Your home was once the perfect house for you and your family, but it no longer fits the way you live. Things changed; the kids moved out, the staircase became more of an obstacle than a thoroughfare, and those little-used spaces started to seem illogical to heat, dust, vacuum and insure. I have helped many clients transition from the house in which they raised their children into spaces that are a much better fit for their current and future lifestyle needs.
A smaller home often makes financial sense. The equity in a big house can provide funds sufficient to purchase a smaller, newer, right-sized space, while leaving over a considerable sum to add to your retirement funds. Though saving money is always a good idea, many families choose to delay the move.
Why homeowners in Eugene and Springfield resist transitioning into a smaller space
There are a number of reasons why some of my homeowner clients have resisted moving out of their family home.
1. Initially, they felt uncertain regarding what the appropriate replacement home would be for them (and they did not fully understand how it would affect their monthly spending).
2. Then they were paralyzed to think of having to sift through and distribute or sell a lifetime’s worth of furniture, keepsakes and heirlooms.
3. Finally, selling their family home acknowledged the end of a chapter in their family’s story, which can be hard to close. There are other reasons for resisting or procrastinating downsizing, but these three come up most often in my conversations with senior homeowners.
To those who share these concerns, I can offer insights from homeowners who are on the other side of this transition.
The freedom that comes from selling your family home
Most often, homeowners wish they had downsized sooner and that they had gotten rid of even more than they did. It’s common for the move to significantly improve how seniors spend their time, turning their attention away from the care of their property and toward spending time with friends and family.
One of my recent downsizing clients, Sharon, shared that she felt a powerful relief from the responsibility of caring for her home, the property and all her family’s belongings. Another retired client of mine was determined to make life simpler for her daughter who, in addition to caring for her own house and children, had assumed the care of the large family home where my client continued to live.
How successful downsizers transition into better-fit housing
So, how do successful downsizers transition from a large home into a better-fit housing environment? In my experience, the first best step is to gather a team of trusted advisors. This may include financial and tax advisors, adult children or other family members, and a Realtor with the knowledge and resources to assist in planning and executing your move.
Step two involves a financial assessment, reacquainting yourself with your current cost of living and your sustainable financial capacity for monthly housing obligations. A critical piece to this analysis is to identify the current market value of your home.
Forecasting a home’s potential sales price is very different from ‘blue-booking’ a car for value. To perform a market analysis of the home, you need to bring a Realtor onsite to preview the property. The more access you can give to the Realtor to the home’s floor plan, amenities and finishes, the more accurate the resulting price estimate will be. Based on the financial analysis and your wants and needs, you are then prepared to search for your ideal downsizing options.
Call a Realtor you trust to help you through the transition
When I visit my client’s home in the planning stages of this kind of transition, it is with the understanding that it is not an easy transition. Selling the house where you’ve raised a family and built a life is one of the most difficult moves anyone makes. I can ease the process. From researching properties that would be a better fit for your current lifestyle, to preparing and listing your current home for sale, I will engage in understanding what is most important to you and help you right-size your next home. Feel free to contact me today about your downsizing needs.