When is the right time to downsize?
Usually when the house starts deciding things for you: the stairs, the yard, the empty bedrooms, the repairs you keep putting off. There is no right age. The right time is when moving would make your days easier and you would rather spend your money on living than on upkeep.
Most people I talk with have lived in their house for twenty, thirty, forty years. It is full of memories, and leaving it is a big decision. I never push. Some families talk with me months before they are ready, just to know what the house is worth and what their options are.
What do I do with a lifetime of belongings?
Start with what you want to keep and what the family wants, then let the rest go. You do not have to sell, donate or haul away everything before you sell to me. Take what fits your new home and leave the rest; I handle the cleanout after closing.
- Walk the house with family first and let everyone claim what matters to them.
- Keep the papers: deeds, wills, tax records, insurance policies, photographs.
- Do not pay to move furniture that will not fit the new place.
- Leave the basement and garage as they are if you want to.
Can I stay in the house until my new place is ready?
Yes. You choose the closing date, so you can line it up with a move into senior living, a smaller house, an apartment or a family member's home. If your new place is not ready yet, we set a later date.
One family I worked with did not want to set a date at all until their father was settled; we kept the date open until the time was right. That is the kind of flexibility a direct sale allows that a listing usually does not.
Will I owe taxes when I sell my home?
Often not on the profit. If you owned the home and lived in it for at least two of the last five years, you can usually exclude up to $250,000 of gain from income tax, or $500,000 for a married couple filing jointly. Talk to your tax preparer about your situation.
The rules are in IRS Publication 523. People who have owned a house for decades sometimes have a gain bigger than the exclusion, so it is worth a quick conversation with whoever does your taxes before you sign anything.
Should I fix up the house before I sell?
Not if you are selling to me. Updating a kitchen or bathroom to attract a buyer costs money and months, and you may not get it back. I buy houses with original kitchens, older roofs and furnaces, and everything else that comes with a home that has been lived in.
If you would rather list with an agent and get top dollar, and the house is in good shape, I will tell you so. The right choice depends on the house and on how much time and energy you want to spend.
What if my children are helping with the decision?
Include them. I am glad to meet with you and your family together, answer everyone's questions, and put the offer in writing so everyone can read it. A decision like this goes better when the whole family understands it.
If the house is being sold after a parent has passed, rather than by the parent, my page on selling an inherited house covers that situation.
"Greg said we will leave the date open until the time comes that your dad is called home. What a relief on me. Then the HVAC went out and Greg agreed to increase the offer to cover that, because it was needed on my end more than his. A God send. I have given his name and cards to everyone I know."
Greg Carpenter is a licensed real estate agent in Ohio. When Deforest Solutions makes you an offer, Greg is buying the house for himself, not as your agent.