering a move to downsize from your current home? This decision is often made if you no longer need the same amount of space or want less maintenance to worry about. Whatever your reasons may be, downsizing can be a great way to improve your lifestyle and reduce your expenses. Here are a few tips to keep in mind before you commit to this type of move.
Declutter Your Current Home
Sort through your belongings and get rid of items that you no longer need or use. This will make it easier to see what you want to keep and what you can donate, sell, or dispose of. Downsizing your home will be easier if you’ve already reduced your belongings before moving.
Hire a Real Estate Attorney
A real estate attorney can be a helpful guide through the legal aspects of the downsizing process. They can help you with contracts, negotiations, transferring title, and additional stages of the real estate transaction.
Research and Compare
Consider many options – such as retirement communities, townhomes, condos, or single-family homes. You can narrow your search down to only certain types of properties after evaluating what each type has to offer.
Create a Budget
Create a budget for the downsizing process – including moving expenses, storage fees, real estate fees, and other related expenses. When considering the cost of your new home, be sure to factor in property taxes and insurance. Talk to your mortgage company to get a clear idea of what your monthly payment will be. This way, you can confirm that this move will lower your expenses before committing to a new home.
Downsizing your home can be an exciting new chapter in your life. You’re not losing anything; you’re gaining more peace of mind and less financial stress. And with an experienced real estate attorney, the process can be easier than you think. If you haven’t gone through the real estate process in decades, don’t hesitate to reach out with any questions you may have before you start the downsizing process!