Empty nester downsizing - any advice?

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FIREchief
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Empty nester downsizing - any advice?

Post by FIREchief » Mon Oct 22, 2018 9:39 pm

Probably a common situation. Adult children have left the nest and DW and I are left with a large paid-for house that we don't need. We're thinking about selling the house, banking the money and just cash flowing the rent at a nice apartment complex. We've previously owned several other houses and rented a duplex and townhouse as well as several apartments. I've always liked the simplicity of renting, especially in a complex where 24/7 maintenance is just a phone call away and somebody else is the one who has to worry about "everything" with the property. Thoughts?? Experiences?? Recommendations??
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

123
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Re: Empty nester downsizing - any advice?

Post by 123 » Mon Oct 22, 2018 10:02 pm

The biggest obstacle to downsizing is the clutter you have accumulated. You should immediately attack and eliminate the clutter so that you can take advantage of a good downsizing opportunity that comes along. Putting things in storage is not a reasonable solution.
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Beehave
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Re: Empty nester downsizing - any advice?

Post by Beehave » Mon Oct 22, 2018 10:40 pm

Two possible concerns come to mind.

(1) Moving away from family (possibly to be in a nicer climate).
(2) Renting into the jaws of an inflation which catches you, as a renter, by surprise.

You may miss your family and you may get priced out of a home. If these are not a concern, renting might be a great option.

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SevenBridgesRoad
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Re: Empty nester downsizing - any advice?

Post by SevenBridgesRoad » Mon Oct 22, 2018 11:18 pm

123 wrote:
Mon Oct 22, 2018 10:02 pm
The biggest obstacle to downsizing is the clutter you have accumulated. You should immediately attack and eliminate the clutter so that you can take advantage of a good downsizing opportunity that comes along. Putting things in storage is not a reasonable solution.
This.

Know from experience. Eliminate clutter and then downsize ASAP.
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SoAnyway
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Re: Empty nester downsizing - any advice?

Post by SoAnyway » Mon Oct 22, 2018 11:53 pm

123 wrote:
Mon Oct 22, 2018 10:02 pm
The biggest obstacle to downsizing is the clutter you have accumulated. You should immediately attack and eliminate the clutter so that you can take advantage of a good downsizing opportunity that comes along. Putting things in storage is not a reasonable solution.
+1.
OP, how much clutter do you have? I agree with 123 on "storage". I told my friends/relatives years ago that if I ever pay money for a storage unit, it's clear evidence that I'm too lazy to deal with the challenges of making decisions about what and how to sell/donate/trash and that I've clearly lost my faculties. At that point, they should just shoot me, lol.

All kidding aside, I'm with you on the simplicity of renting, esp. since I'm not particularly handy and have never had any interest in being a landlord. (All props to those who are and who do, btw: I've read your posts on this forum and have nothing but respect.) Having been a homeowner, when anything goes awry these days, I love love love being able to dial a few numbers and say, "Um, it appears that you've got a problem here...." Not "I have a problem". "YOU have a problem. FIX IT."

That said, I have a VERY responsive landlord, having done my due diligence ahead of time. All issues are responded to within 24 hours or less. YMMV. Do your due diligence, OP.

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FIREchief
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Re: Empty nester downsizing - any advice?

Post by FIREchief » Tue Oct 23, 2018 12:19 am

SoAnyway wrote:
Mon Oct 22, 2018 11:53 pm
123 wrote:
Mon Oct 22, 2018 10:02 pm
The biggest obstacle to downsizing is the clutter you have accumulated. You should immediately attack and eliminate the clutter so that you can take advantage of a good downsizing opportunity that comes along. Putting things in storage is not a reasonable solution.
+1.
OP, how much clutter do you have? I agree with 123 on "storage". I told my friends/relatives years ago that if I ever pay money for a storage unit, it's clear evidence that I'm too lazy to deal with the challenges of making decisions about what and how to sell/donate/trash and that I've clearly lost my faculties. At that point, they should just shoot me, lol.
Thanks. You folks are spot on about the clutter. I've been on a "de-clutter" mission since FIRE. I had comprehensive tax records (i.e. not just the returns, but photos of charitable donations, paper receipts from charities, bank statements, etc.) going back over four decades. That, is a LOT of crap! After many hours by the shredder, and countless trash bags, it's all down to one file drawer. I reduced it so much that the file cabinet will be going away and replaced by one or two hanging file tote pans. I've also probably gone through about everything in the house over the past two years and what I couldn't get rid of, I've "repackaged" into heavy "round trip" tote pans that stack well and are indestructible. I've gotten DW's permission to empty all photo albums and just save the photos. About two thirds of the furniture will go away. About half of our clothes will go away.

There are some things that DW will never part with, so best to get it compacted and out of sight/out of mind. Just a small cost of marital "bliss." LOL

Here's my game battle plan:
a) find and rent the right place
b) move only a minimal amount of furniture and day to day essentials into the apartment (nothing else crosses the threshold)
c) move non-essential but otherwise important items into [dirtyword]storage[/dirtyword]. No more than a 5' x 10' closet, no furniture allowed.
d) move everything else remaining in the house to the garage
e) list the house
f) Craigs list anything worth any meaningful value that is in the garage (tools, furniture, air compressor, etc.)
g) after two weeks, cancel remaining Craigs list and have a garage sale
h) after garage sale, schedule a Goodwill pickup for anything they want
j) after Goodwill, buy one or two of those "bagster" portable dumpsters at Home Depot and have Waste Management make everything else disappear

Wish me luck! 8-)
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

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FIREchief
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Re: Empty nester downsizing - any advice?

Post by FIREchief » Tue Oct 23, 2018 12:27 am

Beehave wrote:
Mon Oct 22, 2018 10:40 pm
Two possible concerns come to mind.

(1) Moving away from family (possibly to be in a nicer climate).
(2) Renting into the jaws of an inflation which catches you, as a renter, by surprise.

You may miss your family and you may get priced out of a home. If these are not a concern, renting might be a great option.
Thanks. I agree with you on both points. We do have family nearby and will not be leaving the area for that very reason. Inflation is an interesting aspect of this. I use an LMP/RP investing strategy where the LMP is all TIPS, so I guess if rents in my area don't inflate faster than CPI-U, it will be transparent to me. My other income sources are also inflation adjusted to CPI-U.
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

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FIREchief
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Re: Empty nester downsizing - any advice?

