Whether the family home has become impractical for empty nesters or grandparents wish to be closer to their grandchildren, our elderly loved ones will likely downsize when they sell their homes. But before we help them with the moving process, did you know there are various downsizing options?
The team at SHPP turned to the experts at Senior Move Masters to help us understand downsizing options beyond the typical neighborhood Goodwill or consignment shops.
Below are seven options each listed with pros and cons. Understanding these options will help seniors make an informed choice that best suits their needs.
Downsizing Options plus Pros & Cons
Option 1: Give to family members
Pros: Stays in the family
Cons: Depending on location, shipping/delivery costs are incurred
Option 2: Consignment
Pros: Can make money
Cons: Share up to 50% of the profit. Often a charge for delivery to shop. If it doesn’t sell, it is donated to a charity. Some items will not be accepted.
Option 3: Donation to Charity
Pros: Helping those less fortunate. Tax deduction
Cons: Some items will not be accepted. If they refuse items, you may need to hire a hauler to take away your stuff.
Option 4: Estate Sale
Pros: Liquidate entire property and make money, 50-65% of the sale of goods
Cons: You must allow at least a week after you have moved out for the estate sale to take place. You need to interview/contract estate sale companies. They decide on the price of your items. You may not be allowed to attend the sale. You need to leave a sizable amount of your possessions behind in order for the Estate Sale company to consider it worth the time/effort that goes into staging a sale. Not all HOAs allow estate sales.
Option 5: Online Auctions
Pros: Liquidate entire property. Buyers onsite only for preview event and pick up. Better suited for some secured HOA communities.
Cons: If held in home, requires 1-2 weeks for listing, online auction period and pick up. Some auctions start with low bids or have no reserve on items. You need to interview/contract online auction company.
Option 6: Buy-Out/Estate Liquidation
Pros: Complete clean out of your property all in one day. You concern yourself only with what you are taking and close the door to the rest.
Cons: Minimum value much lower than estate sale threshold.
Option 7: eBay
Pros: Good for small items.
Cons: Packing and shipping considerations required. May need to involve hiring professional eBay vendor. Items must be in excellent condition.
Senior Move Masters specializes in helping seniors and their families when moving to a new residence, nursing home, or retirement community. Serving San Diego County, their compassionate and professionally trained staff understands the stress involved in making such a move, and excels at providing the personalized service needed to reduce “move anxiety.”
To learn more about Senior Move Masters services, please contact them at 1-800-545-4775 or find them on Facebook.