Downsizing buyers invariably go through an exercise whereby they visualize themselves in this new lifestyle yet envision bringing all their worldly possessions to this new lifestyle location.
They consistently verbalize how small townhomes look to them but they are picturing all their current belongings and furniture crammed into a smaller space. Don’t underestimate how long the process is to truly downsize effectively! It is time to make a plan.
Step 1: Get the lay of the land.
Start by attending all sorts of open houses to get an idea of what your money will buy you and what options are available.
Step 2: Retain a knowledgeable Realtor who can project the value of your home.
It may take quite a few months for you to understand how all of this would work and mesh together – yes, it seems like a daunting task but broken up into smaller steps can be accomplished effectively if you stay on task.
Step 3: Consult some trusted lenders that can give you financial options that might ease the burden of your move.
Did you know that you can’t get a home equity loan if your home is on the market? Chances are you have some good equity that you could tap to perhaps purchase and then sell easing your stress load. Who are they? See step 2! Another alternative is a bridge loan but it can be pricey and may be harder to get.
Step 4: Make your plan based on the above information you have learned with your trusted agent at the help to guide you.
Step 5: Prepare your home for sale if you must sell before you can buy.
Purging: Do you really need grandmother’s silver service? Do you have three others as well? Then, there is all that stuff in the basement…oh, in the garage, too. When was the last time the Buick came in from out of the elements? Oh, no, you’ve got an attic, too? Clean it out now…it’s not the place to be in August!
If you don’t use it – sell it, toss it, give it away to charity (and get a tax write-off) or give it to someone you know – just DON’T move it!
Next – furniture! Do you really need a dining room table that seats 12? To downsize means to simplify in every sense of the word. Perhaps buying a smaller dining table more in scale when you get to your new place would be a great idea.
Gone is the excess that has been weighing you down for (in some cases) many years!
Prepping: Consult your trusted agent again on what updates you need to make to bring maximum proceeds from your home to your next one. Popular updates are carpets, appliances, countertops, and, of course, removing wallpaper and painting with fresh popular colors. Remember…this is marketing! It doesn’t matter what you like…you won’t be living there much longer if you do all the right things. It matters who the target buyer is and what they like!
Cleaning: Do not underestimate the value of a squeaky clean house – perhaps bringing in professionals for this is the answer – and clean things you always forget to clean, such as light bulbs and fixtures, ceiling fans, window treatments and windows and everything else!!!
Call me! I can help you START now….you’ll be all set to MOVE next spring!
A member of the franchise system of BHH Affiliates, LLC.
REALTOR®, ABR, SRES
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