For Seniors looking to downsize…some thoughts… 138

#seniors #realtor #downsize

Deerwood Realty and Friends Podcast

I saw this article on helping seniors when they decide they are going to downsize…I’ve dealt with this topic working with seniors when they list their homes and I wanted to go over it.

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Thoughts:

Here are the first points the author makes

1. Know what hurdles you face
2. Reframe the move
3. Highlight the pluses
4. Point out the practical
5. Let go in stages
6. Set an example

And all of those are fine, but as a real estate agent I wanted talk about the difficulty of knowing when it’s time to move.

1. How do you know when it is time to move? Is there an optimal time to move?

Tough question, but I think it comes down to your ability to move. That is, do you want to wait until someone makes the choice for you or do you want to make the move to downsize on your own? I’ve seen so many seniors hold on for much longer than they should have physically, and then the decisions are made for them.

2. If you’ve never updated your house in the past 40 years, it may be a wonderful home, but today’s buyers are likely going to value your home less than you do. Shag carpeting is out. Brass fixtures are out. Wallpaper in every room is out. Fewer people are interested in curtains or drapery.

Let’s say you paid 100k for your house 40 years ago. As long as it is in good shape, you are easily going to get your money back and more. Don’t worry about selling your home.

3. That being said, be careful who you trust to work with the sale of your home. You might think that only an investor would buy your home so you go there first. That’s probably not the best way to get the most $$ for your house. A trusted realtor is most likely your best bet in advising you what would be the best combination of selling terms.

4. When you decide to downsize, do you have any idea about what you might prefer in your next home? Everything on the first floor, not many steps, etc. can go a long way in helping you to stay in your home longer. You need to have an idea about what is available to you and at what cost.

5. What about your stuff? All those accumulated memories over the years will be of great value to you…unfortunately a lot of that stuff isn’t going to have a lot of value to others. Collectibles that may have once been worth a lot may have changed. Clothes rarely ever bring the money they were purchased for. Even things like power tools may be close to obsolete. What should you do? I recommend having an estate sale company come and take a look and give you an honest opinion about whether you should try to have a sale, or just donate the things you can and pitch the things that don’t have any value.

6. Realize that this is going to be emotional, not only for you, but your entire family. Downsizing signals that you are making changes in your life..for the better. But it’s still a change, and change can be difficult.

Source: https://www.arkansasonline.com/news/2021/sep/04/realtors-help-retirees-see-upside-of-rightsizing/

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