5 Things to consider when downsizing after retirement

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Retirement can offer new opportunities in life that you didn’t have before. It might not have been realistic to move from your home and downsize while you were working. Moving out of state may have been an interest for you as well. Whether you plan to move to a different city or state, there are a few things you will want to consider if you plan on downsizing your home during the move.

Housing market

Before you plan on downsizing, you will want to consider the housing market. If you are in a seller’s market, it will benefit you when you try to sell your current home. A seller’s market means more people buy houses than selling, so you could get lucky and get an offer over the asking price.

If you are in a buyer’s market, it may be more difficult for you to sell but less difficult when you are ready to buy a home. A buyer’s market is when there are more homes for sale than buyers. There may be less competition for you when you put an offer on the house. Depending on which market is present when you want to downsize, you may benefit when you sell or buy.

Size of the new house

The size of your new home is something you will want to consider while you try to furnish the house. Measuring each room will help you decide if you can bring old furniture or if you will need to purchase new furniture. Figuring out what will fit and what won’t fit will help you be more efficient with the downsizing process. You do not want to bring anything that does not have a designated spot in the new home.

Expenses during the process and after

Before you get ready to sell your current home and look at new homes, you want to think of all expenses that may arise. It may be beneficial to update the floors, wall paint, or cabinets before you sell. You will also want to consider what you may need to repair and finish at the new house before moving in. This could potentially hinder your move-in date if the necessary repairs take longer than you were expecting.

Other expenses can involve the monthly mortgage of your new home, the cost of living in your new area, and even health insurance. When you move, prices for many monthly expenses can change.

Going through your belongings

While you start the packing process, you will need to do a cleanse of your belongings. You want to start with one room at a time and make piles of things you need, use often, and desire. You may want to make a pile of sentimental items that you want to pass down to the younger generations in your family. However, you don’t want to over-save. Allow them to choose what they want, but then donate what they don’t.

A great way to get rid of the non-sentimental belongings is by making a garage sale. You can earn extra cash and then donate what you don’t sell.

Means to get to your new home

Depending on the location of your new home, you will want to think about how you will transport your belongings to your new house. You can rent a U-Haul truck or see if friends or family members can help you by packing their car with boxes. Large furniture may require a trailer. If you don’t have the means to transport your belongings yourself, you can also hire movers to help.

Conclusion

Considering the housing market, the size of your new home, expenses, and belongings are just a few things you will want to consider before you downsize after retirement. If you are thinking of downsizing, create a checklist to help you stay organized of all the things you need to complete before moving, during the move, and after.

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