Are you looking to sell your family home? It can be a daunting task if you try to do it alone. Furthermore, you could actually cost yourself thousands or tens of thousands of lost income or revenue if you do not take into account all the steps below.

This checklist can help prepare you to downsize your current home and plan for your �nancial future in the best way possible.

Phase A: Know Thyself

1. What is your primary reason for wanting to downsize?

a. Cut down on maintenance and housing costsb. Deteriorating health necessitates assistance with day-to-day tasksc. Traveling in retirement and want to be unencumberedd. Top up your nest-egg

2. Which category sounds like it �ts you?

a. Sell the house and buy a smaller condo or townhouseb. Sell the house and rent in the same areac. Downsize and rent or buy property in a more a�ordable locationd. Sell your home and move into a retirement community or assisted living facility

Phase B: Preparation

1. Create a budget

The more detailed your plan is, the smoother the transition will be. Assess your cash �ow require-ments and get a sense of what you can a�ord once

you sell your home. Try to budget for moving costs, new furniture and unexpected expenses that are bound to arise. Hiring an accountant may be a worthwhile investment.

2. Consult with a �nancial advisor

An experienced investment advisor can be key to achieving your downsizing dreams. Work in close collaboration with the advisor so that they under-stand your needs and desires. If you are downsizing to a smaller property, the advisor can help you understand what your shopping budget should be. A �nancial advisor will also assist in structuring the proceeds from the sale into a tax-e�cient and cash �ow generating investment portfolio.

3. Hire a real estate agent

If you want to sell your home, odds are you will work with a real estate agent. Agents typically earn between 3-7% in commission. Agents have access to the most-up-to-date information, and it is their job to stay tuned to all the market changes. Their expertise is invaluable when selling or buying a home.

4. Assess your home and make repairs

Nobody wants to buy a dilapidated property. Evaluate the condition your home is in and take steps to �x what you can. Focus on eliminating any cosmetic problems and taking care of easy repairs and upgrades.

5. Find a lawyer

Hiring a lawyer early on in the downsizing decision can save you time, stress and money. They will

Real Estate Downsizing: Client Steps & Processes

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protect your interests, and help navigate you through the title search and closing of the sale.

6. Establish the price

By this time you have worked closely with your real estate agent to establish a baseline price that is in line with similar properties in your local market.

Phase C: The Sale

1. Clean up

There’s a lot of sentimentality involved in picking up and moving from your family home. You have to �gure out what to do with your belongings. Give away what you can, send gifts to friends and family, sell it, and keep only what is treasured. Move furniture into storage if required but try to avoid this expense if possible.

2. Staging

Staging your home is an excellent way to sell your home. Many buyers have trouble imagining what their life will look like in a bare house, so do the heavy lifting for them.

3. List your home

Your agent will assemble materials required to put up your listing on multiple portals. The o�ers will roll in, and your agent will be busy with showings.

4. Negotiate and Accept an O�er

Try to get as close to your asking price, but realisti-cally be willing to come down if the need to move is urgent. Assess the buyer’s �nancial health and negotiate terms.

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This newsletter or article is a general discussion of certain issues intended as general information only and should not be relied upon as legal advice. Please obtain independent legal advice, in the context of your

particular circumstances. This publication is for informational purposes only. The statements and statistics contained herein are based on material believed to be reliable, but are not guaranteed to be accurate or

complete. It is not an o�er or solicitation with respect to the purchase and sale of any security, investment fund, or other product and does not provide individual �nancial, legal, tax or investment advice. Please

consult your own legal, tax and investment advisor. Echelon Wealth Partners Inc. is not liable for any errors or omissions in the information or for any loss or damage su�ered in connection with its use.

5. Close the sale

It is paperwork time. Your lawyer can help during this tricky part, assisting in preparing documents such as government disclosures or legal documents for �nancial and estate planning. Have your records handy.

Phase D: The Move

1. Say goodbye

Cancel your utilities, forward your mail, and say a tearful goodbye to your home.

2. Time to move

Hire movers – the middle of the week is typically when movers have low volume and tend to o�er discounts

3. Follow your �nancial advisor’s plan

Invest your windfall smartly and e�ciently. The money from the sale can go towards generating substantial cash �ow, purchasing a term life insurance policy, or purchasing another property.

4. Enjoy life

Congratulations, you have sold your home. It is time to embrace the next chapter of your life.