Post by FIREchief » Tue Oct 23, 2018 12:34 am

SoAnyway wrote:
Mon Oct 22, 2018 11:53 pm
All kidding aside, I'm with you on the simplicity of renting, esp. since I'm not particularly handy and have never had any interest in being a landlord. (All props to those who are and who do, btw: I've read your posts on this forum and have nothing but respect.) Having been a homeowner, when anything goes awry these days, I love love love being able to dial a few numbers and say, "Um, it appears that you've got a problem here...." Not "I have a problem". "YOU have a problem. FIX IT."
Only three "loves" on that? :D

Two weeks ago my garbage disposal died, and I had been procrastinating about replacing the leaking kitchen faucet. I HATE plumbing but had no business case for paying a plumber to do what I could do myself (always a Boglehead). So, after an afternoon of a little blood, minor swearing and back/muscles starting to complain; it was done. Sense of accomplishment?? No way. Sense of stupidity? Maybe for a few days while my back quit aching. Would I do it again if still a home owner? Yeah, probably would. All that said, if it happens when I'm in an apartment in the near future, I will absolutely love^99 being able to just call the guy. 8-)
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

lostdog
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Re: Empty nester downsizing - any advice?

Post by lostdog » Tue Oct 23, 2018 7:41 am

With you on this. We're in the process of getting rid of the clutter and fixing some minor stuff. We'll most likely sell next spring season. Houses are over rated.

renue74
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Re: Empty nester downsizing - any advice?

Post by renue74 » Tue Oct 23, 2018 7:48 am

I think the others have given great advice. I'm only 44, so we are about 6 years from being empty nesters.

But, I did want to chime in on storage space. It seems like I read that the USA is the only major country that invests in mini-storage. Everybody else in the world uses what they own.

I had a small office condo and we moved to a different space about 3 years ago. I rented a mini-storage unit for the extra office furniture, chairs, etc.

It was an idiot mistake. I paid about $65/month to store stuff I never ever wanted to look at again. Eventually, the cost of storage was more than the actual worth of the crap in the unit.

I learned my lesson and I share it here.

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Re: Empty nester downsizing - any advice?

Post by Jack FFR1846 » Tue Oct 23, 2018 7:59 am

FIREchief wrote:
Tue Oct 23, 2018 12:19 am
Here's my revised game battle plan:
f) Craigs list anything worth any meaningful value that is in the garage Everything you can take a picture of. (tools, furniture, air compressor, etc.) *etc includes extra dishes, pots, pans, exercise equipment, books, kids toys, anything else you can think of.
d) move everything (selling) else remaining in the house to the garage
g) after two weeks, cancel remaining Craigs list and have a garage sale
h) after garage sale, schedule a Goodwill pickup for anything they want
iii) Put everything at the street with a big "FREE" sign on it. You will be surprised how little will remain overnight and how little will be left in a week. I do this the day after trash day and if something remains by trash day, I throw it in the barrel for trash. I've never had so much left by then that I can't fit it in the barrel.
j) after Goodwill, buy one or two of those "bagster" portable dumpsters at Home Depot and have Waste Management make everything else disappear
a) find and rent the right place
b) move only a minimal amount of furniture and day to day essentials into the apartment (nothing else crosses the threshold). Do whatever small repairs and repainting on the house needs to be done.
c) move non-essential but otherwise important items into [dirtyword]storage[/dirtyword]. No more than a 5' x 10' closet, no furniture allowed.
e) list the house furnished with sparse furniture and "stuff" to make the place look lived in. Employ minimalist everywhere. You should be able to put a finger between cans in cabinets and between each item in the closet. This makes the house feel like it has more storage room than it really does.
I fixed the order and made some needed corrections. In your craigslist ads (you should have something like 50 of them by the time you're ready to have your yard sale), list your address and the date of the yard sale. This will prompt yard sale pros to contact you to ask to look at your stuff in advance. Let them! This will get rid of stuff ahead of the sale. Remember that your goal is to offload, not make money. Think of it as an activity where whatever isn't sold is going to cost you money to get rid of (because it will).

Think of craigslist as a place where people will willingly come and pay you to take away your trash. So when that insulting offer comes in on the couch that can't possibly fit in the new apartment, take the $20 and just be happy that you're not paying $50 to have it taken away.

When I had a yard sale for the stuff in my grandmother's house after she died, I had hundreds of boxes from the local liquor store. I loaded each box with "stuff". I made a sign that said "Entire box $5 for any box until noon. $1 after noon". This worked amazingly well and we got rid of about the amount that would have filled a 5 yard dumpster in a single day. You could modify this strategy by getting boxes and simply marking them $5 or $1 right from the start. Make it clear that the price is for the whole box and that buyers have to take the entire box. I told buyers who only wanted 1 thing that it would be $10 for the thing or $5 for the box. Remember, getting rid of junk is the goal. This works especially well by putting junk in the box and one "good" thing on top. Feel free to bargain. Someone comes with 3 "things". Tell them $30, or if you put them back in the boxes and take the whole boxes, take all 3 boxes for $10.
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Sandtrap
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Re: Empty nester downsizing - any advice?

Post by Sandtrap » Tue Oct 23, 2018 8:18 am

Great suggestions all around.
Consider renting a larger and nicer place. Later you might be glad you did.
Good luck :D

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FIREchief
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Re: Empty nester downsizing - any advice?

Post by FIREchief » Tue Oct 23, 2018 2:03 pm

Jack FFR1846 wrote:
Tue Oct 23, 2018 7:59 am
FIREchief wrote:
Tue Oct 23, 2018 12:19 am
Here's my revised game battle plan:
f) Craigs list anything worth any meaningful value that is in the garage Everything you can take a picture of. (tools, furniture, air compressor, etc.) *etc includes extra dishes, pots, pans, exercise equipment, books, kids toys, anything else you can think of.
d) move everything (selling) else remaining in the house to the garage
g) after two weeks, cancel remaining Craigs list and have a garage sale
h) after garage sale, schedule a Goodwill pickup for anything they want
iii) Put everything at the street with a big "FREE" sign on it. You will be surprised how little will remain overnight and how little will be left in a week. I do this the day after trash day and if something remains by trash day, I throw it in the barrel for trash. I've never had so much left by then that I can't fit it in the barrel.
j) after Goodwill, buy one or two of those "bagster" portable dumpsters at Home Depot and have Waste Management make everything else disappear
a) find and rent the right place
b) move only a minimal amount of furniture and day to day essentials into the apartment (nothing else crosses the threshold). Do whatever small repairs and repainting on the house needs to be done.
c) move non-essential but otherwise important items into [dirtyword]storage[/dirtyword]. No more than a 5' x 10' closet, no furniture allowed.
e) list the house furnished with sparse furniture and "stuff" to make the place look lived in. Employ minimalist everywhere. You should be able to put a finger between cans in cabinets and between each item in the closet. This makes the house feel like it has more storage room than it really does.
I fixed the order and made some needed corrections.
Great ideas! Thanks.
In your craigslist ads (you should have something like 50 of them by the time you're ready to have your yard sale), list your address and the date of the yard sale. This will prompt yard sale pros to contact you to ask to look at your stuff in advance.


