Each year, many individuals throughout Maryland choose to downsize their homes in order to make day-to-day life easier. Whether you’re looking forward to reduced expenses, less space to maintain or a more accessible floorplan, downsizing can offer significant advantages.
If you’re planning to downsize your home, making the move requires a few important steps that can protect your assets and provide for your family. It’s important to understand the phases of downsizing before beginning the process. An estate appraiser in Maryland can help walk you through the following key steps:
- Talk with your loved ones: One of the first steps when downsizing is talking it over with your family members. This is an important part of the process because it allows you to take your family’s wishes into consideration as you scale down your belongings. Once your loved ones know that you’re looking to downsize, you’ll want to ask them if there are any of your items that they would like to own. Over time, your family may have developed emotional attachments to certain belongings, and you’ll want to take their feelings into consideration when sorting through your home.
- Choose what to keep: Even though you’ll want to discuss downsizing with your family, it’s also important that you keep favorite items with you. As you assess your personal belongings, consider the amount of space you’ll have at your new location. It’s likely that you won’t have room for all of your possessions. Many people choose what to bring with them by taking an inventory of their property, and holding onto items that hold functional, sentimental or monetary value.
- Know what it’s worth: It is important to work with an estate appraiser who can help you throughout the decision-making process by verifying the worth of your belongings. Working with a knowledgeable professional empowers you to make an informed decision about the future of your possessions. Though deciding what to keep and what to give away can be difficult, understanding the monetary value of your possessions can expedite the process and alleviate some stress. It can also ensure that valuable items remain in your family or are sold for their full worth.
- Decide what to give: Once you have all of the information you need from your family and your estate appraiser, you will want to decide which items are not coming with you to your new home. You can choose to gift these items to family and friends, or donate them to a philanthropic organization. You may also wish to work with your appraiser to sell or auction off valuable items. A reliable appraiser can help you set prices for the auction to ensure you receive proper compensation.
By talking with your loved ones and working with an estate appraiser in Maryland, you can make an informed decision about what to do with your personal possessions when you move. For more information on how an estate appraiser can assist you as you downsize, consult an expert at Jane Campbell-Chambliss & Associates, LLC today.