March 8


Downsizing for Retirement: Looking to Sell

By Mike Nelson

March 8, 2022

Many seniors heading into retirement look to downsize. Downsizing for retirement when you cut back on your current expenses, by moving into a smaller living area. For example, a retired couple whose kids have all left home may decide to sell their large family house and move into a smaller apartment or condo. If you’re in a similar situation and looking to downsize for retirement, make sure to prepare yourself before making any major decisions. Below, we’ll outline some of the key things you should know when you’re looking to sell your home fast and downsize. 

Your Reasons for Moving

What are you main reasons you want to move? Some common reasons that people look to sell their homes and downsize include cutting costs, moving closer to family, changing careers or wanting to free up money for travel.  Identifying specific reasons for moving will help when it comes time to make decisions later on. For example, moving for family reasons or for a career change will have very different timelines that you need to account for. 

Downsizing for Retirement

How Much Money You Will Need 

Before downsizing, take the time to add up all the money you’ll need for various expenditures in your life. For example, you might want to use the money you make from downsizing as a chance to pay off debts. You might also need the money from the sale of your home to help purchase a new place and afford your new cost of living. Having a rough figure for the amount of money you need can help you decide how much to sell your home for and how quickly you need to sell it. 

The Value of Your Home 

When you know the value of your home, you can set the right price when you place it on the market. To figure out what your homes value is - start by looking online. Looking at comps in the area can give you a good guide into what is selling, and for how much. 

Another option is to reach out to Coveway Properties, who can provide you with an accurate valuation of your home. When you’re looking to sell your house fast for cash, companies like Coveway Properties are invaluable, as they can provide you with a cash offer in just a short period of time. 

What You Want in a New Home 

After determining the value of your current home, think about where you want to live next. For some, this could be a small apartment building, while others may want a home that needs a little work, giving them something to spend their time on during retirement. Knowing the type of place you want to move into, whether it’s an apartment, home, condo, or something else, helps you financially plan out what you need to make it happen. 

When You Need to Move 

Timelines play an important role in your downsizing decision-making. For instance, the timeline between downsizing within a few years or looking to sell next month will affect your overall plan. Think about your personal deadlines and how they might impact what you want to do. 

If you’re looking to sell your home fast for cash, consider working with Coveway Properties. Coveway can provide you with an instant cash quote and start the buying process for your home right away. It’s a great option if you want to downsize soon and quickly sell your home. 

The Expenses Associated with Downsizing 

While many people seek to downsize in an attempt to cut costs, there are some expenses associated with downsizing that you need consider. By planning for these expenses before you start the process, you can ensure you’re making all the right financial decisions. For example, if you decide to work with a real estate agent to buy your next home, you need to consider realtor fees. Other possible expenses might include: 

● Home Owner’s Association fees 

● Property taxes 

● Sales taxes 

● Homeowners insurance 

● Home renovations and repairs 

● Lawyers fees 

● Moving costs 

The more expenses you account for, the better you can plan things like the sales price of your home. It’s a good idea to research any costs you might have to pay to downsize, then add them

all up. Refer to this information throughout the downsizing process and update any expenses if they change. 

Who Can Assist You 

If you need assistance selling your house to downsize for retirement, reach out to Coveway Properties. Coveway Properties can help you if you want to sell your house fast for cash. Our company can provide you with a cash offer - to help speed up your moving process. These cash offers will save you a lot of trouble from having to sell the home yourself or wait to line up a potential buyer. 

Distressed Property Interior View

Start Planning Your Downsizing Process Today

Downsizing is something that almost all of us will experience at one point in life or another. To make sure you are successful with this process, make sure that you set aside enough time to plan and get as much as money as you can for your current home. 

If you are looking for a cash offer, and fast, Coveway Properties is here to help. Our company buys homes in any condition, and in as quick as 5 days we will pay cash.

Trying to sell your home is one of the more difficult parts of downsizing and we aim to make this process as simple as possible. Sell your house for cash today and contact Coveway Properties to get started! Our team will be ready to assist you with the best cash offer to get you downsized and ready for retirement. 

"What a relief to have found Coveway Properties! My husband and I have been struggling with what to do with this home for years. Every time we had a game plan to fix up the home to sell it, one of us was getting sick or recovering from surgery.  Mike was so understanding and worked with us remotely to get the home sold. We are so grateful for his help!"