Are you thinking about downsizing? There are various reasons why this could be the right choice for you. For instance, it’s possible that your kids have left home and now you have an empty nest. Your property might be too large for you and your partner. Alternatively, you might need to free up some capital. Downsizing is a great way to do this, but you do need to approach this process the right way. So, let’s explore some of the key options here and the factors that you should keep in mind.
Sell At The Right Time
First, you need to make sure that you are selling your property at the right time. Even if you are downsizing, you still need to work to get the greatest profits possible. This often will depend on when you sell. If you try to sell your property when there’s a lull in the market, it’s always going to be more difficult to gain the impact that you need. So, research the market carefully and check whether homes are selling at high prices before you put yours on the market.
Sell At The Right Price
Next, you should think about the other ways that you can ensure that your home sells for the right price. One option would be to increase the value. To increase the value of the home, you should think about making small and larger changes to the property. Even minor renovations to areas like the kitchen could have a huge impact on the perception buyers have of your property. You could also focus on improving the curb appeal. This will usually translate into more views which can lead to higher offers or even a bidding war.
If you are downsizing, then you’re going to have to think about how many items you will no longer need. The last thing that you want is for your smaller property to be a cluttered mess and that’s exactly what can happen. One of the best ways to avoid this is by making sure that you use a self storage solution. That way you don’t have to try and fit everything into your new property and you can spend a little extra time deciding what to sell, what to trash and what to keep. If you read here, you can learn how to select the right self storage solution.
Use The Extra Money Effectively
Finally, it’s possible that downsizing is going to leave you with money to spare. This means that you need to think about what to do with that cash. If you’re downsizing after your kids have flown the nest, then you should consider investing this cash elsewhere. Either, start exploring high interest savings accounts or consider options such as stock. You just need to make sure that you are comfortable with the level of risk for whichever option you choose.
We hope this helps you understand how to downsize the right way to ensure that it does provide the greatest benefits for you and your family.
This post is in collaboration, however all opinions are my own.