August 23, 2016   |    Blog, Planning for Retirement

How to Downsize Quickly and Effectively : A Resident’s Point of View

Resident Photo “How long will it take my house to sell?”, “What kind of upgrades will need to be made on the home before I list it?”, and “If I move before my house sells, what if it is broken into?”

These questions weighed heavily on Sam Strangis’ mind as he planned a move to Wesbury, so he quickly began to create a plan. “Everyone has a winter to life, and we have to prepare for it. I don’t know what tomorrow brings. If something happens, I don’t want my children to have to make the decisions. I wanted to have a plan already in place,” Sam remarked thoughtfully. Leaving your home to move to an Independent Living retirement community is a major life decision; one that many people make to be free of home maintenance, lawn care and snow removal. Once a move-in timeline is in place, making decisions on what to keep, what to give family, and what to throw away can be a daunting task.

Sam’s motto, “Keep stress out of life” revolved around his plans to auction off his property. Phoning Tammy Loucks, “The Lady Auctioneer”, he decided on an absolute auction that left him in control of creating his own timeline to move. “After I moved to Wesbury, I didn’t want to run back and forth dealing with real-estate agents, offers and counter offers and how long it would take to sell,” exclaimed Sam. The house is sold on auction day where 10% of the selling price is due upfront. After paying the 10%, buyers have 45 days to set the closing date with an attorney and pay the remaining funds, or as Sam puts it, “they get the deed and you get the check”. “There is no pressure”, remarks Sam, “Tammy dealt with prospective buyers and scheduled tours with them to look over the property”.

Setting the auction for May 10th, Sam then had to make decisions about what to do with his home’s contents. Tammy Loucks advises that, “You need to know how much room your new place will Auction itemshave. So many times when people are downsizing and or moving, they are not sure what to keep or keep too much leaving their new space overcrowded. I often tell clients, ‘Go to one room at time. For example, start in the kitchen. Ask, do I really need all of these things? Pick out items you use daily and leave the rest behind.’ If you are pursuing an auction, also think about items you are giving or throwing away. Don’t throw away items that could have value or be sold, such as old postcards, letters from the war, paperwork or advertising from places that no longer exist,” suggests Tammy. “Remember this is your whole life estate and we do not take that lightly. We take it seriously.” Auctions may help bring in additional funds to your estate and relieve stress about what to do with equipment and property. When in doubt, it is best to talk to an auctioneer like Tammy to see if an auction is in your best interest.

After living in his Villa for four months Sam is still pleased with his decision to hold an absolute auction. “Everything turned out to be a very smooth transition, and I didn’t have to worry about how to get my home and contents sold before I moved to Wesbury.”


Did You Know?

An auction can be an effective way to efficiently sell your home and contents, but deciding what approach is best can be different for everyone. Call your local auctioneer to learn more.

Tammy Loucks has been serving the greater Meadville area and can be reached by her website: http://theladyauctioneer.com/ or calling: 814-683-5120.