When you retire, downsizing from your family house to a smaller home can be one of the smartest decisions you will ever make. Since your children have probably all grown up and moved out, there is no reason to have those extra rooms to maintain.
In most cases, you can sell that home and purchase a smaller home or condo, and have money left over to add to your nest egg. Plus, you’ll save thousands of dollars each year due to the reduction of expenses.
One of the biggest challenges to downsizing is figuring out what to do with all the stuff you have collected over the years.
Since you are moving into a smaller home, some of it is not going to fit. In many cases, retirees choose to start over completely. The following is a checklist and some tips that can help you deal with this transition.
Checklist for Downsizing
When you make the decision to downsize, you must start the process early. This is not something that you can wait until the last minute to start.
- Figure out what you have room for.
- Think about whether or not your old furniture/accessories will fit both stylistically and spatially in your new home.
- Decide which items you must keep from your old home for your new one.
- Compare the cost of shipping your stuff to your new home versus giving it away or selling it.
- Figure out how you plan to get rid of the things that you do not want to keep or place in a storage facility.
- Consider what you want your friends and family to have and distribute those items.
- Determine how you plan to get rid of everything that is left. Will you have a garage sale or donate to charity?
7 Steps to Choose a Moving Company
Choosing the right moving company is a very important decision. In 2012, nearly 8,000 complaints were filed with the Better Business Bureaus against rogue movers.
As a retiree, you must be extra cautious because scam artists tend to target the retired population. The following is a list of seven tips for choosing the right moving company.
- Ask for referrals from friends and family.
- Check each mover’s online reviews.
- Watch for red flags. Do they demand cash up front? Are they a new company or well-established?
- Be sure the mover you choose is licensed and insured.
- Check their Better Business Bureau rating.
- Ask about their professional accreditations.
- Verify the moving company’s address.
Downsizing is one of the best decisions you can make as a retiree. You will be able to save money and free up more time, allowing you to enjoy more of the benefits retirement has to offer.
A quality moving service will help make the process smooth and stress free.