Real Estate

Top 5 Mistakes that Downsizers Make When They Sell their Family’s Home

4 Mins read

How did it feel? Remembering the afternoons when you dicker on the swing, while your kids play their favorite game in the garden; and all the lovely memories your family house has possession of?  But now, it’s time for a change! Yeah, it’s time to move on. Even though your house occasionally feeds you with bouts of old memories, you’ve definitely had it with the countless maintenance bills and other associated bills that come with owning a large home. 

However, just like any other financial decision, downsizing requires quite a lot of thinking, planning and mental power. So, it wouldn’t be a surprise to hear that most home sellers fall into potholes of errors in the process of downsizing. 

But, who would want to be a victim of such a pothole? A pothole of error? Definitely not you or I! This is why it is important you understand the common errors you are most likely to come across in your quest to alter the scheme of things, through selling your family home. 

Luckily, this article shines the spotlight on these mistakes. And hopefully, you would catch a glimpse of these potholes, and successfully jump over them. 

How about that? Let’s move!

They wait too long to seal the decision

Most likely, you are downsizing because you have come to realize how deep your family’s home is eating into your pockets (that’s what downsizing is all about anyway!). So, your aim is to get your financial life back on track. However, you can’t do this without financial literacy. 

 Basically, a general rule of financial literacy suggests that financial decisions shouldn’t be made based on emotions, but rather, critical thinking. And this brings me to my destination; most people are rather too attached to their homes to put it away. 

Our emotions are tied to memories, and it is extremely hard to pull out of the cycle of emotions our memories have trapped us in. However, a financial decision entails owning your mind and developing a resolve to put the home away. If you don’t fix up your emotions early enough, in the long run, you would realize how waiting too long made the process harder, and stressful. 

Here’s what I mean- as you get older, your youthful strength fades off. Gradually, your ability to lift heavy objects dwindles, and you have less energy for tedious labor. Also, foresight into the future gives you a glimpse of what life has in store for you. You aren’t aware of the emotional or mental stress you might have to deal with in the future. 

Unfortunately, stress is inevitable during a move. And definitely, you do not want to compile the stress of the move with that you are dealing with. 

So, this all boils down to acting quickly. If you are seriously considering downsizing, you shouldn’t waste any further time. Procrastination is an option that you cannot afford when downsizing. So, first off, unlike other home sellers – act quickly! 

Assuming they would acquire any significant financial benefit 

One of the biggest reasons people downsize is to rump up their savings. Actually, it is kinda a nice plan, but, whether- whether not- downsizing would pose any serious financial benefits to you is dependent on several factors. One of which is the location you are moving into.

Have you ever thought of the fact that your new home would need some upgrades? Upgrades you can’t afford to neglect? Obviously, they would! 

Asides that, there are several other financial factors to consider including the cost of transport, and generally getting settled. Most people are so into the idea of gaining so much through downsizing, that they become extremely disappointed when they discover how fast all the cash finished! 

Once you come to an understanding that you have so much more to gain in the long run through downsizing, your satisfaction levels would increase. And so also your fulfillment charts!

Not preparing well enough for the move 

So, you are a late-minute kind of person? How do I break this fact to you? 

Okay, let’s do it this way- most people begin to park 3 days before they move. In as much as that seems quite odd, it’s true. And, it leads to awful consequences. 

How would it feel forgetting your most cherished necklace, just because you were in a hurry when parking? Extremely bad. 

This is why you should begin planning, on not just your parking schedule, but also on other things such as the right size of portable air conditioner you would use.

Throwing away everything and starting over

Why would someone do this? Perhaps because of the mentality that you are beginning a new life- but, it is not always a good idea. Especially if you wish to save more. 

Why throw away a piece of furniture that is still in perfect condition? Why? 

In other words, try to develop a calm mind during your parking. Doing so would help you correctly analyze the things you need, or don’t. This would generally make the transition process a lot easier. 

Not thinking enough about a real estate agent selection

Most likely, you would go through the agent route to get the buying-selling process done with. A mistake most people make is just picking any agent, just for the sake of having one. Doing so, they fail to properly vet their agents, leading to unfavorable results during the whole process. 

When picking an agent, ask direct questions- questions you know would have an effect on the service the real agent would provide. Also, it would be fantastic if you choose a real agent who got recommended by a friend, colleague, or relative. This way, you can be sure of how well the real agent works!

Wrapping up

In short, downsizing requires mental, emotional and physical preparation. If any of this is lacking, calm down! But still, start early- so as to cover much ground before-hand.