It’s a chaotic and unpredictable time for the current US housing market. Yet for many, thoughts of downsizing to a smaller, less burdensome, and less expensive home are ever-present. While many believe that it’s a money-saver to downsize to a smaller home for lower taxes and mortgage payments, less maintenance of the house, and lower costs for utility bills or insurance costs, that may not be so, depending on where you live and where you relocate. In today’s world that calculus is a bit harder to figure out, depending upon your current mortgage (if you have one), the costs of a new mortgage (if you need one), the taxes you will pay on the increased value of the home you are selling and other moving expenses. Before you leap into the market, you will need to do your homework to see if it makes economic sense. And, of course, downsizing and leaving a home you’ve inhabited for many years can also be filled with emotional turmoil, a veritable “rollercoaster of memories.” So it’s a decision that needs to be made thoughtfully and carefully, with lots of planning and consideration for all the details. For some good guidance on how to think through all of the pros and cons, put aside your moving boxes and take a look here and here.

Of course, downsizing to a smaller home most likely means rethinking your possessions and what should come with you to a smaller space. That too can take months of planning and strategizing and can be as emotionally disruptive as the decision to move itself. As one expert said, “The best thing to do is be realistic. You’re not going to need everything and even though it’s emotional to let go, it’s going to be liberating too.” The advice is to begin sorting and purging well in advance of a move, at least 3-4 months. 

Regarding the specific strategies to sort through your possessions, we’ve previously posted many ideas for sorting, sifting, donating, or selling items you no longer need or can no longer accommodate. But there are always new ideas to help guide the process (and possibly even make it pleasurable). Whether it’s your own house you’re downsizing or that of an older loved one, there’s a terrific suggestion in Next Avenue about turning the process into a collaborative and upbeat endeavor, either working with your older parents or inviting your adult children, to sort through items together and reminisce about the items in question or reveal the history and stories behind their acquisition. And while we know that younger loved ones probably don’t want much of the furniture or other items that won’t fit in your new home, they may be interested in learning how valuable some of the items are, perhaps even taking ownership of some before they are sold or given away. For example, toys such as Pokémon cards or old video games could be worth quite a bit on the resale market. You may also come upon decorative objects or fancy place settings that will fetch a great price in the antiques world. And after you’ve done all of the sorting and created your giveaway and sell piles, check out this comprehensive list of online platforms that may be able to help you get some cash for the items that can no longer be in your possession.