We all tend to live in houses that far surpass our needs. If you want to make a profit and take some of the equity from your mortgage, you should consider downsizing. People tend to downsize for lots of different reasons. If your children have just moved out or you have extra room that you don’t need, it makes no sense to hold onto a huge home. Here is how you can downsize and make a profit.
Decide what space you need
You’ve already decided that your current home is too large for you, but now you need to decide how much space you need. Do you need a lot of space? What will you be doing in the space? Remember, you need to be realistic. Thinking that four of you can share a two bedroom apartment is ridiculous. Instead, talk to your family or partner and decide how much room you think you need.
Value is not always the same as space
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Remember getting a tiny house won’t always make you a profit. You can’t equate value with size all the time. That means that if you’re downsizing, you may need to compromise on other aspects of your new home. Moving to an unpopular neighborhood might be an option for you. People often think that downsizing means just getting a smaller home. In fact, you can downsize the payments you make by making compromises on your house. Take the time to value your home and compare it to similar properties on the market. You need to understand the true value of your home before you move forward in your move.
Market your home
When it comes to marketing your home, you need to be smart. You can’t just put your house up for sale and hope for the best. When people come around for viewings or your open house, you need to prepare yourself. You are the best marketing tool when it comes to selling your home. You have lived in the house for years, and so you can tell people the truth about the property. Make sure that you attend viewings so that you can talk to people face to face.
Don’t take your first offer
Once your house has been on the market for a while, you will begin to get offers. If you already have an ideal sale price in your mind, you need to hold out for it. The worst thing you can do is settle for your first offer. If you are downsizing so that you can make a profit, you want to make it worth your while. Declining offers is a strong stance to take. Many people fear turning people down because they think that nothing better will come along. That is not the case. Turning people down means that you are more-appealing to potential buyers. You will need to pay around 10% in commission to your realtor, and so you should take this into consideration.Â
Have a ‘walk through’ of your new home
When you have sold your home and bought a new property, it is time to start planning your move. It is a good idea to head over to your new property before the move and take some measurements. Have a ‘walk through’ of your new home and start to visualize the space. You need to know how much space you have in your new home, so that you can begin to plan what you’re going to take. Taking exact measurements and photos of the space will help you in your planning.
Write down everything you need
With your partner, you should make a list of everything you need in your home. Go through every item in your house. Start with the big things, like furniture. Be honest with yourselves about needing certain things. For example, if you want something, but there is no space, be strict with yourself. Moving to a new home means a fresh start. The last thing you want is to start over in a house that you’ve cluttered with your old stuff. Remember, the more you get rid of now, the more profits you could make.
Sell unwanted things online
When you have the list of things you do want, you can start dealing with the things you don’t want. When it comes to furniture and large items, you might want to call up an antique dealer and see whether they can give you a bulk price. When it comes to small items, you might be better off selling them online. You can put items for sale on eBay and Amazon. Make sure that you get good photography for your items. When people shop online, it is often the photographs that sell the items.
Get storage, but keep things minimal
Once you have sold everything you no longer need, it is time to pack. Get some storage from a local store, but make sure you don’t get too much. Having loads of boxes will make you want to fill them. Call a company, such as the professionals movers from Chicago to help you with your boxes. It is best to move all your things in one day. When you prolong the move, it makes things more difficult. If you have movers, you can get the job done quickly and with ease. Ensure that you keep things minimal. It is tempting to pack trinkets and small items, but if you don’t need them, you have to leave them.
Be ruthless when you need to
Throughout the process of downsizing, you need to take a ruthless attitude. When it comes to getting rid of belongings, you need to make sure that you are strict with yourself. Holding onto things that you think you might need in the future, is a bad idea. If you haven’t used the things in the last year, it’s time to get rid of them. In the same respect, you need to ensure that you choose a new property that will save you money. There is no point relocating if it doesn’t help to improve your finances. Taking a brutal attitude when it comes to the process will mean you make large profits.
