Many seniors choose to downsize when they enter retirement. If you’re looking for a smaller property where you can comfortably spend your golden years, you have several options. Here, We Buy Homes You Get Cash presents tips that lay out exactly how to approach the downsizing process, including upgrading your home before selling it, getting a valuation for your business, and getting rid of items you no longer need.

1. Listing Your Family Home

If you don’t want to become a landlord and rent out your family home, you’ll need to prepare to list it for sale on your local market. Investing in valuable renovations can help you attract the right buyer more quickly. Compare your home to similar properties in your area to research potential upgrade ideas. Seattle Credit Union suggests remodeling your kitchen and bathrooms, installing new appliances, or adding a deck.

2. Selling Your Business

Are you retiring from running a business? If so, you’ll need to sell your company in addition to downsizing. To kick off the process, you’ll have to get a professional valuation. This will give you an objective assessment of your company’s value. A valuation will take several factors into account, including your company’s real estate, inventory, and other assets.

3. Buying Property

Searching for a smaller home poses some challenges. Think about how much space you’ll actually need once you’ve decluttered, and consider how much maintenance you’re comfortable with managing. You should also go over your retirement portfolio to define your budget.

 

Then you can research online to get a feel for the prices of homes that are the right size and in the location where your senior loved one is hoping to move. Once you’ve established how much you can afford, it’s relatively simple to gauge the affordability of the area where you're looking, starting with researching the average price that homes are selling for. 

 

Finding the right property is much easier with a great real estate agent by your side. Look around for agents in your area who have worked with downsizing seniors before! They’ll be able to give you great advice throughout your home-buying journey. Storeys also recommends working with an agent who has lived in your area for several years. Finally, try to find someone who works full-time as a real estate agent since they’ll be more responsive than someone who only works as an agent part-time.

4. Declutter

If you’ve lived in the same home for decades, decluttering is a big project. You may want to ask your loved ones to pitch in so that you don’t have to tackle it all by yourself! To get started, The Home That Roams notes to declutter your garage, basement, and attic first, and get rid of any large items early on, such as furniture - this will free up lots of space. 

 

Try to give away or donate any items that are still in good condition, and recycle broken items when possible. You can also look for alternatives to clunky single purpose items, like your ironing board. You don’t need to keep that large item around to get a crisp, clean blouse. You can use a mat on top of virtually any flat surface, including your drier!

 

Finally, organize the belongings you have left so that you can easily pack them into moving boxes and transport them to your new home. And instead of lugging around paperwork and filing cabinets, take the time to digitize your files. You just need a scanning app for your smartphone and a few free online PDF tools.

5. Moving Logistics

Moving can be exhausting! You can ease your stress by hiring movers. Working with a moving company is definitely worth the price, especially for seniors. Trying to lift heavy boxes and furniture by yourself might not be the safest choice, but movers can handle all of this and more on your behalf. Get in touch with several moving companies in your area, and request price estimates. The movers may need to visit your home to give you a realistic assessment. Then, you can compare their price quotes to get the best deal.

Enjoy a Simpler Life

Navigating the downsizing process takes time. Saying goodbye to your old home isn’t easy - but making this lifestyle change is worth the effort for a comfortable retirement. By following these tips, you’ll be able to draw in a home buyer with attractive renovations, get a valuation for your business if you choose to sell it, and declutter your family home.

 

We Buy Homes You Get Cash is experienced in all aspects of the real estate industry. With more than 25 years of collective expertise, our team strives to provide our clients with a home selling experience that is delivered with respect and integrity. Visit our website to learn more!

 

Written By Guest Contributor Mallory Edens