Are you downsizing your home in hopes of saving money? Swapping sprawling suburban homes for compact spaces is a popular move among budget-conscious adults, but buying a smaller home might not save as much cash as you think. Sure, you’ll score a lower mortgage payment and shrink your utility bills, but overspending on the move itself could eat into the windfall you were expecting.
If you want to save money on your downsize, get creative! Instead of hiring professionals to manage every aspect of your move, use these awesome tools and resources — including apps to sell your unwanted items to real estate photography lessons — to get your house ready to sell, attract high-bidding buyers, and streamline your move to a smaller home.
General Downsizing Resources
No one would argue that downsizing is a simple process for anyone, but many would likely agree there are ways to make it a lot less challenging. By using modern technology, you can reduce stress and save yourself time. Learn how by checking out these resources.
Useful apps to help streamline each part of the moving process.
Declutter your home (and sell your old things) before putting your home on the market.
Local selling apps that have made it simple to sell and buy stuff right in your neighborhood.
Want to sell your home for the best price? By using a checklist, creating a timeline and setting up calendar reminders, you can help make that happen.
This resource teaches you ways to take incredible photos of your property.
Online visibility for your property is key since that's the first place buyers look. There are different options available to you — learn those here.
Senior-Specific Selling Resources
The downsizing process for seniors presents unique challenges, both physically and emotionally. Below are several resources specific to seniors to help ease the moving process:
Steps to approach the moving process with sensitivity to ease the emotional tension.
Some seniors embrace technology, others may run from it. Either way, technology can help during the move — plus, it can have many other benefits as well.
A guide to how modern technology can make the tasks involved with moving more of a minor inconvenience rather than a massive hurdle.
Moving a senior loved one across the country into a new home or transitioning him or her to a senior living community is tough. Learn ways to ensure the transition goes smoothly while tending to their health, finances, and logistics.
You may be able to skip the home stagers and packing services, but there’s one moving pro no buyer or seller should do without an amazing real estate agent. While you deal with the boxes in the attic and the bare patches on the front lawn, your Cobb Real Estate agent will get busy marketing your property and helping you find the right downsized home for your lifestyle and budget.
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Here’s How You Can Move to Colorado and Call it Home Before Long
Moving to a new home in a vibrant place like Colorado is very exciting. And naturally, you will want to feel at home as soon as possible. It won’t happen overnight, there are things you can do to speed up the process of learning the culture and quirks. Consider the following tips.
Settling Into Your New Home
A new home signifies a new start, so you want to make sure that it has everything that you and your family need to settle down without delay.
Business as (Almost) Usual
Whenever you return to work, you’ll really start to feel at home in your new town. But before you can embrace a new routine, you need to tackle a few tasks.
Getting to Know Your New Neighborhood
When you move, it’s not enough to feel at ease in your own home—you have to get comfortable in your new neighborhood, too.
Letting Yourself Adjust to Your New Locale
When moving to a new city—or even a new state like Colorado—you want to get to know your new locale, quirks and all, so you can quickly adapt to your brand-new life.
Moving to a new place is never entirely easy, but preparation helps. Ultimately, you just need to take it a step and a day at a time. There’s much to love about Colorado, after all, so it won’t be long before you can truly call it home.
Are you planning a move to Colorado Springs? Make your home search easier by connecting with a real estate expert from Cobb Real Estate. Reach out today to get started!
There’s a lot to consider if you’re thinking about downsizing your house, especially in the current market, which strongly favors sellers. You may be able to sell your current place quickly, but many downsizers find themselves moving into an even more competitive market segment, bidding for the same properties as younger buyers looking for starter homes.
While you’re likely to be able to make a strong offer for a home, there’s still a lot more that goes into this decision, including how the pandemic might have affected your finances. If your savings took a hit or you got laid off and decided to retire early, for example, downsizing might have become a bigger priority for you.
Here are some key considerations for those thinking about downsizing.
Choosing to downsize to a smaller home in retirement isn’t always purely a financial decision. Even for high-net worth retirees, downsizing can be a practical move. A smaller home, particularly in a multi-family building or development, can be far easier to maintain than a single-family house on a sprawling property. This can be a priority for people as they age and are less physically able to take care of a larger home.
Whatever your motivation, it’s important to be honest about your finances and budget in advance. Here are some questions to ask:
Make a list of all the expenses associated with your current home. It should include your mortgage payment, utility bills, maintenance costs, HOA fees and anything else you pay related to housing on a monthly basis. Compare those numbers to what you expect to pay in the same categories in your next place.
If you still expect to take out a mortgage when you move, you’ll want to figure out the monthly payment for your new home — Bankrate’s mortgage calculator can help you crunch the numbers.
If you’re thinking about moving out of state, take a look at the U.S. Energy Information Administration’s recent data on average monthly bills for single-family homes by state. If you’re downsizing but also moving to a state where energy costs are higher, your overall savings may not be as great as you’d hoped. However, differences in energy costs can also work in your favor, so it’s worth doing your research.
Let’s say you currently live in Connecticut, where average energy bills are among the highest in the nation — about $151 per month in 2019. If you move to New Mexico, where monthly energy bills were $80 on average, you’ll save a couple hundred dollars a year on energy alone.
Lastly, find out if HOAs are common in your target neighborhoods. If you have the community narrowed down already, find out what the monthly fees are and include those in your estimates.
Preparing for a move is a great reason to reassess your overall financial situation. Here are key factors to consider:
Many retirees have bought and sold property already, but it may have been a while ago for some. It’s a good idea to refresh yourself with how the process works, and all the extra expenses and fees involved:
Budgeting carefully for your downsizing can make the process much less stressful, and is especially important for seniors on a fixed income. It can be easy to lose track of all the small expenses that come with a move, but with a little diligence, you can make sure you’re spending efficiently and not get blindsided by an unexpected charge.
Moving is always a frustrating experience, so break down your plan into simpler terms. Ask yourself:
Selling your home yourself entails a list of responsibilities and tasks that may delay your moving process beyond your original timeline. You’ll need to devote time to preparing your home for the market, advertising the listing, vetting buyers and hosting showings, negotiating offers, and more. In general, if you’re not a very experienced seller or well-versed in how real estate transactions work in your state, it’s best to work with a listing agent.
If you don’t do much driving, don’t want the responsibility, do want the money or have a health concern keeping you from driving, selling a car is a wise decision. Many retired couples who have two cars will sell at least one when downsizing as a way to collect some cash and free up space.
A bittersweet yet rewarding part of downsizing is getting rid of stuff you no longer need. Whether that means valuables like jewelry that you no longer use or junk taking up space in your garage, let it go! You’ll be surprised at how freeing it is to clear out the basement and get paid for the stuff you haven’t used in ages.
If you don’t already know where you’re going to land, would you prefer to stay in the same area, or are you excited about the prospect of moving to a new place? If you’re moving somewhere new, take into consideration what you’ll need access to now and later. Check for proximity to hospitals, grocery stores and other essentials. Downsizing should make life easier — if you have to travel 45 minutes to weekly doctor appointments, think about how that will affect your quality of life.
Keep in mind that in some parts of the country, downsizing will put you in a more competitive market, so look carefully at how much the kinds of houses you’re interested are going for.
As a retiree (or soon-to-be one), you’ll want to consider downsizing to a property that will be a longer-term fit for you as you age.
Downsizing to a new home in your retirement years puts you in a unique position when it comes to finding a mortgage. After selling your old home and extra assets, you could be able to apply for a loan with manageable monthly payments. Here are a few popular options: