Downsizing During a Record-Breaking Real Estate Market
Chelsea O'Donnell
I read an article last week that said the local real estate market is riding a 15-year high as urbanites look to flee the city and work-from-home folks need more space.
Selling the family home for a smaller house or apartment is a popular consideration as we age. As much pleasure as a larger property can offer, it’s also a lot to clean and maintain on a regular basis. Many baby boomers agree. According to a survey by real estate company Zillow, almost 50 percent of boomers who sold homes were in the process of downsizing. So how should you tackle the tough and tedious process of deciding what stays and what will go? Here are a few tips to take into consideration.
Start Now
Even if you’re not yet ready to downsize, it’s a good idea to begin organizing yourself early. Seasonal changes are a fantastic time to start getting rid of clothing and equipment that never make it out of the closet. Pretty soon it will be spring, so take stock of what you didn’t use in the winter. Facebook Marketplace is a great way to make a few extra dollars on gently used goods or consider your local shelter or Salvation Army for donations.
Take Photos
Leaving a house can be difficult, especially if it’s one that you’ve raised your family in. Be sure to take photos and videos of the various places where memories were made. After the house is gone, you’ll appreciate reminiscing and remembering the good times through pictures. A video diary is a fun thing to share with the kids too.
Choose Your Favorites
Collections are always very hard to part with. My best tip is to pick a few favorites and let the rest go. Some collections have plenty of sentimentalities but not much monetary value. Other collections can be worth a pretty penny once you’re ready to part with it. Either way, downsizing into a smaller space is the perfect time to get rid of some of the things you’ve been holding onto for a long time.
Paperwork Purge
This is one of the worst tasks but it’s a must for many downsizers. So many of us hold onto paperwork for too long, only to get completely overwhelmed and bogged down with it years later. Things that might seem worth keeping such as tax returns only need to be filed for seven years if that. Most of our accounts and records are kept online anyway, so there is really little need to have hard copies of anything. Invest in a good shredder and start pushing that paper.
Get Help
Downsizing is tough to do alone, so enlist your children to help with the sorting and organizing. If you’re the sentimental type, it’s also a good opportunity to pass treasures onto family members. I also advise having someone close by if you’re tackling the more difficult parts of the home such as attics and storage spaces as they can be quite warm, stuffy, and harder to navigate. Don’t take on any of these projects if you’re home alone.
Bob O’Donnell is the owner of O’Donnell Bros. Inc., a Bristol-based home improvement company established in 1975. Email your questions to info@odonnellbros.com with the subject line “Ask the Pro.” All questions may be considered for publication. To contact Bob for your remodeling needs, call O’Donnell Bros. Inc. at (860) 589-5155 or visit http://www.odonnellbros.com. Advice is for guidance only.