Downsizing your property is a natural progression for many home owners; whether to shift closer to the city, or move to a smaller, lower-maintenance home now the kids have moved out (if they ever move out!).
Avoid the most common pitfalls that home sellers make when it comes to downsizing by following our tips below.
1. A smaller home doesn’t mean a smaller price tag
Just because the property has a smaller footprint, this doesn’t equal a cheaper buy. While most home sellers are right in thinking they will save on energy usage and utility bills in a smaller place, they can often forget to take into account additional costs like increased transport fees, or potential long-term maintenance costs. Forgetting to weigh up the all the possible costs of your new property can be dreadful for your budget, especially if you are looking for something a bit more cost-effective for your everyday life.
2. Buying unnecessary storage containers and furniture
While it’s crucial to be organised when selling your home, make sure that you don’t get too ahead of yourself. If you don’t know the exact dimensions of your new property, or you haven’t purchased it yet, the worst thing you can do is buy unnecessary storage containers, boxes, and furniture that won’t fit; you’ll only end up wasting your time and money. Wait until you’ve sold your home and have measured up the size and shape of your new place.
3. Remembering to cancel services and utilities
Make sure to prevent any potential financial road bumps after the sale of your home. Failing to disconnect or redirect services like your Internet, phone line and utilities, as well as your home and contents insurance can cause unexpected costs and really throw your budget off balance.
4. Failing to budget for the move
A sure-fire way to end up in financial trouble is by failing to budget when downsizing. Make sure you leave enough money to pay the bills and home and contents insurance of your current home, as well as costs of your new home or rental.
5. Leaving everything to the last minute
Not giving yourself enough time to pack is a classic mistake, but you’d be surprised at how many people do it. Even the most efficient of organisers would find it exhausting to sort out an entire life’s belongings in just a few days. Give yourself a sufficient timeframe of at least three to four weeks to pack up your house. Set aside time in blocks of two hours and tackle one room at a time. Click here for the ultimate moving-house checklist. On a similar note, give yourself time to unpack when you finally make the move to your new downsized home.
6. Don’t get sentimental
The emotional cost of sorting through personal belongings can be astounding, and is often underestimated by home sellers. It’s only natural to show affection for personal items that have accumulated over the years–old treasures, photos and knick-knacks. The best way to handle this process is by having a downsizing plan in place; write down a list of what to pack and what to chuck. No matter how hard it is, be ruthless and stick to your list, as it will save any nostalgic hurt down the track.
Ready to downsize?
Find the right agent to sell your property. Contact Naked Real Estate today to take the first step in your downsizing journey.