There may come a time when you no longer need all that space in the house. At this point, all the kids have probably moved out, and most of the rooms are empty. The sheer size of the house is becoming less of a convenience and more of a burden. You may consider downsizing in such a scenario.
Downsizing refers to selling and moving from your present home, usually to a smaller property. So, how do you handle selling a house when downsizing?
What Are Some of the Signs that You Need to Downsize?
Downsizing is a pretty serious decision, especially since, in most cases, it involves selling your family home, which you likely have a lot of emotional attachment to. Here are some if you’re looking for signs that it may be the right time to downsize.
Declining Physical Mobility
As we get older, moving around becomes more and more of a hassle. This is especially true if you have to deal with multiple floors. Climbing stairs can be painful and exhausting and exert undue stress on your body.
Downsizing to a bungalow with a smaller floor space that allows easy access to all your needed features is an ideal option. You can also structure your new home so everything is within reach and day-to-day living is easier.
Financials
If a chunk of your monthly income is going towards making the required monthly payments on your house or maintenance expenses are a ton, this could be a major sign that it’s time to downsize.
Moving to a smaller home implies lower mortgage payments, property taxes, and other related bills. This gives you enough money for other activities like traveling or enjoying retirement.
Financial Freedom
Your home could be tying up much of your money, especially if your mortgage is paid or nearly paid off and your home has appreciated significantly. Downsizing can allow you to purchase a new and more affordable property while keeping the difference.
You can then spend these new funds on investments, retirement savings, or personal needs. Also, since your payments on the new house would be lower, you can enjoy a reinforced sense of financial security and a pleasant lifestyle.
Lifestyle Changes
A major lifestyle change can imply a need to make other changes. For instance, retirement can spell a lot of changes regarding your lifestyle. Since you now have more time to travel, explore hobbies, and adventure, you would likely spend less time at home and need less space.
So, downsizing can allow you to enjoy the reassurance of having a home to return to while funding your new lifestyle. If you always had plans to return to the ‘bachelor or bachelorette pad’ lifestyle, you could finally make that happen.
Lots of Unused Space
With everybody out of the house, save just you or you and your spouse, you would likely find yourself with unused rooms and spaces. So, you’d be cleaning and maintaining rarely used rooms. This can be a major sign that it’s time to downsize.
Rather than spend time cleaning barely used rooms, you can opt for a smaller space comprising only functional spaces. So, you’re cleaning and maintaining a smaller space that you actually use.
Emotional Preparedness
Given all the time and memories attached to your house, it’s understandable that letting go simply cannot be an instant decision. While it may be a practical decision, the emotional factors can supersede that.
As such, you must be observant enough to note when the practical benefits or upsides outweigh the emotional attachment. This is when you would need to come to terms with the fact that downsizing could be the best resort.
There could be several benefits, including more freedom, a simpler life, less stress, and new experiences.
How to Sell a House When Downsizing
When downsizing, there are two major selling options that you can explore.
- A traditional sale
- Sell as-is
Traditional Sale
If you explore the traditional sale route, you must be ready for everything that goes into the selling process. Here are some stages/elements you would have to factor in.
Work On Curb Appeal
The first area that potential buyers would come in contact with is the outdoors. First impressions are critical because they determine how these buyers view your home. If the outdoors is well kept, it indicates how the indoors is treated — this is how most buyers view it.
Boosting curb appeal doesn’t require too much. Ensure your landscape is properly kept, apply a fresh coat of paint to the outdoors if necessary, clean the gutters, clear moss and leaves off your roof, and fix any broken windows. These are basics that would put you in better standing with potential buyers.
Clean and Declutter
This might sound pretty basic, and you may be tempted to skip this process. However, it plays a role in either tacking on or taking away from your home value. A proper cleaning can raise your home value by up to $2,000 and decluttering by around $2,500.
Decluttering gives buyers a pretty clear image of the spaces within the house. It also helps them properly envision what it could be like to live in the home. So, don’t skimp on this.
Fix Any Mechanical Issues
A home inspection would reveal any areas or fixtures that could constitute a health or safety risk. This could impede your home sale. So, if you can afford it, go ahead and fix it.
In certain cases, you may not be able to afford the repairs, so you could consider adjusting your list price or offering seller credit for repairs. Provided the repairs are not significant, like a roof issue, you would likely find interested buyers.
Price Reasonably
It’s vital to set a reasonable price for your home when listing. This reduces the chances of it remaining on the market longer than it should be. You can determine your home value using a comparative market analysis. This concept examines similar houses in your area that sold recently to determine a good price for your property.
Sell As-Is
Selling as-is is usually the more convenient option, especially since you likely want to make the sale fast and move on, like ripping off a band-aid.
You get to skip repairs, staging, and decluttering, and you can close in as little as seven days.
Who’s going to buy? We can help out with that! We buy houses that need serious repairs or are in various other conditions. At dsouzahomebuyers, we can provide you with a cash offer for your house in no time!
You don’t have to deal with any of this hassle. No need for repairs or renovations!
Fill out this form to get the process started, and we could be closing in as few as 7 days! Remember, no fees, no commissions, no closing costs!
If you have any other questions, definitely call us at (925) 503 8193.
Final Thoughts
Selling your house to downsize can be an emotional rollercoaster. You would be feeling very sentimental, and rightfully so. As such, a protracted process could very well leave you emotionally drained. Consider selling as-is to wrap up the transaction rapidly.
