Are you planning on moving into a smaller space? If so, begin your search by asking yourself 10 critical questions and taking these first key steps.
- Are you looking for a house or are you open to other housing alternatives, such as a townhouse or condo?
- Do you have any healthcare issues or physical limitations that would require you to be closer to medical facilities?
- Do you have family members or friends that you wish to live within close proximity?
- Does the main level have a bedroom, bathroom and kitchen?
- Do the bathrooms have grab bars, walk-in tubs or shower benches (or at least the framework for installation)?
- Are the kitchen’s shelves and cabinets within arm’s reach?
- Are the doorways at least 36” wide to accommodate a wheelchair?
- Is there a zero-step entrance into the home?
- Does the new space offer an open layout that may accommodate a walker or wheelchair should that be a need now or in the future?
- Will the new home actually save you money, or will higher utility bills, HOAs, property taxes or maintenance costs add unexpected expense?
Your Next Steps:
Take inventory off your belongings. The average American
household has 300,000 “things.” If you’re serious about
downsizing, you’ll need to start purging clothing, books
and furnishings as soon as you’ve made the decision to
move. Give away any extra furnishings to friends and family
members, or hold an estate sale and donate the rest to a non-profit thrift store.
Talk to a financial consultant. Financial advisers, lenders
and CPAs can provide key information on everything from
purchase affordability and long-term savings to the pros
and cons of a reverse mortgage. Dotloop agents can
help by putting you in touch with such professionals via a
Trusted Service Provider (TSP) feature on the transaction
Authorize trusted family members. Make any key family
members an authorized user of your important accounts
or property access codes in case they need to check in or
assume control of these items.
Consult a real estate agent who specializes in downsizing. Agents who are experienced in helping older home owners
downsize to smaller homes typically know what key
characteristics to look for in a new home. Many downsizing
specialists are also veterans at guiding the home seller and
buyer through the transaction seamlessly and hassle-free.