How to Downsize

When deciding to downsize, have conversations with your significant other or loved ones about what you envision needing in a living space going forward. Take a look at your health, your care needs, and your finances to understand what your options are.

Once you have made the decision to downsize, research your living options. If you plan to buy a new, but smaller home, start with mortgage preapproval to see what you can afford.

Other options are renting, moving in with a loved one if they have the space, or looking into other senior living ideas. Seniors looking to sell their current home and buy one simultaneously will want to hire a real estate attorney to ensure a smooth transition and that their assets are safe.

Next, clean out your current living space. This can be tough. It’s hard to get rid of items you have accumulated over the years or that have sentimental value.

Start by going through and putting together any items that must be kept. This could include family photos, documents, and special jewelry or clothing. Then go through the rest of your home and mark the items you are willing to part with by donating or selling.

Moving as a senior can’t be done alone. You will need to get assistance from your friends and family to help. When moving time arrives, you can hire a moving company to assist.

When to Downsize

There is no right or wrong time to downsize. It’s a decision only you and your partner can make. Your family might have differing opinions, but ultimately you have to decide if downsizing is needed to live your best life as you age.

SOURCE: ElderLawAnswers.com

Philip J. Kavesh
Nationally recognized attorney helping clients with customized estate planning guidance for over 40 years.
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