Empty Nester’s Guide to Downsizing
Posted 08-08-2018 at 02:46 PM by fortmillhomes
Are you looking around thinking, “we just don’t need this much space anymore”? 
If you’re like many baby boomers, you’re probably thinking about downsizing.
Downsizing can mean a lot of things to different people. It might mean simply organizing and decluttering the rooms in your home. Getting rid of excess furniture, giving things to your children or other family members are just a few of the things you can do to “downsize” your lifestyle. But when it comes to your home, empty nesters have choices:
1. Stay put so the kids have a place to stay when they visit, or
2. Downsize and save money and time on home maintenance, taxes, utilities, etc.
Choosing to stay in your home surrounded by seldom used rooms are costs you might want to examine. A good way to calculate the cost of having empty rooms is to divide the total home expenses (heating, cooling, electricity, taxes, insurance, etc.) by the total square feet, then multiply the difference by the square feet of the empty rooms. This can give you an idea of how much you are spending keeping “Hotel Mom & Dad” open for business!
If you’ve decided to take the leap and sell the family home for something simpler to manage, TAKE YOUR TIME! Start by researching your options before you do anything. You may find the lifestyle you want in an active adult community, a condo in the city, or a quite cabin in the mountains. Visit these places. Talk to residents and neighbors, and make sure it’s right for how you see your new life to prevent the headache and expense of having to move again!
A good example is my own parents. They thought they wanted to live at the beach when they retired. They sold the family home and built a new one at the beach. After a few years of living there, they found themselves miserable! The lifestyle didn't fit theirs.
Whichever way you decide to go (decluttering or selling your home), check out my list below on how to get started.
Getting Ready to Downsize
Buy a notebook. Go through your home, one room at a time, and make five separate lists of the contents of each room.
List 1: What to keep for your new “downsized” lifestyle.
List 2: What to give to your children or other family members.
List 3: What to donate. (Consider getting appraisals for items of value like furniture for tax purposes. Speak with your accountant to BEFORE making your donations to see what is eligible and to ensure you get proper credit on your income taxes.)
List 4: What to sell.
List 5: What to throw out.
Start with list 5. Once you have gone through every room and your list is finished plan a “purge weekend” (or two) and just do it!
Next, look at list 3. Find a neighbor with a truck, call the Kidney Foundation, the Salvation Army, or any local charity and make those donations.
Now it’s time for list 2. Once those items are out of the home schedule a weekend where you invite family and friends to come over to pick up the items you will be giving them. Have a barbecue or throw a party! Make it a time to celebrate and spend time with everyone.
Lastly, look at list 4 and have an estate or garage sale. Plan it well!! Invite neighbors, members of your church, put out signs and directionals (tons of signs!). Then post your sale on gslar.com, your neighborhood’s website or one of the many Facebook garage sale pages for your community.
If you’ve decided to move, talk to a real estate agent. A real estate agent can advise you on the marketability of your current home based on the current sales trends for your area, and help you research options for your new lifestyle.
No matter if you live in my area or Kalamazoo, I’m here to help.
803.487.0979
don.hooker@cbcarolinas.com
If you’re like many baby boomers, you’re probably thinking about downsizing.
Downsizing can mean a lot of things to different people. It might mean simply organizing and decluttering the rooms in your home. Getting rid of excess furniture, giving things to your children or other family members are just a few of the things you can do to “downsize” your lifestyle. But when it comes to your home, empty nesters have choices:
1. Stay put so the kids have a place to stay when they visit, or
2. Downsize and save money and time on home maintenance, taxes, utilities, etc.
Choosing to stay in your home surrounded by seldom used rooms are costs you might want to examine. A good way to calculate the cost of having empty rooms is to divide the total home expenses (heating, cooling, electricity, taxes, insurance, etc.) by the total square feet, then multiply the difference by the square feet of the empty rooms. This can give you an idea of how much you are spending keeping “Hotel Mom & Dad” open for business!
If you’ve decided to take the leap and sell the family home for something simpler to manage, TAKE YOUR TIME! Start by researching your options before you do anything. You may find the lifestyle you want in an active adult community, a condo in the city, or a quite cabin in the mountains. Visit these places. Talk to residents and neighbors, and make sure it’s right for how you see your new life to prevent the headache and expense of having to move again!
A good example is my own parents. They thought they wanted to live at the beach when they retired. They sold the family home and built a new one at the beach. After a few years of living there, they found themselves miserable! The lifestyle didn't fit theirs.
Whichever way you decide to go (decluttering or selling your home), check out my list below on how to get started.
Getting Ready to Downsize
Buy a notebook. Go through your home, one room at a time, and make five separate lists of the contents of each room.
List 1: What to keep for your new “downsized” lifestyle.
List 2: What to give to your children or other family members.
List 3: What to donate. (Consider getting appraisals for items of value like furniture for tax purposes. Speak with your accountant to BEFORE making your donations to see what is eligible and to ensure you get proper credit on your income taxes.)
List 4: What to sell.
List 5: What to throw out.
Start with list 5. Once you have gone through every room and your list is finished plan a “purge weekend” (or two) and just do it!
Next, look at list 3. Find a neighbor with a truck, call the Kidney Foundation, the Salvation Army, or any local charity and make those donations.
Now it’s time for list 2. Once those items are out of the home schedule a weekend where you invite family and friends to come over to pick up the items you will be giving them. Have a barbecue or throw a party! Make it a time to celebrate and spend time with everyone.
Lastly, look at list 4 and have an estate or garage sale. Plan it well!! Invite neighbors, members of your church, put out signs and directionals (tons of signs!). Then post your sale on gslar.com, your neighborhood’s website or one of the many Facebook garage sale pages for your community.
If you’ve decided to move, talk to a real estate agent. A real estate agent can advise you on the marketability of your current home based on the current sales trends for your area, and help you research options for your new lifestyle.
No matter if you live in my area or Kalamazoo, I’m here to help.
803.487.0979
don.hooker@cbcarolinas.com
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