Downsize Your Home to Make Room for What Matters
Downsizing your home might seem like a daunting task. You have to sort through your belongings and decide what’s valuable and what’s not. You also need to decide what to do with your home. Downsizing seniors can sell or rent their house or keep it in the family. Read on to learn more about your options.
When to Move
If you’re not sure when you should start downsizing, watch for the signs that it’s time to move. Do you have several rooms in the house you never use? You may have extra bedrooms collecting dust or a second living room that you never enter. You might like having the extra storage space, but maintaining a big house full of unused rooms is an expensive way to store some keepsakes.
Another sign that it’s time to move is the yard. If you struggle with yard maintenance and have a hard time mowing the lawn or trimming the hedges, it may be time to downsize and save your energy for the things that matter.
Downsizing your home
Downsizing can be stressful, and it’s difficult to know what to keep and what to throw away. Sorting through a lifetime of memories can also be time consuming, so start downsizing right away. Go through your home room by room and put everything into three categories: keep, donate, or throw away. Get rid of old bills from the filing cabinet, donate the used jars in the pantry, and consider gifting family keepsakes to your loved ones. You won’t have to do all the downsizing in the weeks before your move, and you’ll have time to organize your home without stressing.
Selling Your Home
There are a few reasons you might decide to sell your home. You may want to live closer to your family, decide to retire in another state, or need a house with no stairs. Getting ready to sell your home will take a bit of elbow grease, and you’ll need to make repairs and updates before listing. When you don’t have to worry about a large house, you’ll have the time and energy for the things you love, and it can help fund your retirement.
Renting your Home
If you’re planning to keep living near your old home, you might decide to rent your house rather than sell it. You can easily stop by the house if any issues arise, and renting the house could be a passive source of income to fund your new home or travels.
Of course, renting your home comes with many responsibilities like performing tenant screenings and handling maintenance requests. You may want to consider hiring a management company to take care of these tasks. If your home is going to become a vacation rental, you’ll want to make sure it’s kept clean and secure. Look to a vacation rental company like Turnkey, which will provide these services as well as customer service to ensure that guests have no issues with booking your rental.
Keeping Your Home in the Family
It’s likely that someone in your family feels a deep emotional connection to your home, and deciding to sell or rent the house can be a struggle. You may decide to keep your home in the family rather than selling or renting it, and invite a family member to take over the house. Research inheritance policies and make sure you have all the paperwork in order. You’ll have peace of mind knowing your home is in loving hands and that someone is taking care of all the upkeep and maintenance a home requires. You can even visit the house and watch as your loved ones bring new life to the place.
Set a Clear Budget
If you’re not selling your old home, take a close look at your finances and decide exactly how much you can spend on a new home. Take into consideration your current income, cost of a down payment, and monthly spending. Set a clear budget and stick to it so you’re not enticed by a home that’s out of your price range.
Downsizing your home can seem daunting, but once you’ve decided what to do with your house, you’re free to move on to the next step and look at exciting new homes that will give you the freedom to enjoy your retirement doing the things you love.