Selling your family home and making a fresh new start can feel exciting when you are young and your family is growing. Sure, there is some stress involved, but upgrading creates a very different feeling than downsizing.
It’s joyful and exciting, and you feel like your whole life is still ahead of you. Contrast this experience with what your parents or older relatives may be feeling when leaving their home and moving to a smaller space. After helping countless clients navigate the downsizing process, we know that downsizing can cause a lot of anxiety and stress.
Fortunately for your parents, it doesn’t have to – because they’ve got trusted loved ones like you to lean on. In this post, we’ll detail a few of the ways you can help your parents downsize to a new home while looking forward to what life will bring next.
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Conquer the Tough Parts First
We are committed to making the downsizing experience just as joyful as upsizing whenever possible. And we have seen it happen. Think of what happens when a homeowner suddenly has money to spare after years of building equity in their existing property.
- Some people might be on the first plane to a tropical destination before the cold and snow arrives.
- Others retire to a condo, where they can sit back and relax as a property management company steps in to take care of all of the tedious maintenance that used to be so time-consuming and expensive.
- Parents and grandparents may be thrilled to be closer to their family members.
- Active retirees find a way to live their best lives with a convenient condo in the heart of a busy entertainment district.
Of course, not every downsizing experience is a triumph. Sometimes, health or financial issues may force the move. Whatever situation your parents are in, it’s important to empathize with them.
Even in the best circumstances, there can be a sense of sadness and loss associated with moving away from their family home. While there is light at the end of the tunnel, you still need to allow them to process all of these complicated emotions.
Ease Into the Process
While some people thrive with fast change and trial by fire, it’s almost always best to ease into the process when it comes to downsizing. The earlier you bring the topic up, the better. If your parents are still young and healthy, you might mention the idea of downsizing as a hypothetical situation. When the pressure is off, planning becomes easier.
- Start by asking what they want to do next, when and if they decide to sell the family home.
- Discuss whether they might rent or buy something smaller.
- Align your parents’ downsizing plans with their resources and what kind of lifestyle they want a few years down the road.
A visit to your financial adviser may be in order at this time. If something happens and you need to accelerate the plan, the process generally remains the same. Everything just needs to happen faster. This is why having a clear picture of where your parents want to go next is essential.
Discuss Any Legalities
There’s a reason why many people take care of any estate planning while downsizing. As unpleasant as it may be to contemplate being separated from your loved ones, none of us is getting any younger. Getting downsizing and estate planning out of the way means you can move on and enjoy your remaining time, no matter how long that might be. Having all of the legalities clearly laid out will also make it easier for those left behind.
Before downsizing, you might talk to your parents about assigning you as their Power of Attorney, Executor, or both. With Power of Attorney for Property, you can handle selling and buying a home on your parent’s behalf, whether they are no longer capable of handling the task or just don’t want to. It’s not always due to mental or physical decline. Think of it this way – it’s hard to sell a house from a beach in a tropical paradise!
For more detail on the legalities of helping your parents downsize, check out Why Does Power Of Attorney Matter When Selling For Someone Else?
Preliminary Steps Before Selling the Family Home
Imagine your parents are on board with the idea of downsizing. They have an idea of where they want to go and you’ve gotten the legal matters out of the way. What comes next?
At this point, we highly recommend connecting with an experienced local real estate agent to guide you through the process. It may seem premature, but early is better by far than too late. Keep in mind that the Toronto real estate market can change quickly. Having an expert by your side will help you get the maximum value for their existing home while finding a place they love at the best possible price.
How do you know if the time is right to make a change? The posts below can help you spot the signs:
- Should You Downsize When Your Mortgage Renews?
- Why Downsizers Should Consider Pre-Construction
- What Are the Benefits of Downsizing Early?
Constant Support in a Changing Market
Your strategy will also need to pivot to help your parents capitalize on every advantage when selling and buying a home. For example:
- Should you sell your parents’ house before buying a new one? Or secure a new home before listing theirs?
- What upgrades or renovations will offer the best return on investment? No one wants to do more work than they need to, yet everyone wants to earn the highest possible amount from the sale. Your plan to prepare the home will depend on the market.