I would have never thought of this. Sounds like a great way to get garage sale traffic.
Think of craigslist as a place where people will willingly come and pay you to take away your trash.
LOL :D
When I had a yard sale for the stuff in my grandmother's house after she died, I had hundreds of boxes from the local liquor store. I loaded each box with "stuff". I made a sign that said "Entire box $5 for any box until noon. $1 after noon". This worked amazingly well and we got rid of about the amount that would have filled a 5 yard dumpster in a single day. You could modify this strategy by getting boxes and simply marking them $5 or $1 right from the start. Make it clear that the price is for the whole box and that buyers have to take the entire box.


I like this and may use it for a lot of minor stuff that would otherwise wind up with Goodwill or in a Bagster.
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

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FIREchief
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Re: Empty nester downsizing - any advice?

Post by FIREchief » Tue Oct 23, 2018 2:07 pm

Sandtrap wrote:
Tue Oct 23, 2018 8:18 am
Great suggestions all around.
Consider renting a larger and nicer place. Later you might be glad you did.
Good luck :D
Nicer is definitely a consideration. Larger could be a curse if it just encourages more clutter accumulation. We've been debating 2 bdrm vs. 3 bdrm, but won't have or need a "guest bdrm." If we do this right, it will be much easier to move again in 3 - 5 years if we want a change or somebody builds a nicer place in our area. We are in a LCOL, growth area; so that is a real possibility.
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

bloom2708
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Re: Empty nester downsizing - any advice?

Post by bloom2708 » Tue Oct 23, 2018 2:13 pm

For lower value items, consider donating.

I've done a lot of selling on Craigslist and eBay and similar. It is work.

I have had good luck and bad luck. I've found it isn't worth the hassle for many things.

A garage sale is easier as people come. You control right there if you want to sell for the price listed or take a bit less.

Craiglist replies:

1. Super lowball offer
2. "Can you hold it until <insert day>"
3. Would you trade for <insert junk>
4. 6 replies in 10 minutes. I go in order, #1 doesn't reply, #2 wants me to hold until Friday
5. They want you to bring the item to them, then they offer a lowball price
6. etc etc.

I actually get much more enjoyment from just giving things away. Just something to think about. Don't get me wrong, I do like the idea of craigslist and letgo, they work, sometimes too well, but it is a tiring game.

Good luck on your downsizing and renting path. We hope to be there in 3-4 years.
"We are not here to please, but to provoke thoughtfulness." --Unknown Boglehead

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FIREchief
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Re: Empty nester downsizing - any advice?

Post by FIREchief » Tue Oct 23, 2018 2:34 pm

Jack FFR1846 wrote:
Tue Oct 23, 2018 7:59 am
FIREchief wrote:
Tue Oct 23, 2018 12:19 am
Here's my revised game battle plan:
f) Craigs list anything worth any meaningful value that is in the garage Everything you can take a picture of. (tools, furniture, air compressor, etc.) *etc includes extra dishes, pots, pans, exercise equipment, books, kids toys, anything else you can think of.
d) move everything (selling) else remaining in the house to the garage
g) after two weeks, cancel remaining Craigs list and have a garage sale
h) after garage sale, schedule a Goodwill pickup for anything they want
iii) Put everything at the street with a big "FREE" sign on it. You will be surprised how little will remain overnight and how little will be left in a week. I do this the day after trash day and if something remains by trash day, I throw it in the barrel for trash. I've never had so much left by then that I can't fit it in the barrel.
j) after Goodwill, buy one or two of those "bagster" portable dumpsters at Home Depot and have Waste Management make everything else disappear
a) find and rent the right place
b) move only a minimal amount of furniture and day to day essentials into the apartment (nothing else crosses the threshold). Do whatever small repairs and repainting on the house needs to be done.
c) move non-essential but otherwise important items into [dirtyword]storage[/dirtyword]. No more than a 5' x 10' closet, no furniture allowed.
e) list the house furnished with sparse furniture and "stuff" to make the place look lived in. Employ minimalist everywhere. You should be able to put a finger between cans in cabinets and between each item in the closet. This makes the house feel like it has more storage room than it really does.
I fixed the order
Some of those sequence changes may be better. I can certainly see the value in moving ahead with Craig's list while still living in the house (we won't be moving far, but it could certainly help with people showing up at various times to buy stuff).

I've used the "free at the street" before with great success. Most recent was a 27" CRT TV (i.e. HEAVY). We moved it out to the end of the driveway on a Saturday morning and it was gone by noon. Sweet!

I really like the "furnished house" listing idea. We have a huge leather media sectional that would be great to just leave with the house (unless somebody on Craig's list wants to haul it away for a couple hundred dollars).
c) move non-essential but otherwise important items into [dirtyword]storage[/dirtyword]. No more than a 5' x 10' closet, no furniture allowed.
I would love to cross this one out. The alternatives appear to be coming down to either a) a 2 bdrm apt + 5x10 storage locker or b) a 3 bdrm apt. The storage locker would cost about half of the 3rd bdrm and also make it easier to move again (same area) in the future. Those lockers cost about $600 per year in our area, so obviously if the contents were all "non-sentimental," there would be a business case to get rid of it. At this point I am estimating that about 25% of the contents would be used each year (Christmas tree, tools, carpet cleaner and supplies, etc.) and 25% would be family heirlooms that could not be disposed (yet). That said, it is still something to think about.
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

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FIREchief
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Re: Empty nester downsizing - any advice?

Post by FIREchief » Tue Oct 23, 2018 2:39 pm

bloom2708 wrote:
Tue Oct 23, 2018 2:13 pm
For lower value items, consider donating.

I've done a lot of selling on Craigslist and eBay and similar. It is work.

I have had good luck and bad luck. I've found it isn't worth the hassle for many things.

A garage sale is easier as people come. You control right there if you want to sell for the price listed or take a bit less.

Craiglist replies:

1. Super lowball offer
2. "Can you hold it until <insert day>"
3. Would you trade for <insert junk>
4. 6 replies in 10 minutes. I go in order, #1 doesn't reply, #2 wants me to hold until Friday
5. They want you to bring the item to them, then they offer a lowball price
6. etc etc.

I actually get much more enjoyment from just giving things away. Just something to think about. Don't get me wrong, I do like the idea of craigslist and letgo, they work, sometimes too well, but it is a tiring game.

Good luck on your downsizing and renting path. We hope to be there in 3-4 years.
Thanks for the response. I've done a small amount of both Cragslist and eBay. I likely won't do any more eBay, but I have had success with Cragslist (bed, treadmill, leather couch and similar) in the past. I have listed things at low prices, which likely motivates buyers to show up quickly with cash in hand. That couch was not a premium item, and if Goodwill would take furniture it would have been gone for nothing. I wound up getting $130 for it. :moneybag
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

RickBoglehead
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Re: Empty nester downsizing - any advice?

Post by RickBoglehead » Tue Oct 23, 2018 2:43 pm

FIREchief wrote:
Tue Oct 23, 2018 2:39 pm
bloom2708 wrote:
Tue Oct 23, 2018 2:13 pm
For lower value items, consider donating.

I've done a lot of selling on Craigslist and eBay and similar. It is work.

I have had good luck and bad luck. I've found it isn't worth the hassle for many things.

A garage sale is easier as people come. You control right there if you want to sell for the price listed or take a bit less.

Craiglist replies:

1. Super lowball offer
2. "Can you hold it until <insert day>"
3. Would you trade for <insert junk>
4. 6 replies in 10 minutes. I go in order, #1 doesn't reply, #2 wants me to hold until Friday
5. They want you to bring the item to them, then they offer a lowball price
6. etc etc.

I actually get much more enjoyment from just giving things away. Just something to think about. Don't get me wrong, I do like the idea of craigslist and letgo, they work, sometimes too well, but it is a tiring game.

Good luck on your downsizing and renting path. We hope to be there in 3-4 years.
Thanks for the response. I've done a small amount of both Cragslist and eBay. I likely won't do any more eBay, but I have had success with Cragslist (bed, treadmill, leather couch and similar) in the past. I have listed things at low prices, which likely motivates buyers to show up quickly with cash in hand. That couch was not a premium item, and if Goodwill would take furniture it would have been gone for nothing. I wound up getting $130 for it. :moneybag
We recently sold a lift chair. Had been listed for a year, sitting in our basement. It's an item that some get for free via Medicare (taxpayer pays multiples of true cost). I listed it for $800, then $750, then $700, then ... Sold it for $600. I don't give things away.

RMD3819
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Re: Empty nester downsizing - any advice?

Post by RMD3819 » Tue Oct 23, 2018 7:21 pm

We downsized from a house with guest house plus two sheds into an RV plus 5X7 storage locker.

We live full time in the RV and travel around. Started decrapping years before actual retirement.

Thoughts:
-Used eBay, CL and FB yard sale. Hate haggling so listed ultra low pricing. Overall was OK but you deal with no shows and oddballs. Gave away a lot, especially at the end with FB yard sale-"free at the curb, no holds".
-Your stuff is not worth what you think it is.
-Ask the kid(s) ONCE AND ONCE ONLY if they want XYZ. Yes-take immediately. No-get rid of it. No holding. Learned my lesson on this one. Generally your kids don't want your crap.

It is very liberating to be free of stuff.

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FIREchief
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Re: Empty nester downsizing - any advice?

Post by FIREchief » Tue Oct 23, 2018 7:41 pm

RMD3819 wrote:
Tue Oct 23, 2018 7:21 pm
We downsized from a house with guest house plus two sheds into an RV plus 5X7 storage locker.

We live full time in the RV and travel around. Started decrapping years before actual retirement.

Thoughts:
-Used eBay, CL and FB yard sale. Hate haggling so listed ultra low pricing. Overall was OK but you deal with no shows and oddballs. Gave away a lot, especially at the end with FB yard sale-"free at the curb, no holds".
-Your stuff is not worth what you think it is.
-Ask the kid(s) ONCE AND ONCE ONLY if they want XYZ. Yes-take immediately. No-get rid of it. No holding. Learned my lesson on this one. Generally your kids don't want your crap.

It is very liberating to be free of stuff.
That's a great downsizing testimonial. 8-) That said, I think my 100% success with Craig's list in the past is exactly because my stuff was worth what I thought it was. If it's truly like new and the new one is selling for $100 at Wallmart, I might ask $40 and take the first $30...... I haven't sold much on Craig's list, but I don't recall ever having the first person to show up not buy whatever it was. If you post a picture with an accurate description and the person is interested enough to make the trip, it seems to work. :sharebeer
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

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Toons
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Re: Empty nester downsizing - any advice?

Post by Toons » Tue Oct 23, 2018 7:57 pm

Before downsizing
We gave a lot of stuff away..
By the time we were finished our possessions took up a quarter of a full size moving van.
Downsized to 1400 sq ft.
As the years have trickled by I could probably go 1000-800.
It takes less and less.
:happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

RudyS
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Re: Empty nester downsizing - any advice?

Post by RudyS » Tue Oct 23, 2018 9:07 pm

Long time since the nest emptied out, but a very similar situation for DW and me. We're planning to move to a CCRC apartment in under a year. Downsizing from a 4 BR house to a 2 BR apt half the size. We will have to replace most of the furniture with stuff more appropriately sized. Thinking of a "living estate" sale for anything that won't be coming. That'd be right after we moved out, thus leaving the house empty for sale. Doing a LOT of sorting and clearing out useless (and not really salable) stuff. Amazing what we don't need. Sounds like FIREchief (OP) has a great plan.

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Re: Empty nester downsizing - any advice?

Post by Watty » Tue Oct 23, 2018 9:16 pm

FIREchief wrote:
Mon Oct 22, 2018 9:39 pm
Thoughts??
One issue to consider when investing your home equity then renting is that with the investments you will have sequence of returns risk and the invested home equity may not be enough to pay the rent.

Buying a condo instead would be worth considering but it would have a different set of pros and cons.

