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How To Avoid Downsizing Mistakes That Could Cost You In The Long Run

October 15 - Posted at 8:58 AM

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Downsizing can be beneficial to many people. Whether you want to reduce stress by having less responsibilities or simply need a smaller space for your health and safety as a senior, a downsize can help you achieve your goals while allowing you to save money at the same time. But what happens when the downsize comes with more than you expected? Being unprepared for the move and everything it entails can lead to some issues that will leave you feeling stressed and overwhelmed.

Fortunately, there are some easy ways to avoid any costly mistakes and make the downsize a smooth one. From researching the housing market to make sure it’s the right time to sell/buy to going through the decluttering and packing aspects of the move, there are several things you can do to help make the process easier. 

Keep reading for some great tips on how to avoid common mistakes often made during a downsize. 

Research the market

Knowing what to expect from the housing market is essential, but many individuals don’t spend enough time researching real estate trends. It’s important that you do this for both your current area and the area you’re interested in buying in. The real estate market can be tricky to navigate, and there are many details you may overlook, so educating yourself about the ins and outs of buying and selling will help the process go much more smoothly. For example, in Jacksonville, homes currently have a median listing price of around $270,000

While researching the market, it’s a good idea to put a budget into place. That way, you know precisely how much you can spend. This is also a great time to take a closer look at your finances and address any problems or lingering issues. For example, if debt is preventing you from affording the house of your dreams, you can seek help to combat that problem. Working with a debt relief specialist can help you get a better handle on your finances and, in turn, afford the home you want, as opposed to the one you’re simply settling for.

When you’re ready to seriously search for a new home, get in touch with Robert Greene of Greene Realty, who can help you find precisely what you’re after.

Have a plan for your belongings

During a typical move, it’s easy for homeowners to pack their things without careful planning. With a downsize, however, it’s important to have a plan in mind for each of your belongings. Moving into a smaller space means you won’t be able to bring everything, and in some cases, you may even need to replace large pieces of furniture with smaller and simpler ones. Go through each room carefully and make decisions about which items you’re going to take, sell, throw away, or give to loved ones. 

Think about how your needs may change

You might find a home that meets all your current needs, which is fantastic, but what about your future needs? Many downsizes come as a necessity for seniors whose homes no longer allow them to remain independent, so a new living situation would need to be accessible both now and down the road. For instance, you may not have mobility issues at the moment, but as you get older, it might be much harder for you to step into the shower or navigate stairs. Thinking about these details now will help to prevent costly remodels later on.

Time it right

One of the biggest mistakes people make when downsizing is not determining how other aspects of their life will affect the timeline. Timing is everything when it comes to a move; after you’ve researched the housing market and found out everything you need to know about home prices, keep in mind that selling your home during a strong housing market can make a big difference financially. Not only can the market turn quickly, but you may have other big life changes, health issues, or financial setbacks down the road that will make a move difficult or impossible. Rather than waiting to downsize, you’re better off doing it now while it’s still relatively easy.

Downsizing should be a smooth and enjoyable transition. With a little planning and some research, you can avoid making common downsizing mistakes and reduce your stress at the same time.

Robert Greene of Robert Greene Realty can help you find the home you want. Stop by the Greene Realty website or call 800-776-9692.

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