Downsizing is a downright (pun intended) excellent idea. You’ll not only walk away with extra money but also simplify your life and lower your home utility and maintenance costs for years to come. But to attain that happy outcome, you should steer clear of some pitfalls that make downsizing dicey!
Here are the mistakes you should avoid when downsizing for retirement:
Not Planning Ahead
It’s easy to leave the downsizing exercise to the last minute, but this may leave you overwhelmed when you start the process. The savviest downsizers will start planning a year or more before the move. That’s because you’ve probably lived in that home for decades, and you’ve accumulated lots of possessions that may take time to sort out. Moreover, you need time to prepare your home to get the best results when it hits the market, and still find a good home to downsize to.
Storing Stuff You Don’t Need
If you’re tempted to rent a storage unit for items you don’t need but can’t bear to part with, you may want to think twice. Most people never go to the storage to get anything out as the items aren’t missed in the new place. Unfortunately, the storage unit will cost you a lot of money (between $100 and $300 a month just to hang on to unnecessary items). So, try donating or discarding items you no longer need.
Not Hiring Professionals Early
It could be tempting to DIY when it comes to downsizing but those countless hours of stress doing everything solo aren’t worth the money you believe you’re saving. Real estate agents can ease the process by taking one of the most anxiety-inducing parts of downsizing off the table: selling your home and helping you buy a new one. The agent will bring a wealth of unparalleled knowledge and expertise in real estate transactions to help you achieve your dreams.
Avoid These Common Mistakes When Downsizing for Retirement!
Downsizing is an exciting process that leaves you with more financial freedom and fewer household chores. But, there are plenty of pitfalls that could make it more stressful instead of liberating. For more information about how you can avoid mistakes when downsizing for retirement, feel free to reach out to our experts today!
