Downsizing for retirement can come with a mix of emotions. You may feel excited, overwhelmed, and stressed out all at once.
However, moving on with the next chapter of your life shouldn’t be a stressful experience when it comes to downsizing your home. With a few actionable tips and helpful information before starting the process, you can make downsizing for retirement an enjoyable experience for you and your family.
This article discusses the key steps to downsizing and how to navigate the process as a Virginia homeowner this year.
What is Downsizing?
You may have heard of downsizing in retirement and think you know everything that’s involved, but you may be missing some of the key aspects of the process.
First of all, downsizing happens when homeowners feel the desire to move from a larger or more expensive home to a smaller and more manageable residence. Downsizing to a smaller home is usually less expensive and more accessible for those with mobility issues.
Additionally, selling a larger home often provides homeowners with a significant amount of equity that can be used to increase savings and pay off any outstanding debts. It’s also a great idea for retirees who want a home with less upkeep for a simpler and more relaxed lifestyle in retirement.
Why Downsize?
People decide to downsize their living situation for a variety of reasons in today’s world, including:
- Location Preferences: One of the reasons many retirees choose to downsize is due to their location in retirement. Some decide to live out their retirement in a warmer climate or move closer to family members, and finding a smaller home in a new area is typically more cost effective.
- Financial Reasons: Another main reason to downsize for retirement is for financial reasons. Like we mentioned, downsizing can reduce housing-related expenses like mortgage payments, property taxes, and home maintenance costs. In most cases, managing finances on a fixed income is easier with a smaller home.
- Environmental Concerns: Smaller homes typically have a smaller environmental footprint that can help save on utility and energy costs. Retirees who value sustainability may choose to downsize as part of their efforts to live more eco-friendly lifestyles.
- Life Transitions: Retirement often marks a significant life transition. Downsizing can be part of a broader lifestyle change that allows retirees to start a new chapter in a more manageable and comfortable living situation.
Downsizing Drawbacks
While downsizing for retirement is a logical choice for many homeowners, there are some drawbacks to consider before moving on to the next chapter.
Loss of Space
Moving to a smaller home means you and your family won’t have the same amount of space as you did in your previous residence. Be prepared to adjust to less space for storing your belongings and hosting guests at your home.
Emotional Attachment
Whether it’s before or after making the move, you may realize you have strong emotional ties to your home. This is especially true for retirees who’ve lived at the home for many years or raised a family there.
Moving to a smaller home can be emotionally challenging and feel like you’re leaving behind fond memories and a familiar environment.
Adapting to a New Location
While moving to a new location can be exciting, many retirees fail to consider the adjustment that comes with it. You’ll need to get to know the neighborhood, make friends with others in the community, and adjust to the climate of your new location.
Selling Your Current Home
When you choose to downsize, you’ll need to determine the best way to sell your current home for the most amount of money possible. However, you have several options when it comes to selling your home while downsizing for retirement.
Selling with a Real Estate Agent
Selling your home with a real estate agent is a traditional real estate sale that tends to be the most popular option when downsizing. The real estate agent works with you to determine an appropriate asking price while preparing your home for sale before it hits the market.
Real estate agents handle virtually all aspects of the home selling process. As a seller, you won’t have to worry about marketing the property to buyers, hosting open houses, or drafting contracts.
However, working with a real estate agent comes with plenty of downsides. Sellers must pay their real estate agent a hefty commission fee that eats into the profits from the sale. Additionally, selling your home with a real estate agent can take longer in slower markets, which means your home could sit on the market longer than expected.
Selling to Virginia Home Buyers
If you need to sell your house fast, working with Virginia house buyers may be a better option. Professional cash buyers like Capable Home Buyers pay cash for houses, which means we can close on your home in a fraction of the time that it takes with a traditional real estate sale.
When you sell your home to a buyer that needs a mortgage, you run the risk of their financing falling through and starting the selling process all over again. Working with a “we buy houses” company in Virginia guarantees that they have the funds needed to close on your property without any issues. Capable Home Buyers also purchases properties “as-is” so you don’t need to make any extensive repairs before selling the property.
We Buy Virginia Properties!
Are you getting ready to downsize for retirement? Whether you’re moving across town or across the country, selling your Virginia home to a cash buyer provides plenty of benefits.
When you work with us, you won’t have to worry about complex contingencies and high pressure negotiations that come with working with a real estate agent. There’s also no need to give away some of your cash proceeds to a realtor, and you’ll get your money within just a few days after closing on the sale.
Capable Home Buyers is a professional house buyer that will pay cash for your home. We buy houses in Portsmouth, Norfolk, Newport News, Hampton, Chesapeake, and Virginia Beach. Give us a call at 757-699-1201 to get the process started today!