- How much should your listing price be? Getting this just right is critical. Overestimate the value of your parents’ house, and you won’t see much interest from potential buyers. Underestimate it, and they’ll earn less than they deserve from the home they’ve grown to love.
The sooner you find the right real estate agent to guide you through all of these questions, the better prepared you’ll be to navigate everything the market throws at you. As an added benefit, an experienced real estate agent comes with an entire network dedicated to making your parents’ move simple and seamless.
Renovating, packing up, selling, moving and unpacking all become less overwhelming when experienced professionals are a text or phone call away. When you have a busy career and home life, access to a high-level support system is a game changer.
Choosing the right real estate agent is critical if you want to make the most of your downsizing experience. The posts below will help you know what to look for:
- 5 Reasons Your Agent Should Be A Neighbourhood Expert
- What Happens if You Pick the Wrong Real Estate Agent?
- Real Estate Concierge Service: Is It Right For You?
Decluttering Your Parent’s Home
Sorting through your parents’ cherished belongings is arguably the toughest part of the downsizing process. That said, there’s no getting around it if you want a successful sale. A clean, spotless home is more appealing to potential buyers.
Plus, you’re going to have to pack up and move everything eventually, and not all of it will fit into a smaller space. However ambivalent you may feel about decluttering, think of how relieved both you and your parents will feel after it’s done. There are two ways to go about it.
Roll up Your Sleeves
If you decide to tackle the cleaning and decluttering process yourself, it’s best to start as early as possible. Your parents will likely feel emotional when sorting through their items, and it will be difficult to let some things go.
This is one point where they will lean on you for support. You can help by talking them through it. If someone in the family or a close friend can use the belongings they no longer need, they will feel better about parting with them.
By the time you’re finished, the countertops, shelves, and closets should be neat and tidy. The emptier they are, the more spacious they will appear to potential buyers. Once every unnecessary item is out of the house, you can move on to cleaning, making minor repairs, and staging.
For more detailed guides on cleaning and decluttering, check out the posts below:
Get It Done for You
As we mentioned before, one of the best things about working with a well-established real estate team is the built-in network that comes with it. This includes access to professional cleaners and declutterers to help you prepare your parents’ home for sale in record time.
Instead of taking days, weeks, or months sorting through every drawer and every closet in every room, you simply pick out what items your parents cherish most. Then, let a seasoned professional take care of the rest.
It’s faster and less stressful; and the end result is the same or better. When you have support, nothing about downsizing needs to feel overwhelming for you or your parents.
Want more tips on how to make your parents’ home look its best? Check out the posts below:
- Can You Elevate Your Bathroom Decor In An Afternoon?
- Lighting Techniques That Give Your Home an Instant Facelift
- Absolutely Fabulous! Secrets of Gorgeous Curb Appeal for Every Season
Staging and Marketing
Once your house is cleaned and organized, it’s time to turn your attention to the finer details of preparing it for potential buyers. When someone comes in and immediately pictures themselves living in the home with their own family, you are in a good position to maximize the value of your sale.
This is why staging can add tangible dollar value and help you sell faster – if you get it just right. When designing your home, it’s critical to focus on what a potential buyer would want instead of your own preferences. When time is of the essence and your parents need to earn the highest amount, you can’t go wrong by partnering with a professional who has staging expertise.
Once your home is immaculate and expertly designed, the marketing process begins. The more interest and excitement about your listing, the better offers you are likely to receive. Once the house sells, you can take the next step to helping your parents find a place they will love.
Having something to look forward to makes for a positive downsizing experience for your parents. The posts below can open up the possibilities:
- Where Do Toronto Downsizers Go?
- Should You Retire Near The Waterfront In Etobicoke?
- Your Guide to Downsizing in Toronto in Style
Defining the Next Steps
After you receive and accept an offer for your parents’ home, you can all start to relax a little. A real estate lawyer essentially takes the reins at this point, but your parents will still need you to ensure every detail goes through as planned.
When the time arrives, your local real estate agent will step up to make the transition as efficient and streamlined as possible. Thanks to your support and care, the entire process of downsizing can be a positive experience for your parents and your entire family. Their new life and a brand new home await!
Do you want unparalleled support when helping your parents downsize to a smaller space that they will love? Our experienced real estate team is here to help. Contact us today at ana@asantos.ca or call 647.232.7317 with any questions.