There comes a time for all of us when it may be a good idea to downsize. If you’re a descendant of the greatest generation, congratulations, you’re a baby boomer, and as such, probably closer than you think. Whatever your situation maybe - you no longer need all that space, or you want something that’s easier to manage - I can help you.
If you’re worried about what will become of your old house, here are several possible options for your consideration.
LISTING YOUR HOME FOR SALE
If you don’t mind parting with your old home, now is an excellent time to add your property to our list of homes for sale in Dubuque. Putting your house on the market could be one way to fund the transition to a smaller property. Since you’re downsizing, you may have some extra cash after closing. You can use that extra money towards renovations, bank it, or do some travelling. Make sure to work with a reputable real estate agent and stage your home in order to maximize your profits.
BECOME A PROPERTY MANAGER
If you’re on the fence about selling or keeping you might consider entering into the business of real estate. After downsizing to a more manageable home, you could rent out your old property and receive a nice monthly income. You’d maintain legal ownership of your home if you ever decide to sell in the future.
It’s important to keep in mind that running a rental property isn’t a passive endeavor. Your home will have to meet living standards and will require some maintenance over the years. If you’re up for the challenge, living nearby can make things easier. For seniors not capable of managing a property alone, you could hire a professional or have a family member join in on the deal.
LET YOUR FAMILY TAKE OVER
It’s not easy to let go of a home which you’ve lived in for so long. People naturally associate their homes with fond memories of children, spouses, and other loved ones. If renting seems too involved and selling is out of the question, you still have one option left on the table: keeping the home in the family. This is a solid choice for seniors who are financially stable and who have an emotional connection with their home.
With this option, you’ll be confident that the home is cared for, and you can visit whenever you like. It’s perfect if you can find a relative who needs a place to stay. You could even earn a nice monthly stipend if you feel comfortable with that agreement. If nobody in your family is interested in living there but would be willing to help you maintain it, it’s enough to have someone check on it once a month.
GET RID OF THE CLUTTER
When you make the transition to a smaller home, you can capitalize on the opportunity to de-clutter. After all, downsizing isn’t just about having less space; it’s also about learning to live with less. If there are some items you’re not ready to part with, rent a storage unit for space until you can decide. In Dubuque, the average price of a 10×10 storage unit is $55.00.
Once you’ve de-cluttered, you should focus on giving the home a good cleaning. This way, your home will be ready for whichever option you decide to go with. If you prefer, you can also opt to hire a professional cleaning service for an additional cost.
When it comes time for you to downsize to a new home, these are just a few options to consider. You should consider your current health, personal finances, and particular circumstances unique to your situation. If you have not yet spoken with a financial planner now might be a good time to do so.
Getting the most value out of your old home can make the transition easier to handle.
Read more about downsizing here.
Feel free to contact me with any questions you may have.