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People don’t really like to move but the fact is that they actually do. In 2019 alone, downsizing topped the reasons individuals between the ages of 54 and 63 decided to move, according to a National Association of Realtors report.
At one point in time or the other, people consider downsizing when they reach the retirement age, have become empty nesters, are overwhelmed with property upkeep and maintenance, or find too much space on their hands. Usually, some move to assisted living while others move to a campus or a smaller home.
Most of the time, people are hesitant to move because of the extra work involved or valuables they may leave behind. Downsizing expert Janet Keller agrees that moving is a very tedious thing with some people and a highly emotional thing in people’s lives. “If you think about it, it's usually preceded by a death or a divorce", said Janet.
Yes, downsizing has some inherent benefits. Smaller houses are cheaper and reducing the size of your living space will actually help you to cut down on your expenses and increase your savings. You’ve got to pay less mortgages, real estate taxes, and utility, insurance, and maintenance costs when you eventually move to a smaller space.
You’ve also got to live a simplified lifestyle because it’ll take you less time and routine work to clean a smaller home. The larger the home you live in, the more you pay to maintain it.
2. Don't Keep Things Because They'll Be Sentimental to Others
That sounds weird but it’s very true. And you may ask, “Why can’t I keep my most cherished stuff for my kids or even others?” The truth is that not even any of your children or relatives would fancy some or all of your most treasured items. Beauty lies in the eyes of the beholder, they say. So, beauty is relative. What is good for you may not be good for their liking. And that’s as simple as that.
Janet advises parents against saving antiques for their children or grandchildren because “with the zero carbon footprints, the millennials especially don't want those items. And baby boomers are old enough and have worked long enough. They usually have the China that they want. They have the furnishings they want, and antiques nowadays just are not really worth much at all. So, don't save antique stuff for your kids.”
3. Donate Things You Won’t Personally Use
Give out anything that you won't personally use in your new home. Figure them out ahead of time and give them to people, depending on your financial situation. These things can be collections of stamps, dolls or something else. You need to talk with your CPA and find out if you should be donating things, Janet recommends.
4. Sell Rarely Used Items
It makes sense to follow the one-year rule: if you haven’t used something in the last year, donate or sell it. Sometimes, it's tempting to keep stuff we no longer use because we think we might need them someday, but the truth is that you're unlikely going to use an item in the next year if you haven't used it in the last one.
5. Talk to Friends
Not sure of downsizing? Talk to friends who've done so in the past to see if you can be inspired to do the same and stop foot-dragging. Although you may feel scared and worried initially, hearing how much happier they are in a smaller home will likely put your mind at ease and encourage you to take action.
Yes, Janet can help in many ways, depending on where you live. She's based out of Rogers, Arkansas, but works all over the United States. If you live nearby, she can come on-site and take a look at your place. If not, she'll have you FaceTime with her, so you'll walk her through what the place looks like and tell her where you're going. This will enable her to get the blueprint of the space you're moving to and figure out what deadlines you're looking at.
"Then I'll turn around and return to the old site and start photographing things that can be sold online, setting up any type of yard sale, if possible; if not, then I make a list of every item that's donated to a charitable organization and I put it on an Excel spreadsheet for them," Janet explains.
You can reach Janet via her website if you need help downsizing your home.