At least in our areas being garage sales have netted less than in the last five or ten years compare to ten or twenty years ago.

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Re: Empty nester downsizing - any advice?

Post by ladycat » Tue Oct 23, 2018 9:24 pm

In our area, we get 1 free bulk trash pick up every year. You might check with your waste disposal company to see if you have that service. It will save the cost of the bagster disposal.

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Re: Empty nester downsizing - any advice?

Post by michaeljc70 » Tue Oct 23, 2018 10:43 pm

I guess mindset has a lot to do with it. I cannot imagine renting at a full time home. I like to do what I want with the place when I want to. I know a lot of other people are less picky. Also, the landlord controls your cost. If they decide to jackup the rent (or sell and the new buyer does), I don't want to be forced into moving. YMMV.

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Re: Empty nester downsizing - any advice?

Post by FIREchief » Tue Oct 23, 2018 11:03 pm

Toons wrote:
Tue Oct 23, 2018 7:57 pm
Before downsizing
We gave a lot of stuff away..
By the time we were finished our possessions took up a quarter of a full size moving van.
Downsized to 1400 sq ft.
As the years have trickled by I could probably go 1000-800.
It takes less and less.
:happy
It looks like we're currently gravitating towards about 1200 sq ft plus another 50 in a storage locker. That's about half of what we've had for several decades. If I gave up a few hobbies, I could likely hit your 1000. No need or desire for that yet, but that would be an easy move. 8-)
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

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FIREchief
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Re: Empty nester downsizing - any advice?

Post by FIREchief » Tue Oct 23, 2018 11:12 pm

Watty wrote:
Tue Oct 23, 2018 9:16 pm
FIREchief wrote:
Mon Oct 22, 2018 9:39 pm
Thoughts??
One issue to consider when investing your home equity then renting is that with the investments you will have sequence of returns risk and the invested home equity may not be enough to pay the rent.

Buying a condo instead would be worth considering but it would have a different set of pros and cons.
Thanks for the response. Good points. In our situation, it really isn't about using the home equity to pay the rent. I probably would never rely on home equity to help with the "FI" part of FIRE, although I can understand how it might have to in HCOL areas. I'm not even sure if I would add any sales proceeds to my LMP or RP. Might not make much difference. Renting can certainly add a new flavor of financial independence, as a person can much more easily scale housing costs as a renter than as an owner. It also might tend to stabilize the liability projections for an LMP. Rents are certainly variable, but there is a healthy free market at work. Home liabilities are another matter. As anyone who has owned a home can attest to, you never really know "what's next."

I would only consider buying again (per your condo suggestion) if I had to; meaning that long term financial constraints demanded a "buy instead of rent" strategy. I don't forsee that at this point.
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

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Re: Empty nester downsizing - any advice?

Post by FIREchief » Tue Oct 23, 2018 11:17 pm

ladycat wrote:
Tue Oct 23, 2018 9:24 pm
In our area, we get 1 free bulk trash pick up every year. You might check with your waste disposal company to see if you have that service. It will save the cost of the bagster disposal.
Thanks for the suggestion. Unfortunately, my current waste disposal firm doesn't offer this. We have competition between Waste Management and brand "x" (I literally can never even remember their name). I only pay about one third of what my neighbors pay for Waste Management, so it's absolutely "no frills" once a week pickup. One bagster will only cost me $160, so not "cheap" but certainly not a significant variable. I might even be able to find somebody who will pick up a truckload of my junk and take it to the dump for cheaper. Stuff like this is pretty cheap in my LCOL area.
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Re: Empty nester downsizing - any advice?

Post by FIREchief » Tue Oct 23, 2018 11:31 pm

michaeljc70 wrote:
Tue Oct 23, 2018 10:43 pm
I guess mindset has a lot to do with it. I cannot imagine renting at a full time home. I like to do what I want with the place when I want to. I know a lot of other people are less picky.
I don't know if "picky" is the right word, but there are certainly different approaches. In my younger years, I was more ambitious when it came to home projects. By the time we got to our third home, most of that had dissipated. There is a novelty aspect to buying your own home and making changes/upgrades. I'm sure many on the forum have desired and pursued that. I certainly did (too soon and for the wrong reasons at the time).

Somebody recently posted in another thread something along the lines of "the three 'Fs'; when it comes to houses, cars and clothes, as long as it has four walls, four wheels and fits, I'm good." I'm probably not quite that extreme, but I'm not far from it at this point in life. I want both my car and living quarters to be comfortable, safe and reliable. That's enough for this Boglehead. :sharebeer
Also, the landlord controls your cost. If they decide to jackup the rent (or sell and the new buyer does), I don't want to be forced into moving. YMMV.
Would you also agree that the real estate market ultimately controls your costs? The thought of moving from one small rental to another really doesn't concern me, as long as we haven't re-cluterized. If we have, then it is likely good medicine.
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

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Re: Empty nester downsizing - any advice?

Post by Toons » Wed Oct 24, 2018 6:26 am

FIREchief wrote:
Tue Oct 23, 2018 11:03 pm
Toons wrote:
Tue Oct 23, 2018 7:57 pm
Before downsizing
We gave a lot of stuff away..
By the time we were finished our possessions took up a quarter of a full size moving van.
Downsized to 1400 sq ft.
As the years have trickled by I could probably go 1000-800.
It takes less and less.
:happy
It looks like we're currently gravitating towards about 1200 sq ft plus another 50 in a storage locker. That's about half of what we've had for several decades. If I gave up a few hobbies, I could likely hit your 1000. No need or desire for that yet, but that would be an easy move. 8-)
1200
Smart Move
:mrgreen:
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

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Re: Empty nester downsizing - any advice?

Post by tennisplyr » Wed Oct 24, 2018 6:53 am

You seem not to mind renting, so that's a go. So, if you're renting, why not move (temporarily) to an area that really appeals to you. I did that a couple of years ago and eventually bought a home. Life is short...
Those who move forward with a happy spirit will find that things always work out.

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Re: Empty nester downsizing - any advice?

Post by michaeljc70 » Wed Oct 24, 2018 9:29 am

FIREchief wrote:
Tue Oct 23, 2018 11:31 pm
michaeljc70 wrote:
Tue Oct 23, 2018 10:43 pm
I guess mindset has a lot to do with it. I cannot imagine renting at a full time home. I like to do what I want with the place when I want to. I know a lot of other people are less picky.
I don't know if "picky" is the right word, but there are certainly different approaches. In my younger years, I was more ambitious when it came to home projects. By the time we got to our third home, most of that had dissipated. There is a novelty aspect to buying your own home and making changes/upgrades. I'm sure many on the forum have desired and pursued that. I certainly did (too soon and for the wrong reasons at the time).

