Seniors thinking about their future options for retirement may consider downsizing to a smaller home, a condo, or even a 55+ community. Every homeowner wants to get as much money for their house as possible; timing the sale of the home to correlate with the most popular time for homebuying increases the likelihood of moving the home quickly and at the best price. However, the most popular time to sell isn’t necessarily the cheapest for moving.
When is the best time to move? When are moving costs the most affordable? These are the top questions seniors need to consider when downsizing. Here’s what to know about the costs of moving/downsizing and how these costs fluctuate throughout the year.
The Best Time Of Year to Move
Most homeowners want to sell their homes for the highest price possible. While a number of factors about the property (like age, condition, and location) impact the value of a home, the time of year that homeowners sell their home also plays an important role.
Spring and summer are the most popular seasons for buying and selling a home. This is due to families wanting to ensure a smooth school transition for their children. Summer vacation precedes the new school year; when families move to a new home during the summer, their children can be introduced to a new school on the first day.
Unfortunately, while the warmer months are the hottest for the housing market, these months also correlate to higher moving costs—increased demand pressures the supply of moving companies, van or truck rentals, and other moving professionals. Seniors may find that prices are much more expensive, and finding a moving company becomes more difficult (or requires booking in advance).
What Is The Cheapest Month To Move?
Summer (and spring) are the most expensive months for moving costs. Families and seniors who want to save money may sell their home or move during off-peak season. What is the cheapest month to move?
Early winter offers the most affordable rates for moving. Many moving companies specifically state that January and February are the cheapest months of the year for scheduling a move!
Not only are rates for moving professionals lower, but those who need help with a move may have more options during the off-season.
This Is The Best Month to Buy a House or Downsize
The best time to sell a house is not the best time to buy! Seniors ready to downsize may need to be strategic in their purchase timing. According to experts, early fall and winter are the ideal times to buy a home and get a great deal. ATTOM reports that October is one of the best months to buy a home for the lowest premium.
Not only will seniors be in a better position to negotiate during fall and winter, but moving costs also will be much more affordable. The real estate market cools with the weather, and buyers who want to save money may maximize their purchase power by making an offer during the slow season.
Find Out If It’s Time To Downsize
Downsizing to a smaller home may seem appealing as seniors start to assess their current needs. For some, the large family home has too much upkeep and space. The home may begin to feel like a wasted space.
As seniors move into their retirement, they also may wish to move to a new area that offers the amenities they want or the lifestyle they crave. Florida and other warm states attract many retirees who love the warm weather, beach lifestyle, and year-round golf opportunities.
Is it time to downsize? The answer is more of a personal choice, although some points should be considered. Cardinal Solutions advises seniors to reflect on their lifestyle needs, health, and future goals as they consider downsizing to a smaller home. Here are 10 questions to help determine if downsizing may be the best option:
Can you manage the upkeep and maintenance of the current home?
Does the current home offer easy navigability? Or is mobility a challenge? (Consider stairs, layout, etc.).
Is the current home conducive for aging-in-place? Can it be easily modified as needs change?
Are monthly home costs manageable?
Do you feel that the current home is being utilized fully? Or are many rooms sitting vacant and unused?
Is the current home too isolated in its location?
Do you feel that you have too much “stuff?”
Does the current home make you happy? Is it comfortable?
Is the new home conducive to the lifestyle you want?
Do you feel that you have outgrown your neighborhood? Do you still have ties or close relationships with neighbors?
Make A Plan: The First Step In Downsizing a Home
If you’re ready to downsize your current home, it’s time to make a plan. Downsizing is a process, and move management professionals with Cardinal Solutions are here to help you. The first step of downsizing is determining where to transition to your new home. Some seniors want to retire somewhere warm and purchase a condo or move to a 55+ community with amazing amenities. Others just want a smaller home. Those with medical concerns may wish to move to an assisted living facility.
Downsizing is a personal choice, and every experience is unique to the individual. Selling the current home may be necessary to purchase a new home or pay for assisted living monthly costs. However, seniors need to explore their options before signing a sales contract on their current home; 55+ communities book quickly, and not all assisted living communities have space for new residents.
Understand The Budget and Costs
Downsizing typically allows seniors to lower costs and increase their quality of life during retirement. Crucially, seniors must understand the budget for their future home and the costs associated with any new community or assisted living facility.
Selling a family home needs to be a practical and smart financial decision. Seniors may consider working with a financial advisor to help them understand their financial needs for the future.
What to Move to a New Home
When moving to a smaller residence, seniors may not be able to move all their current possessions. Downsizing requires choosing which items will move to the next home, which possessions should be donated, and what items are better left to the trash pickup.
The sorting process is not easy for everyone. It’s ok to feel sad, overwhelmed, frustrated, or even elated when assessing each item. Cardinal Solutions helps seniors as they work through this process; we listen to the stories associated with cherished items and help every client learn how to identify the items they most wish to keep and move to their next home.
Our team also helps seniors understand that the sorting process holds other options for items. When special items are donated, they live another life and are appreciated by a new owner. In addition, seniors may ask family members if they wish to keep some items.
How To Find Help During The Move
Seniors moving during the off-season may not have difficulty scheduling moving companies or other professionals. However, they may feel that the packing, unpacking, and moving process overwhelms them.
Cardinal Solutions specializes in helping seniors downsize and move. Our team helps with packing, unpacking, and organizing. We can also help you organize your new home and create a comfortable and inviting space.
Call Cardinal Solutions To Help With Moving Or Downsizing
Don’t downsize alone! Call Cardinal Solutions to schedule a consultation and create a personalized move management plan that simplifies your downsizing process and eases your mind! Contact us today!