What to Do Before Downsizing

By Burt Tsuei

A Realtor with 20+ Years of proven track record of high quality service in the San Mateo County/Bay Area. A lifelong Bay Area resident, Burt works with buyers and sellers from Pacifica to South San Francisco to Redwood City and beyond. Burt is passionate about selling real estate in the mid-peninsula, and inspired by his clients’ goals and dreams. No matter what your unique needs are, whether you’re transitioning from city living or stepping up to a larger home, his mission comes straight from the heart: to protect your best interests and make your experience seamless.

As baby boomers approach retirement, many are considering downsizing from their current homes. If you’re among this group, here are four crucial points to keep in mind during this significant life transition.

1. Cost of living analysis. If you’re planning to move to a different city, it’s essential to conduct a thorough cost of living analysis. Check with a local real estate agent about potential hidden costs like property taxes, HOA dues, and additional insurance such as flood coverage. Understanding these expenses is critical to ensure you can live comfortably in your new location.

2. Home valuation and retirement planning. Your home is likely your biggest asset. Collaborate with a financial planner and a trusted real estate agent to appraise your current home and develop a comprehensive retirement plan. This analysis will guide you in determining if you can afford to sell your home and maintain a comfortable lifestyle post-retirement.

3. Organizing and decluttering. If you’ve lived in your home for many years, you’ve probably accumulated a significant amount of possessions. Sorting through these items can be an emotional and time-consuming process. It’s advisable to begin early to avoid stress and to ensure you have enough time to decide what to keep, store, or discard. Hiring professional organizers can be beneficial, but they’ll need your input on items to retain.

4. Home repairs for optimal sale. Before putting your house on the market, investing in small repairs can significantly enhance its appeal to potential buyers. Consult a reliable real estate agent to identify which repairs are most likely to increase your home’s value and attractiveness. This step can be a key factor in securing a successful sale and potentially saving thousands in the long run.

Downsizing can be a complex process, but with the right preparation and guidance, it can lead to a more comfortable and financially secure retirement. If you have any questions or need assistance, don’t hesitate to reach out for professional advice.