Unexpected Expenses when you Downsize offers valuable insights into how to budget and downsize. Are you thinking about downsizing on The Main Line? While eventually downsizing does save money, there are expenses that will sneak up on you if you are unprepared. I represent Main Line retirees who sell their homes to move to more manageable properties, or help loved ones moving into aging in place facilities. This week I am going to outline what you can expect to spend when you sell your home to downsize, so there are no unexpected and pricy surprises.
First, consider the market. Right now on The Main Line, if you have a home that is priced correctly, you can expect it to sell within a month, if not week. In this case you will need to have a place to rent or move into, whether that is an aging in place community or a plan to move in with children. What you would not want to happen is have to rent a storage unit or another apartment. Second, what are your plans for your things in a new space? We just touched on this, but in order to avoid storage fees, go through all of your things in advance and decide what stays, where things go, if they are being given to children and what you would like to get rid of. Often this process can be tiring and sometimes expensive! Bringing us to the third thing, if you think that things need to be sold, you need to contact an estate sale representative and get this underway, well before listing your home. If you try to do this after, it will cost more money. Lastly, be aware of the budget in new communities. HOA fees in continuum living communities can be quite expensive and retirement taxation is completely different. Many people who downsize would discuss this with their accountants and estate lawyers prior to committing to a community. The Main Line has some of the most luxurious continuum living communities that offer amazing amenities, but they are not for everyone. Many of my downsizing sellers move in with children or convert single story homes with universal design. This is a lot to think about, and I am an expert in this area. Are you or a loved one looking to downsize? Let my team help you strategize. Let’s take this next step together.
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