Whether you are already retired or are getting ready to retire, one of the toughest decisions you'll have to make is whether or not to downsize and move into a smaller place. It can be a very emotional time. It's tough to leave a home where you have so many good memories and treasures. But, the cost savings in mortgage payments, property taxes, utilities, etc. can be substantial. It can mean the difference between living the retirement of your dreams, and just surviving. If you take the time to plan ahead and consider all your options, downsizing should not be too traumatic.
The first thing is to decide how big a place you really need? You want to be comfortable and not feel cramped. But, you also want to have the money to do the things you've always dreamed of doing during your retirement.
Second, once you find a place you think you want, you'll have to come up with a floor plan. You need to think about the room measurements and how you will place each piece of furniture. Don't forget to take into consideration the location of windows, doors, outlets, etc.
Third, think about what you want to take with you. You want your new place to be comfortable and cozy, and still provide enough space. Don't forget to think about any storage you may need.
Fourth, focus on paring down, sorting and separating your treasures. Be realistic. You can't take everything. But make sure you do not leave behind things you'll regret you didn't take with you.
Your family will understand and maybe even help you to decide how to divide up what you are leaving behind.
Fifth, if at all possible, sort your belongings in place. You don't want to turn your whole house into a chaotic mess. Keep a trash bag close, and if it's trash throw it out. If you find things you want to donate or sell, keep them separated from what you are taking with you. It is very helpful, if you can get a friend or family member to help you through this.
Sixth, you can offer whatever you are not taking to family and friends first. If you have a great amount of things, you may consider an estate sale, or a yard sale. Most estate people will come to your home to see what you have at no cost. Most honest estate sale people will get the best prices for your things for only 25 - 30% commission. Also, you may want to consider any charities you are interested in. They will usually pick up your things and give you a receipt for tax purposes.
Seventh, enjoy the process and live the retirement of your dreams!
Author Resource:-
Income recovery and asset protection specialist. I re-design portfolios so you can increase your monthly income, never run out of money during retirement, never lose any money and, make certain you significantly reduce your taxes. More Info:www.PepperdineCPA.com
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