Downsizing the Family Home - 6 Tips for Happy Outcomes
Yard Sale Miscellany
Does your family need help figuring out how to move forward with downsizing the family home? Here are 6 smart tips to help with the task.
Closing up the family home can be a major upheaval. Of course everyone wants to keep the heirloom rocking chair and teak sideboard , but the transistor radio collection and leftover cleaning supplies - maybe not so much. These decisions of what to keep and what to let go can be loaded with emotions and attachments for all involved. But how you decide to proceed can make a big difference in outcomes - relational, monetary, and logistically.
Talk and Listen.
Understand that downsizing is often an emotional and stressful process. Moving from a larger to a smaller space necessitates letting go of many household items and sentimental possessions. Decisions around what to keep and what to let go can be loaded with memories and attachments for all involved. Starting with this understanding and talking openly about it can make a big difference for positive outcomes and stronger relationships. Take photos, tell stories and make time for this important step.
Make a Clear Plan.
Determine a time frame for the sorting process and decide who will be involved. Setting up an ongoing but flexible schedule around the process will get you to the finish line. Divide tasks and appoint one person as the overall coordinator. Set up a pre-determined time for reporting in on progress and next steps to keep momentum. Having clear roles and defined expectations will pay dividends.
Evaluate and measure square footage in the new space.
For realistic decisions around how much to keep and move, you will need clear dimensions and wall space measurements, including windows, light fixtures and electrical outlets. Consider which furnishings will provide the highest return for the space taken up and spend some time looking a space-saving ideas for creative inspiration.
Outline Needs.
Consider what portions of the household will be needed in the new location. Will kitchen items be irrelevant or welcomed into another kitchen? What amount of bedding or linens will be necessary? What items feel most like home and most comforting in a new space? Will any housekeeping supplies or tools be useful to keep?
Make a List.
Inventory household belongings and where appropriate, tag high value items. Make room for notes about where certain items came from or about why they might have value to you. At the same time, measure and record the dimensions of each item in preparation for determining whether furnishings will fit in a new space. Also, prioritize and use a number system of 1-5 to decide which items mean the most for you to keep. You could also include a column where family and friends are designated as the recipients of portions of the household goods.
Consider your energy and time.
Most people are familiar with putting together garage sales or selling items on a digital resale site like eBay. The viability of this choice depends on the number of helping hands, the value of the items to sell, and other issues like timing and health. Sometimes including these strategies makes sense, but if time and energy are limited, professional help can lighten the burden.
You will want to evaluate your level of commitment to the process of sorting and selling. If speed and ease are of the essence, put your energy into careful research and vetting of local auction and estate sale companies. If the ritual of moving through the material goods and history of your family feels manageable and meaningful, you may choose the slow road. No right answer - just the best fit!
Some families remove what they want from the family home and then bring in professionals to price and sell the remaining items for a percentage of the earnings. Estate sale companies come in all sizes and shapes, some with expertise in high-end antiques and others who handle mid-value furniture and domestic items. They also vary in the speed or levels of service that they offer. The going rate for commission falls in the 35-40% range, though it may be lower for highest ticket items. Some advantages of this route include selling your goods at a higher price (because estate customers generally expect the higher cost) and having someone who follows market values who can recognize and price objects that you may undervalue.
High-end auction houses only take items that will pull in big money, with the auction house drawing up to 20% of the “hammer price.” If you have an object that you think will drive a competitive bid, you may get lucky because auction crowds are often high spenders. There are also smaller field house and warehouse auctions that sell less expensive goods, sometimes bundling assortments of items into boxes that sell as “box lots” - often having one more desirable item mixed with other odds and ends.
Our professional team at Hillsborough Wills & Trusts works daily with individuals and families to guide important choices about legacy and care of loved ones. We can support you as you Build Your Circle of Security through a strong will, trust and estate plan.
Call us today at 919-245-8440 or contact us at https://hillsboroughwills.com/contact.