When you first moved in, your home was a perfect size. It met all of your requirements, from the number of bedrooms and bathrooms that you didn’t mind cleaning, to the amount of yard space that you didn’t mind mowing a few years ago. All that has changed. Many of us are moving towards simplifying our lives and freeing up time to do what we most enjoy in life – like spending time with friends or family.
There are many factors to consider when it comes to moving out of your current home. Taking a good look at your choices can help you make the right call for your situation.
Options for Your Current Home
Renting Your Space
Finding renters for your old home is a great way to keep ownership of the house while making a profit off of the property. This has several benefits. First, the rent you’re making at your old home may be enough to cover the mortgage at your new home. Second, this means that you’ll be able to leave the property as an inheritance in your will. Whether the recipient decides to move in, continue renting, or sell the home, you’ll have left them a valuable gift.
Up for Sale
It may make the most sense to put your house on the market. Think about the advantages of owning new construction in a new neighborhood where you already have something in common with your neighbors – you all have just purchased and personally designed your new home! Purchasing new construction in a low maintenance community simplifies your life in two ways; It takes the worry and stress over constantly having to repair or replace items like heating and air conditioning systems, roofs, outdated plumbing, etc. and, because you no longer have to mow the lawn or weed the beds, you’ll be free to do what you want. Additionally, you’ll be able to design your ideal kitchen and living space to fit your needs today.
In the Family
You may decide to sell your home to your children or grandchildren. Although you may want to, it’s generally a bad call to simply give your home to a family member. If you set the price below the house’s market value, the difference is considered a gift. An individual can give a gift worth up to $15,000 without paying taxes (couples can combine that for $30,000), but any discount on market price above that will come up in your taxes and possibly affect what you’re able to leave tax-free in your will.
A Smooth Move
No matter how excited you are to get started at your new place, moving day can be stressful. There are so many moving parts to keep in mind, and it’s easy to feel overwhelmed by the sheer amount of work that needs doing. So, when it comes time for you to move into your new home, take steps to make life as easy on yourself as you can.
Begin packing sooner rather than later, starting with décor and saving frequently used spaces, such as the kitchen and bathroom, for last. Enlist the help of family and friends while you pack to make the task easier and more fun. Or, skip the packing altogether by hiring a packing service to come and gather your items into boxes on your behalf.
You can make moving day much easier on yourself by hiring movers. It’s a modest investment (the average national cost of hiring movers is approximately $1,009) that will save you tons of anxiety. Not only will this take the physical work off your shoulders, but it will also make the job faster so you can get settled into your new home as soon as possible.
Downsizing is a big job, but it comes with plenty of benefits and big returns. So, find the space that’s right for you, and once you’re in your new place, enjoy it!