Ready to Downsize in Bethesda? Here’s Exactly What to Do First
If you have lived in your Bethesda home for 20, 30 or even 40 years, chances are you have thought about downsizing more than once. Maybe it happens when you have the gutters cleaned (or forgot to clean the gutters.) Or when the furnace needs replacing. Or when you realize that you haven’t been in one of the upstairs bedrooms for three weeks. Or perhaps it happens when you come home from a wonderful trip, drag your suitcase through the front door and think, Wouldn’t it be nice if I could just lock the door and leave without worrying about the house?
For a long time, downsizing may have been something you were going to do “eventually.”
But now you’re ready. So what do you do first? Here is my first piece of advice after nearly 40 years of helping people buy and sell homes in Bethesda and the Washington area:
Please don’t start by ordering a dumpster.
Before you clean out the basement, give away the dining room furniture or spend $75,000 remodeling the kitchen for the next owner, let’s figure out where you are going, what your Bethesda home is worth and what you actually want the next chapter of your life to look like. Downsizing works much better when we start with a plan.
First, Figure Out Where You Want to Go
One of the biggest mistakes I see people make is assuming that downsizing begins with selling the house. I think it begins with figuring out what comes next.
Do you want to stay in Bethesda? Would you rather be in downtown Bethesda where you can walk to restaurants, shops and Metro? Would Friendship Heights work better? Do you want a condominium with a concierge and garage parking? A smaller townhouse? A one-level home? A 55+ community? Or perhaps you want to leave the Washington area altogether and be closer to children or grandchildren.
And how much space do you really want? There is a considerable difference between moving from a 4,000-square-foot Bethesda colonial into a 900-square-foot condo and moving into a spacious two- or three-bedroom condominium where you still have a guest room, an office and room for the dining table you aren’t quite ready to give up.
This is why I like to take downsizing clients out to look before they make too many decisions about their current home. You don’t necessarily have to be ready to buy anything. We are gathering information. (I call this “dating the market.” You aren’t ready to marry any property – you are just trying places on,)
Once you see what is available, the whole process becomes much less theoretical.
You may discover that you really do want 1,500 square feet. You may decide that you need two parking spaces. You may realize that a balcony is non-negotiable because you can’t imagine life without somewhere to grow your tomatoes. You may decide that having a concierge matters more than having a swimming pool.
And you may walk into a condo and suddenly think, Oh. I could live here. That is when downsizing starts to feel exciting instead of overwhelming.
Find Out What Your Bethesda Home Is Really Worth
The next step is understanding the value of the home you already own. For many longtime Bethesda homeowners, this can be the pleasant part of the conversation. You may have bought your house decades ago, and today’s value may give you considerably more flexibility than you realize. But before you start mentally spending your proceeds, we need a realistic estimate of what your home would sell for in the current market. That means looking at recent comparable sales, your neighborhood, lot, condition, improvements, floor plan and what today’s buyers are actually willing to pay.
It also means deciding whether improvements before selling would make financial sense. Sometimes the answer is yes.
Fresh paint, refinished floors, landscaping, lighting and relatively small repairs can make an enormous difference. A major renovation is another matter. I would much rather walk through your house with you before you start hiring contractors. The kitchen that you think desperately needs a $75,000 renovation may be perfectly acceptable to the buyer who intends to remodel it anyway. Let’s spend money where it will help you sell the house—not simply because someone on television said every house needs a white kitchen.
Should You Buy First or Sell First?
This is one of the questions I hear most frequently from Bethesda downsizers, and there isn’t one answer that works for everyone. Some homeowners have enough financial flexibility to purchase their next home before selling. That can make the physical move considerably easier because you can move into the new home first and then prepare the old house for sale without trying to live through painters, stagers and photographers. Other homeowners need or prefer to sell first. And sometimes the perfect condo appears before we expected it to.
The right strategy depends on your finances, your comfort with risk, the market for your existing home and the availability of the kind of property you want to buy. This is exactly why I prefer to talk about the entire move at the beginning rather than treating the sale and purchase as two unrelated transactions.
They aren’t.
They are two halves of the same move.
How Much Money Will You Actually Have After You Sell?
This is another number we should establish early. If your house is worth $1.5 million, that doesn’t mean you have $1.5 million available to purchase your next home. We need to consider any remaining mortgage, selling expenses, moving expenses, improvements or repairs and the closing costs associated with the next purchase.
