Downsizing for Seniors: A Realtor's Point of View

It’s said that we spend the first half of our lives acquiring things and the second half getting rid of them. And if you plan on moving to a senior living community like The Village at Germantown, deciding what—and what not—to take with you can feel overwhelming.

Hank Hogue, senior real estate expert and vice president of Crye-Leike Real Estate Services, has gained some valuable insights about downsizing throughout his 40-year career. And while a professional organizer or downsizing company can help you get “into the weeds” of sorting through your belongings, Hank looks at downsizing as a chance to simplify your life so you can enjoy a more active, fulfilling retirement. Here are some of his words of wisdom.

Consider Moving to a Retirement Community Before You Sell Your Home

One of the questions Hank hears most is “Should I sell my home before or after I move to a senior living community?” Many folks lean toward listing their home before to free up money for entrance fees and other upfront costs, but according to Hank, the reverse might actually make downsizing run more smoothly.

“Moving into the community first makes it easier to donate, sell or discard the belongings you didn’t take with you,” he explains. “For example, if your house sells a week or two after we list it, closing day will typically be about 30 days later. That’s not a lot of time for downsizing and packing. But homeowners who move to a community like The Village at Germantown first can take their time with these tasks, reducing stress and anxiety.”

Plus, any seasoned realtor will tell you that a cluttered home doesn’t create the best first impression for potential buyers. “A ‘cleaner slate’ makes staging easier and helps folks visualize themselves living there,” Hank says.

And if you’re concerned about paying your entrance fee before your house is sold, Hank points out that options such as bridge loans may be available to work through short-term financing needs. “A bridge loan can give you some breathing room and there may even be some tax advantages,” he explains.

Set Yourself Up for a Successful Estate Sale

Making your move to a senior living community can bring a mix of emotions, from excitement about a life free from housekeeping and yardwork to sadness about parting with certain belongings. An estate sale offers a structured, efficient way to let go of items you no longer need, while ensuring that your new space is comfortable and tailored to the life you’re creating.

Hank’s seen lots of estate sales over the years, and offers some advice from a realtor’s perspective. “Estate sales are less stressful when they’re held after you move into a retirement community, because you won’t have so much time pressure” he explains. “Also, all the items you want to keep will already have moved with you to your new apartment or villa.” But if that’s not feasible, Hank says to make sure that only items being sold are on display.

Also, be realistic about pricing, particularly with furniture. “Styles change—which by the way, is why your kids and grandkids probably don’t want your china or furniture,” Hank laughs. “It also means that a dining room set you bought for thousands of dollars decades ago may only sell for a few hundred today.”

Hank strongly recommends using a professional estate sale company that can evaluate the condition of your belongings, the demand for each item and the current market trends. Plus, these experienced specialists have a knack for finding collectibles that may be worth lots of money. In other words, your trash could be someone else’s treasure. “When you trust the pros to accurately price each item, there’s a better chance you’ll have a successful estate sale—and be happy with the proceeds,” Hank advises.

Remember That Your Possessions Are Not Your Memories

Your daughter’s fingerprint art, your first baseball glove or your grandfather’s watch are all tied to positive feelings. And it can be hard to part with items that hold such treasured memories.

“The senior living floor plans at communities like The Village at Germantown are spacious and have plenty of storage,” Hank says. “But unless you take a deliberate methodical approach to downsizing, you could still wind up with more items than you have room for.”

Hank recommends seeking help from a professional senior move manager, who’ll be by your side as you choose which items to keep, donate, gift, sell or discard. Importantly, they can also provide emotional support, making the entire process more rewarding.

Above all, Hank recommends embracing your downsizing journey as a new adventure. “You may be selling your house, but you’re taking your memories with you to the next chapter—one that promises rewards like abundant time for fitness, socialization, lifelong learning, creativity and fun.”

Making Downsizing Less Daunting

Downsizing your home is more than just a move—it’s an exciting transition that can signal the beginning of a life lived well. And if you need a little help, no worries! Every member of the team at The Village at Germantown is committed to making your journey simple, hassle-free and even fun.

To learn more about our welcoming, energetic senior living community or schedule a tour, call 901-737-4242.