Downsizing Your Home for Retirement

The kids are all grown up, out of the house and you’re thinking about retiring. Selling your home provides an excellent, quick income infusion during a time in your life where every bit of cash counts. Don’t downsize without a plan, however, as going about the process in an organized manner ensures you don’t miss anything along the way.

How to Downsize

The odds are good that, over time, you’ve accumulated a lot of material possessions that you no longer need. Start by sorting through all of it and determining what you really need to keep and what can go. Then hold a yard sale, or list items for sale in the local paper or a safe online venue.

It may not be apparent, but it actually costs you to own things. Space that you have to finance, cleaning materials… not to mention time and energy. Even though you can’t sell all your possessions, reducing how much you own can still lower your overhead. If it doesn't sell, consider giving things away - even throwing them out if they’re in no condition to be used or shared. This can start bringing your current expenses down by helping reduce your debt or plump up your nest egg.

Cleaning Out Closets

If reducing personal possessions doesn’t lower your overhead enough for retirement to make sense, it might be time to think about selling the family home. For most Americans, equity in their primary residence accounts for more than half of their net worth. If the family home was where you raised your kids, you may have a lot of excess space you don’t really need anymore.

For many people, this can be an emotionally difficult choice to make. But selling the family home to help finance retirement can actually prove surprisingly freeing. In addition to costing more money than you might need to be spending as a retiree, a large house can claim time and energy than you won’t want to spare as you get older.

Selling Your Home Quickly

Retirement can be a huge opportunity to cash in your equity and arrange the life of your dreams so you can look forward to new adventures. The past is over. Your focus should be on what makes sense in the present and future. Let Texas Home Buyers take care of everything. Contact us to sell your home today.

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