Somebody recently posted in another thread something along the lines of "the three 'Fs'; when it comes to houses, cars and clothes, as long as it has four walls, four wheels and fits, I'm good." I'm probably not quite that extreme, but I'm not far from it at this point in life. I want both my car and living quarters to be comfortable, safe and reliable. That's enough for this Boglehead. :sharebeer
Also, the landlord controls your cost. If they decide to jackup the rent (or sell and the new buyer does), I don't want to be forced into moving. YMMV.
Would you also agree that the real estate market ultimately controls your costs? The thought of moving from one small rental to another really doesn't concern me, as long as we haven't re-cluterized. If we have, then it is likely good medicine.
Not if I own long term. Though of course real estate taxes are out of my control. If homes in my area go up 50% my mortgage doesn't change. You can't say the same about rents. Of course there are other dynamics. Where I live now (and I suspect many other places) renting is hot and there is a ton of new rental construction. Pre-2008 it was everything was converting from apts to condos and everything new was a condo.

If you don't mind renting, then go for it. I have a friend selling his primary home to rent. He has a vacation home 2.5 hours away and doesn't want to maintain both.

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Re: Empty nester downsizing - any advice?

Post by LeeMKE » Wed Oct 24, 2018 10:24 am

We are just a few years ahead of you.

Dumped the 4500 sq. ft. house for 1850 sq. ft. condo. Seriously downsized stuff we no longer needed, but took all the clothes and kitchen stuff with us.
3 years later, dumped the 1850 sq. ft. condo for a 1560 sq. ft. apartment. The HOA was dysfunctional, and maintenance headaches were a nuisance. Searched for and found an apartment building that was well managed. not much downsizing needed.
5 years later, we left the apartment a few months ago to travel full time. When we settle down again I'll get something smaller, probably 1200 sq.ft. most furniture was sent away, and this time the kitchen and clothing was seriously purged. Amazing how much stuff we don't need.

We found that we never miss the stuff we got rid of.
Good luck!
The mightiest Oak is just a nut who stayed the course.

TravelforFun
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Re: Empty nester downsizing - any advice?

Post by TravelforFun » Wed Oct 24, 2018 10:28 am

Has anyone downsized then moved into a nice condo or apartment only to realize that there were things they didn't like? Things like walls were too thin, water pressure too low, and the new neighbors too nosy or smoking? This is what holding me back from renting an apartment.

TravelforFun

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Re: Empty nester downsizing - any advice?

Post by rgs92 » Wed Oct 24, 2018 10:28 am

It's not so much the stuff that creates the space, it's more the need for space and a buffer zone for a couple who are suddenly together all day.
It's very personal and depends on your relationship and the kind of personalities you have and your level of tolerance.

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Re: Empty nester downsizing - any advice?

Post by LeeMKE » Wed Oct 24, 2018 11:10 am

Due diligence when renting is the best prevention of uncomfortable neighbors.

Non-smoking buildings are pretty common now. Much easier to enforce in an apartment than a condo.
Sound transmission depends on the construction materials and layout. When looking at multifamily, check to see what is on the other side of your bedrooms. Read the lease to see what happens if someone has a live band come in for a party at their apartment. Who are the other tenants you see in the building? If you are quiet, college students and young men might not be as good neighbors as middle age executives and retirees.

I found it much easier to vet the neighbors in a rental property than in a condo. FWIW
The mightiest Oak is just a nut who stayed the course.

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Re: Empty nester downsizing - any advice?

Post by finite_difference » Wed Oct 24, 2018 12:24 pm

Let’s be contrarian.

Keep your house and find a good handy man.

Pros:
1. Moving sucks, and will only suck more as you get older.
2. Nice to have extra space and stay in the same place if you like the area.
3. If you have annoying/loud neighbors, bed bugs, bufs, whatever, yes you can always move but see #1.
4. Cost of storage and moving will eat into savings.
5. In a rental, there’s less freedom to have things set-up just the way you like it.
6. Are you attached in some way to your childhood home? Likewise, your children may enjoy visiting “home”.
7x keep your neighbors (May be a con.)
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh

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Re: Empty nester downsizing - any advice?

Post by FIREchief » Wed Oct 24, 2018 12:51 pm

tennisplyr wrote:
Wed Oct 24, 2018 6:53 am
You seem not to mind renting, so that's a go. So, if you're renting, why not move (temporarily) to an area that really appeals to you. I did that a couple of years ago and eventually bought a home. Life is short...
That's a good thought, but we already live in a very popular retirement area and our adult kids are close by. I'm not sure there's anyplace else we would rather be. 8-)
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Re: Empty nester downsizing - any advice?

Post by FIREchief » Wed Oct 24, 2018 12:56 pm

michaeljc70 wrote:
Wed Oct 24, 2018 9:29 am
FIREchief wrote:
Tue Oct 23, 2018 11:31 pm
michaeljc70 wrote:
Tue Oct 23, 2018 10:43 pm
Also, the landlord controls your cost. If they decide to jackup the rent (or sell and the new buyer does), I don't want to be forced into moving. YMMV.
Would you also agree that the real estate market ultimately controls your costs? The thought of moving from one small rental to another really doesn't concern me, as long as we haven't re-cluterized. If we have, then it is likely good medicine.
Not if I own long term. Though of course real estate taxes are out of my control. If homes in my area go up 50% my mortgage doesn't change. You can't say the same about rents.
I wasn't clear in my earlier post. :oops: I was suggesting that the real estate market will ultimately dictate what a landlord can charge in rent.
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Re: Empty nester downsizing - any advice?

Post by FIREchief » Wed Oct 24, 2018 1:09 pm

finite_difference wrote:
Wed Oct 24, 2018 12:24 pm
Let’s be contrarian.

Keep your house and find a good handy man.

