You’re selling the house, and there’s a lot to look forward to in the near future as you downsize. But it can be a tricky time trying to get the timing right with the purchase of your next home. Done right, there can be less stress, while the opposite certainly can be true, too. Simplifying the move is what you’re looking for, so here are tips that actually work to help you do so.
When Downsizing Before Selling Can Make Sense
Selling first sounds logical, and in many cases it is. But there are times when it’s not going to happen, or you’d rather do it in this alternate order. For example, you’ll have less clutter in the house that you’re staging if you’ve already moved several belongings into the new residence. There’s also greater flexibility to act on the new property. And don’t forget about less stress during closing periods. The challenge, though, is managing the financial overlap between buying and selling.
Using a Bridging Loan to Close the Timing Gap
One of the biggest hurdles is paying for your new property while the current one is still on the market. A bridging loan enables you to purchase the new property using the equity in your existing home. Without having to wait to sell, you’ll have greater flexibility. Of course, not all loan providers are the same. Look for trusted providers with the terms that make sense for you, such as bridging loans at Squared Money. Look for an FCA-regulated option that considers all credit types.
Take Time When Decluttering
Downsizing homes means you won’t have as much stuff hanging around, and that can be a good thing. Clutter can be stressful, and clearing it might always be on your mind. Now you won’t have an excuse not to toss, donate, sell, or store items you no longer use, because there simply won’t be space for them in the new property. Start early to avoid stressful, last-minute decisions about whether to keep or let go of possessions. Try to start 2-3 weeks before the move to give yourself plenty of time to make thoughtful decisions.
What about Storage?
Storage can have a bad reputation, but when used properly, it can be very useful for homeowners downsizing. Renting a storage unit can be a short-term solution, rather than a long-term holding place for extra items. If your home is still for sale, storage can significantly improve how it shows. Removing excess terms creates a cleaner look that can appeal to more buyers. That can speed up the home sale and could even get you a higher price.
Stage the Home as Though You Already Moved Out
Here’s one you might not have thought about quite like this. While staging the home is something you know about, did you realize that many prospective buyers are immediately picturing themselves in your home when walking around it? Think of it less personally as your home and instead as a product you’re showing to the market. Start by clearing away extra furniture, then arrange the items left in the kitchen and elsewhere to highlight the rooms. Maximize natural light, too, by removing curtains. A coat of paint can help a lot, as well, instantly freshening the interior.