Downsizing has many benefits, including fewer maintenance and financial responsibilities, but it can be a challenging process. When you’re not prepared, downsizing can be downright overwhelming. Even if you are prepared, it can still be physically and emotionally difficult. That’s why it’s so important to make a plan and avoid some of the more common downsizing mistakes. If you’re about to downsize your belongings, you can save yourself some stress by not doing these things in this guide presented by the Greenwald & Gerke Realty Team.
Not Looking at Financing Options
A lot of people decide to buy a house and dive into the process before they research the cost of living in the area they’re moving to, the price of homes in various neighborhoods, and their financing options. Here’s the problem: The type of loan you qualify for and/or choose can significantly impact what kind of home you can purchase.
If you’re planning to move into a smaller home, be sure to look into your financing options. There are several types of loans available when it comes to downsizing, such as fixed-rate, adjustable-rate, FHA, USDA, and bridge loans. An FHA loan is one of the most common types of loans, and they work particularly well for first-time homebuyers who have a short credit history and less money to put down. Low-interest loans and affordable programs available to military veterans are other great options.
You should also get an idea of your current home’s value and how much you will make from selling it. The profits could go toward investing in a smaller home. Lastly, be sure to consult with a trusted and experienced agent for all your real estate needs.
Keeping Too Many Things
One of the most common mistakes is keeping too many belongings. This is usually when the emotional side of the process kicks in, as you may have to sift through sentimental items and decide what to get rid of. The Spruce points out that you shouldn’t let gifts become burdens. You can also save digital versions of documents and photographs. Keep in mind that the whole point of downsizing is to have fewer things so you can have less stress.
Tossing Things That Are in Good Condition
On the flip side, some people get a little too aggressive when purging their belongings and end up throwing away perfectly good items. If you choose to part with any gently used items, consider donating them to a charitable organization so they can be used for a good cause. Moving notes that you can donate to Goodwill, local libraries, food banks, and Salvation Army.
Not Breaking Up Tasks
It’s also important not to do all your downsizing at once. You will be much less overwhelmed if you start planning the process early and allow yourself time to complete tasks comfortably. For instance, plan to do a task or two each day, and if you’re downsizing your whole home, take it room by room. Do It Yourself reminds that you shouldn’t forget any small spaces. Pay attention to closets, pantries, and other storage spaces.
Buying a Bunch of Storage Bins
Rather than rush off and purchase tons of storage bins before you begin downsizing, organize and categorize your items first. Create temporary piles of things you are considering keeping and buy storage bins as you go. This will help you stay organized while ensuring you get the right number and sizes of containers.
Not Changing the Locks
Most people move into their new homes eager to settle in and unpack without thinking about changing the locks. It’s absolutely critical to have the doors in your new home-rekeyed. The previous owner may have shared multiple keys with many people, and rather than worry about who could enter your home, it’s wise to hire a local locksmith service to rekey exterior doors.
Trying to do Everything Yourself
Finally, don’t plan to do all the downsizing yourself. No matter how able or motivated you are to sort through your belongings, you will likely get overwhelmed somewhere along the way if you don't have any help. Talk with your friends and family so you can arrange for people to help you. This will especially come in handy when you’re choosing which sentimental items to keep.
You can help yourself have a smooth downsizing experience by avoiding a few common mistakes. Remember to explore your financing options if you’re buying a home, and try to be selective in what belongings you decide to keep. Consider donating your unwanted items, and break up your downsizing tasks to reduce stress. Lastly, get others to help you sort through and move out items. Downsizing is a great way to free up your space and finances — just make sure it doesn’t overwhelm you in the process.
Greenwald & Gerke Realty Team can help seniors and their families with comprehensive realty estate services. To learn more about what we do and how we can assist you, please give us a call at 844-782-9674 or email info@greenwaldgerke.com.
Contributed Article written by:
Hazel Bridges, hbridges@agingwellness.org
