In a recent survey, more than 19 percent of people over the age of 55 plan to relocate by the end of 2023. This trend can be partly explained as a consequence of the pandemic, as it provided opportunities to work from home and pushed individuals to relocate to less crowded and less expensive areas. The process of selling a home and moving creates the opportunity to leave behind items that are no longer necessary. Of the respondents to the survey who planned to move, 26 percent decided to have an estate sale to help them downsize. In an estate sale, a company will help with sale timelines, pricing and analysis, and connect with a network of buyers. This process can be completed relatively quickly, usually only lasting about a week.
Below are a few considerations that an individual looking into an estate sale should keep in mind once the process has started according to an estate planning lawyer with our friends at McCarthy Law, LLC:
- Decide what to keep and what to sell
Anything can be sold at an estate sale, but items such as kitchenware, furniture, cars, and jewelry are prime items for buyers. Although you may have a general idea of what you’d like to sell, you want to be sure that all items that you do not want sold are out of the home as any items left in the home are for sale, including attics and crawl spaces.
- Homeowners should move out items not for sale
If you have items that are substantial such as a desk, sleeper sofas, treadmills, or pianos, you need to plan to move these items out of the house prior to the estate sale. As previously mentioned, anything left in the house is for purchase by buyers, including all furniture you may think you are just using as a display surface! Be sure to remove anything that you are not interested in selling prior to the sale.
- Remove personal items
Anything with your personal or identifying information on it should be removed from the home. This includes social security cards, wallets, your license, family photos, medications, and your license. It is best for the safety of those who own the home!
- Homeowners should vacate home during sale
Similar to an open house, it is easiest for others to shop an estate sale when the homeowners are not in the house. Take this time to go have a meal with your family or take a walk in the park to make the process as simple as possible.
When making the choice to sell a home and move on, an estate sale can be a great way to make some money and achieve a fresh start. A local legal professional can assist with the logistics while you focus on your new beginnings. Reach out to an estate expert near you for help getting started on prepping for an estate sale; it is also a good time to review any estate planning for yourself you have on your to-do list.