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Downsizing Your Home? Stay Away From These 8 Crucial Mistakes

July 10, 2019 · Personal finance
Professional movers carefully handling a wrapped piece of art.
Professional movers carefully transport a large bubble-wrapped painting down the stairs of a spacious home.

When DIY Isn’t Enough: Hiring Professionals

Handling a complex real estate transition entirely on your own often leads to burnout. Do not let pride stop you from bringing in specialized help when the stakes are high.

  • Massive Clutter and Decades of Belongings: If the thought of emptying the attic makes you physically ill, hire a Senior Move Manager. These certified professionals specialize in helping older adults downsize. They create floor plans, sort belongings, hire estate sale companies, and completely unpack your boxes in the new home.
  • Complex Tax Situations: If your home has appreciated by more than $500,000, or if you run a home-based business and take depreciation deductions, do not guess at the tax math. Hire a Certified Public Accountant (CPA) before listing the home to execute tax-mitigation strategies.
  • Retirement Income Planning: If you plan to use the proceeds from the home sale to fund your daily living expenses, consult a fiduciary financial planner. They can model how to invest the lump sum safely, ensuring the money outlasts your retirement. You can verify advisor credentials through resources like Investor.gov.
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