How you begin downsizing your home will depend upon your individual situation.
However, there are several very basic steps that most people seem to follow: Housing: First, decide on your next housing situation.
Are you staying in your current home or moving? If moving, what type of house you will need? Single family home? Townhouse or Condominium? Apartment? Modular Home? Mobile Home? Assisted Living?? How much space will you have in your new home? What Will You Be Keeping: Decide what you will be keeping, either for your new house now, or when you will be moving at a later date.
If you are moving to a comparably sized home, or larger home, you probably won't have a problem.
But most likely you will be moving to a smaller home, which means that you can't take it all.
Deciding what to keep, and what to let go of, can be a difficult and emotional issue.
Expect that it will take time to make all of your decisions.
What to Give Away: Decide what you plan on giving away to Family, Friends, or as Major Donations.
Family members typically want some of what you have, usually the best things, and for many, keeping it in the family is the best option.
Giving things to friends can also be a good option.
If you plan on donating anything major to a museum or institution (e.
g.
, art, antiques, etc.
), keep in mind that it can take considerable time to accomplish this (at least if you are seeking the benefit of a tax deduction).
What to Sell: Decide what you wish to sell.
You have many selling options, including retail and consignment outlets, selling privately, selling on the Internet, or selling at Auction.
Selling items can take considerable time.
You must prepare the items for sale, and locate suitable buyers or selling outlets.
If you want to receive the maximum return, you must often locate multiple potential buyers.
All of which take time.
If you wait to the last minute, you will find yourself sitting at the short end of the bargaining table.
What to Donate: Certain items will have no financial value to you, but may possibly be useful to someone else, especially those in need.
Before you throw it out, consider donating it to some worthy organization, church group, or family in need.
Dump It and Move On: Some things just simply aren't worth anything to anyone.
After trying all other options, sometimes it's best simply to dump it and move.
However, the #1 point to understand in the Home Downsizing process is this: You should NEVER sell anything before you understand what it is worth.
All too often uninformed sellers keep those items that they think are valuable, and dump what they perceive to be junk.
And they literally end up throwing thousands of dollars away, because they failed to consult a personal property professional at the start of the Home Downsizing process.
We would highly recommend that you bring in someone who is qualified to provide you with an In-Home Personal Property Valuation...
before you sell or dump a thing.
Home Downsizing Tips & Strategies o You should NEVER sell or dispose of anything until you understand what it is worth.
o You should consider having an In-Home Personal Property Valuation done by a qualified personal property professional early in the Home Downsizing process.
o Consider your next housing situation before disposing of anything.
However, there are several very basic steps that most people seem to follow: Housing: First, decide on your next housing situation.
Are you staying in your current home or moving? If moving, what type of house you will need? Single family home? Townhouse or Condominium? Apartment? Modular Home? Mobile Home? Assisted Living?? How much space will you have in your new home? What Will You Be Keeping: Decide what you will be keeping, either for your new house now, or when you will be moving at a later date.
If you are moving to a comparably sized home, or larger home, you probably won't have a problem.
But most likely you will be moving to a smaller home, which means that you can't take it all.
Deciding what to keep, and what to let go of, can be a difficult and emotional issue.
Expect that it will take time to make all of your decisions.
What to Give Away: Decide what you plan on giving away to Family, Friends, or as Major Donations.
Family members typically want some of what you have, usually the best things, and for many, keeping it in the family is the best option.
Giving things to friends can also be a good option.
If you plan on donating anything major to a museum or institution (e.
g.
, art, antiques, etc.
), keep in mind that it can take considerable time to accomplish this (at least if you are seeking the benefit of a tax deduction).
What to Sell: Decide what you wish to sell.
You have many selling options, including retail and consignment outlets, selling privately, selling on the Internet, or selling at Auction.
Selling items can take considerable time.
You must prepare the items for sale, and locate suitable buyers or selling outlets.
If you want to receive the maximum return, you must often locate multiple potential buyers.
All of which take time.
If you wait to the last minute, you will find yourself sitting at the short end of the bargaining table.
What to Donate: Certain items will have no financial value to you, but may possibly be useful to someone else, especially those in need.
Before you throw it out, consider donating it to some worthy organization, church group, or family in need.
Dump It and Move On: Some things just simply aren't worth anything to anyone.
After trying all other options, sometimes it's best simply to dump it and move.
However, the #1 point to understand in the Home Downsizing process is this: You should NEVER sell anything before you understand what it is worth.
All too often uninformed sellers keep those items that they think are valuable, and dump what they perceive to be junk.
And they literally end up throwing thousands of dollars away, because they failed to consult a personal property professional at the start of the Home Downsizing process.
We would highly recommend that you bring in someone who is qualified to provide you with an In-Home Personal Property Valuation...
before you sell or dump a thing.
Home Downsizing Tips & Strategies o You should NEVER sell or dispose of anything until you understand what it is worth.
o You should consider having an In-Home Personal Property Valuation done by a qualified personal property professional early in the Home Downsizing process.
o Consider your next housing situation before disposing of anything.
Source...