Pros:
1. Moving sucks, and will only suck more as you get older.
2. Nice to have extra space and stay in the same place if you like the area.
3. If you have annoying/loud neighbors, bed bugs, bufs, whatever, yes you can always move but see #1.
4. Cost of storage and moving will eat into savings.
5. In a rental, there’s less freedom to have things set-up just the way you like it.
6. Are you attached in some way to your childhood home? Likewise, your children may enjoy visiting “home”.
7x keep your neighbors (May be a con.)
Many good thoughts. Extra space can be a very mixed blessing. The cons include a) more space to keep clean, b) more space to maintain, c) more space to heat and cool, e) more space for "visitors," f) more space to pay property taxes on and the big one, g) more space to accumulate clutter. :oops:

I do agree with your costs comment. If a person needs space and can commit to a long term course, buying and holding a house can provide tremendous benefits. This is especially true in a LCOL area with low property taxes and competitive new/recent construction. That's why we did what we did in the rear view mirror. I wouldn't discourage a younger adult raising a family from taking the same course, although I would temper their expectations of the "joys" of home ownership. :D We're just in a different phase of life now (age, independence, responsibilities, financials).

In my case, I have a number of great long term neighbors. We will miss them but they are just casual acquaintances and not really close friends. Much like dozens of folks I said goodbye to when I left Megacorp.
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

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Re: Empty nester downsizing - any advice?

Post by FIREchief » Wed Oct 24, 2018 1:13 pm

LeeMKE wrote:
Wed Oct 24, 2018 10:24 am
We are just a few years ahead of you.

Dumped the 4500 sq. ft. house for 1850 sq. ft. condo. Seriously downsized stuff we no longer needed, but took all the clothes and kitchen stuff with us.
3 years later, dumped the 1850 sq. ft. condo for a 1560 sq. ft. apartment. The HOA was dysfunctional, and maintenance headaches were a nuisance. Searched for and found an apartment building that was well managed. not much downsizing needed.
5 years later, we left the apartment a few months ago to travel full time. When we settle down again I'll get something smaller, probably 1200 sq.ft. most furniture was sent away, and this time the kitchen and clothing was seriously purged. Amazing how much stuff we don't need.

We found that we never miss the stuff we got rid of.
Good luck!
Another great downsizing testimonial! Thanks LeeMKE. :beer

I approach downsizing as a journey, and not just a one time event. It sounds like you've experienced something like that.
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

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Re: Empty nester downsizing - any advice?

Post by curmudgeon » Wed Oct 24, 2018 6:04 pm

Much of this is really subject to the personal priorities for both you and your wife. And there can be regrets (or positives) that you won't recognize until you do it. I still gain a sense of satisfaction from doing projects around the house myself, so while I may grumble in the middle of a project, on the whole I prefer doing things myself, especially if I'm not under time pressure trying to do it around a work schedule. We also prefer the greater degree of control over our environment gained by owning a house. There's also the factor that the "return" from my investment in the house (a place to live), is tax-free. I don't have to generate cash flow to pay the rent, which comes in handy for staying under the ACA cliff (though the cash from selling your house could cover that pretty well for a while).

It sounds like a lot of your preferences lead you in the other direction from me. I can easily see how that might be (and occasionally I feel that pull myself), but I would really try to make sure that your spouse is in sync with you on this. Spend plenty of time talking it through, talking with friends who have made a similar change, etc. We downsized from a 3200sf house to 2000sf house a couple of years ago. My wife still misses some aspects of the bigger house; in particular her large sewing/hobby room.

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Re: Empty nester downsizing - any advice?

Post by texasdiver » Wed Oct 24, 2018 7:02 pm

A lot of condo and upscale apartment complexes have basement storage lockers. If you know for certain that you will wanting to keep certain sentimental and seasonal items in storage it may be worth while looking for housing that comes with free on-site storage so you don't need to deal with offsite storage units that cost money and are a hassle.

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Re: Empty nester downsizing - any advice?

Post by SoAnyway » Wed Oct 24, 2018 9:36 pm

FIREchief wrote:
Tue Oct 23, 2018 12:19 am
SoAnyway wrote:
Mon Oct 22, 2018 11:53 pm
123 wrote:
Mon Oct 22, 2018 10:02 pm
The biggest obstacle to downsizing is the clutter you have accumulated. You should immediately attack and eliminate the clutter so that you can take advantage of a good downsizing opportunity that comes along. Putting things in storage is not a reasonable solution.
+1.
OP, how much clutter do you have? I agree with 123 on "storage". I told my friends/relatives years ago that if I ever pay money for a storage unit, it's clear evidence that I'm too lazy to deal with the challenges of making decisions about what and how to sell/donate/trash and that I've clearly lost my faculties. At that point, they should just shoot me, lol.
Thanks. You folks are spot on about the clutter. I've been on a "de-clutter" mission since FIRE. I had comprehensive tax records (i.e. not just the returns, but photos of charitable donations, paper receipts from charities, bank statements, etc.) going back over four decades. That, is a LOT of crap! After many hours by the shredder, and countless trash bags, it's all down to one file drawer. I reduced it so much that the file cabinet will be going away and replaced by one or two hanging file tote pans. I've also probably gone through about everything in the house over the past two years and what I couldn't get rid of, I've "repackaged" into heavy "round trip" tote pans that stack well and are indestructible. I've gotten DW's permission to empty all photo albums and just save the photos. About two thirds of the furniture will go away. About half of our clothes will go away.

There are some things that DW will never part with, so best to get it compacted and out of sight/out of mind. Just a small cost of marital "bliss." LOL

Here's my game battle plan:
a) find and rent the right place
b) move only a minimal amount of furniture and day to day essentials into the apartment (nothing else crosses the threshold)
c) move non-essential but otherwise important items into [dirtyword]storage[/dirtyword]. No more than a 5' x 10' closet, no furniture allowed.
d) move everything else remaining in the house to the garage
e) list the house
f) Craigs list anything worth any meaningful value that is in the garage (tools, furniture, air compressor, etc.)
g) after two weeks, cancel remaining Craigs list and have a garage sale
h) after garage sale, schedule a Goodwill pickup for anything they want
j) after Goodwill, buy one or two of those "bagster" portable dumpsters at Home Depot and have Waste Management make everything else disappear

Wish me luck! 8-)
As you asked, Good luck, FIREChief! You're all over it. You've got this. I've been on a similar mission myself. Totally with you on the "marital bliss" point btw- a small cost for sure, hahaha. Everyone's situation is specific and different. Do the the best you can within the boundaries of your personal situation and your priorities. Best I can tell, you've got this.
FIREchief wrote:
Tue Oct 23, 2018 12:34 am
SoAnyway wrote:
Mon Oct 22, 2018 11:53 pm
All kidding aside, I'm with you on the simplicity of renting, esp. since I'm not particularly handy and have never had any interest in being a landlord. (All props to those who are and who do, btw: I've read your posts on this forum and have nothing but respect.) Having been a homeowner, when anything goes awry these days, I love love love being able to dial a few numbers and say, "Um, it appears that you've got a problem here...." Not "I have a problem". "YOU have a problem. FIX IT."
Only three "loves" on that? :D

