Downsizing as a Senior

There are many decisions to be made during your retirement years, and some of the big ones involve your living arrangements. Whether you move to a retirement facility, assisted living, or simply a smaller, more manageable home, you’ll still have some choices to make. Do you want to keep your current home in the family and transfer ownership, or rent or sell it? Assuming you’ve already decided where to move, there are still choices to make about movers, warranties, and what to do with belongings you no longer wish to keep. Capable Home Buyers can buy our house in Virginia for cash in as is condition so you can move on without the stress and with the cash you need.

Is selling your home a good option?

If you’ve lived in your current home for a good while and either paid it off or built up some equity in it, then selling may be a great choice. Before putting your house on the market, take time to calculate what you can expect from selling it. You’ll need to factor in the average price per square foot for residential real estate in your area, any repairs that must be made, the outstanding balance on your mortgage, as well as fees for staging the home, and the realtor’s percentage of the sale price. If some of your belongings have to go into storage while the home is being staged for sale, add in those costs, also. If you decide to rent out your home, you may want to use a property management service, so when determining the rental cost, be sure to factor in those fees.

Selecting movers

The reliability of your movers will greatly impact how smoothly your move goes. In estimating the cost of your move, consider the distance you are going, when you want the move to take place, and the weight of the items you’ll be moving. Generally, moving on a weekday is less expensive than moving on a weekend or holiday. If you have some flexibility about the time of year you will move, the months from October through April are generally less expensive. If your move is local, you might try to avoid rush hour, as you’ll be paying the movers to sit in traffic. Although some companies still weigh your belongings, the cost is more likely to be determined by how many workers are needed and how many hours it takes them to do the job. This can be estimated by the size of the home being vacated.

Consider getting a home warranty

Although you might not need homeowner’s insurance if you’re moving to a rental, you may still find that a home warranty is a good investment. A home warranty can be tailored to fit your needs, covering major appliances and, if you own the home, plumbing or electrical systems. If any of these things should break down, you’ll be covered, and the home warranty company will make arrangements to have them repaired or replaced. If you’re purchasing a home, check the inspection report for any identified problems, and see if the appliances you’ll be using still have existing warranties on them. You might wonder, are warranties worth it on appliances? If your refrigerator breaks down and has to be replaced, you could be looking at a cost of up to $2000–far more than the cost of covering this appliance with a home warranty.

Downsizing and moving in retirement can be challenging endeavors, but ultimately can make your life easier. Take your time, research your options, and think about what you hope for in the outcome of such a move. If you’re unsure about whether to donate, sell, or keep certain items, you might use a storage unit for a while to streamline the moving process and give yourself time to explore options. A good result is possible with careful research and planning, so begin thinking ahead far in advance of the actual move. If you’re in the Chesapeake, VA, area and want to sell your home without making repairs, using a realtor, or even cleaning, contact Capable Home Buyers.

Emanuel Stafilidis

Emanuel opened Capable Home Buyers in 2019 just after moving to the USA from Australia with his wife Angela. The goal of Capable Home Buyers was to grow a small residential real estate portfolio to assist with retirement. Things are progressing very well and the business has grown larger then expected and is now a full time operation. Emanuel works full time from his Chesapeake home office and spends a lot of his time visiting people who want to sell their house.

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