Two weeks ago my garbage disposal died, and I had been procrastinating about replacing the leaking kitchen faucet. I HATE plumbing but had no business case for paying a plumber to do what I could do myself (always a Boglehead). So, after an afternoon of a little blood, minor swearing and back/muscles starting to complain; it was done. Sense of accomplishment?? No way. Sense of stupidity? Maybe for a few days while my back quit aching. Would I do it again if still a home owner? Yeah, probably would. All that said, if it happens when I'm in an apartment in the near future, I will absolutely love^99 being able to just call the guy. 8-)
Hahaha... I hear you, OP. I didn't mean to be BH/parsimonious in only giving 3 loves, hahaha. More accurately, I absolutely love love love to the freakin' nth power, every time I make that call....
Enjoy it once you reach that promised land, OP! Heaven knows you've earned it, having been on the receiving end of those calls. As I said, nothing but respect.... :sharebeer

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Re: Empty nester downsizing - any advice?

Post by FIREchief » Thu Oct 25, 2018 5:15 pm

SoAnyway wrote:
Wed Oct 24, 2018 9:36 pm
As you asked, Good luck, FIREChief! You're all over it. You've got this. I've been on a similar mission myself. Totally with you on the "marital bliss" point btw- a small cost for sure, hahaha. Everyone's situation is specific and different. Do the the best you can within the boundaries of your personal situation and your priorities. Best I can tell, you've got this.
Thank you very much!! :beer

DW and I agreed today that we're definitely moving forward. Apartment hunting and new TV shopping are a WHOLE lot more fun (and much cheaper) than "shopping" for a bathroom remodeler. We were close to the cliff on that one but have stepped back just in time. 8-) The business case for home ownership becomes much cloudier when a home and/or DW starts asking for a new kitchen and new bathrooms.
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

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Re: Empty nester downsizing - any advice?

Post by JGoneRiding » Thu Oct 25, 2018 11:07 pm

Generally speaking houses sell better with a minimalist furniture layout. Ie I wouldn't put everything in the garage

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FIREchief
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Re: Empty nester downsizing - any advice?

Post by FIREchief » Fri Oct 26, 2018 2:57 am

JGoneRiding wrote:
Thu Oct 25, 2018 11:07 pm
Generally speaking houses sell better with a minimalist furniture layout. Ie I wouldn't put everything in the garage
Thanks. Due to some other excellent feedback since my earlier post, I'm considering listing the house as "furnished" (or "partially furnished") and keeping some better surplus furniture in the house. Some are attractive and good candidates. $4000 Bassett leather media sectional? Definitely. Pair of Lazy Boy recliners and oak end tables? Probably. 50 year old oak student desk and dresser? Probably not. Fortunately, I'm at the point in life (and finances) where I can just have fun with all of that. IOW, it doesn't really matter.... :sharebeer
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

SimonJester
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Re: Empty nester downsizing - any advice?

Post by SimonJester » Fri Oct 26, 2018 12:39 pm

bloom2708 wrote:
Tue Oct 23, 2018 2:13 pm
For lower value items, consider donating.

I've done a lot of selling on Craigslist and eBay and similar. It is work.

I have had good luck and bad luck. I've found it isn't worth the hassle for many things.

A garage sale is easier as people come. You control right there if you want to sell for the price listed or take a bit less.

Craiglist replies:

1. Super lowball offer
2. "Can you hold it until <insert day>"
3. Would you trade for <insert junk>
4. 6 replies in 10 minutes. I go in order, #1 doesn't reply, #2 wants me to hold until Friday
5. They want you to bring the item to them, then they offer a lowball price
6. etc etc.

I actually get much more enjoyment from just giving things away. Just something to think about. Don't get me wrong, I do like the idea of craigslist and letgo, they work, sometimes too well, but it is a tiring game.

Good luck on your downsizing and renting path. We hope to be there in 3-4 years.

Ha ha I have had replies 1 through 6 during a garage / estate sale as well. Even had one person drop off a box of their old stuff instead of buying things!
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." - Benjamin Franklin

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Re: Empty nester downsizing - any advice?

Post by moehoward » Fri Oct 26, 2018 12:55 pm

FIREchief wrote:
Tue Oct 23, 2018 12:34 am
SoAnyway wrote:
Mon Oct 22, 2018 11:53 pm
All kidding aside, I'm with you on the simplicity of renting, esp. since I'm not particularly handy and have never had any interest in being a landlord. (All props to those who are and who do, btw: I've read your posts on this forum and have nothing but respect.) Having been a homeowner, when anything goes awry these days, I love love love being able to dial a few numbers and say, "Um, it appears that you've got a problem here...." Not "I have a problem". "YOU have a problem. FIX IT."
Only three "loves" on that? :D

Two weeks ago my garbage disposal died, and I had been procrastinating about replacing the leaking kitchen faucet. I HATE plumbing but had no business case for paying a plumber to do what I could do myself (always a Boglehead). So, after an afternoon of a little blood, minor swearing and back/muscles starting to complain; it was done. Sense of accomplishment?? No way. Sense of stupidity? Maybe for a few days while my back quit aching. Would I do it again if still a home owner? Yeah, probably would. All that said, if it happens when I'm in an apartment in the near future, I will absolutely love^99 being able to just call the guy. 8-)
We rented after downsizing and kids out of the house. We were having coffee in the morning when water started coming through our cabinets which was caused from a pipe breaking. My wife had not moved and was calmly sipping her coffee when I returned from turning off the main valve. She said, "Landlord really has a problem doesn't he"?

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FIREchief
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Re: Empty nester downsizing - any advice?

Post by FIREchief » Fri Oct 26, 2018 1:41 pm

moehoward wrote:
Fri Oct 26, 2018 12:55 pm
We rented after downsizing and kids out of the house. We were having coffee in the morning when water started coming through our cabinets which was caused from a pipe breaking. My wife had not moved and was calmly sipping her coffee when I returned from turning off the main valve. She said, "Landlord really has a problem doesn't he"?
LOL. That's a great story.
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

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