There can also be tax considerations for homeowners who have owned their Bethesda homes for many years and have substantial appreciation. Your CPA or tax adviser should give you specific tax advice, but it is worth identifying that issue early rather than discovering it a week before settlement.
Then we can look at what the next home will cost—not only to buy, but to own.
If you are considering a condominium, for example, I want you to look beyond the purchase price. We need to understand the monthly condo or co-op fee, property taxes, utilities, parking and what is included in the fee. A $1,200 monthly condo fee can sound alarming until you compare it with what you currently spend maintaining a large house, replacing major systems, paying utilities, landscaping, insuring the property and taking care of everything else that comes with homeownership.
Downsizing isn’t necessarily about finding the cheapest place to live. It is about deciding how you want to spend your money and your time. It is worth it to take the time to explore your options and to imagine how you will feel in your new space and lifestyle.
Then We Can Talk About the Stuff
Yes, eventually we have to discuss the basement, the attic, the crystal wine glasses, the dining room table. and the children’s boxes that have somehow remained in your house even though those children now own houses of their own. If you have lived in one home for decades, you have accumulated a life there. Expecting yourself to sort through all of it in a couple of weekends is unrealistic.
But here’s the important part:
You do not have to clean out your house before you call me.
In fact, I would rather you didn’t.
If we know where you are going and approximately how much space you will have, it becomes much easier to decide what goes with you. If your new dining area accommodates a table that seats six, there isn’t much reason to agonize over whether the table that seats twelve should make the move. Some things will go to your children. Some can be sold. Some can be donated. Some may need to be thrown away. And some things should simply come with you because you love them. Downsizing your house doesn’t mean downsizing your life.
Do You Really Want to Live in a Condo?
For many Bethesda downsizers, the answer is yes—but I don’t think you should assume it automatically.
Condo living offers some wonderful advantages. No lawn. No gutters. No worrying about the roof. You can close the door, get on an airplane and know someone else is keeping an eye on the building. But buildings vary tremendously. I’ve spent years touring and selling in Bethesda-area condominiums, and choosing the building is every bit as important as choosing the unit. Some people want a concierge, pool, fitness center and active social life. Others would happily give up every amenity for lower monthly fees. Some want to walk to Bethesda Row. Others would rather have trees outside their windows and plenty of guest parking. Some need storage. Some buyers absolutely require two parking spaces. Some buyers want to get rid of their cars entirely. And if you have a dog, we are going to discuss pet rules (and logistics) before you fall in love with anything.
The financial health of the condominium matters, too. Reserves, insurance, assessments, management and financing requirements aren’t particularly glamorous subjects, but they can have a tremendous impact on whether you will be happy with your purchase—and someday whether another buyer can purchase your unit.
There is no single “best condo for downsizing in Bethesda.”
There is a best one for you.
What Should You Fix Before Selling Your Bethesda Home?
Probably less than you think.
This is one of the areas where having an experienced local Realtor involved early can save you a great deal of money. Before you replace the kitchen, remodel the bathrooms or decide the entire house needs new windows, let’s talk. I look at improvements from a seller’s perspective: Will spending this money help you sell the house more quickly or for more money?
If the answer is yes, we’ll consider it. If the answer is no, I’d rather you keep the money.
Sometimes a house needs work before going on the market. Sometimes it simply needs editing, freshening and good presentation. And sometimes the house itself is exactly what buyers have been waiting for.
You Don’t Have to Coordinate This Move Alone
One of the biggest reasons people put off downsizing is that they look around their house and think, Where would I even begin?
The painter needs to come before the floors are done. Someone has to repair that drywall. The basement needs to be cleaned out. The furniture has to go somewhere. The closets need to be sorted. And eventually, everything you’re keeping has to get from one home to the other.
That can feel like a full-time job. The good news is that you don’t have to find all of these people yourself.
After nearly 40 years in real estate, I have a network of contractors and professionals who can help with virtually every part of getting a Bethesda home ready for sale and getting you into your next one. I can connect you with painters, flooring contractors, handymen, electricians, plumbers, landscapers, cleaners, decluttering and organizing professionals, estate-sale resources, junk removal companies, movers and more. One of my favorite things to say is “I have someone for that!”
And just as important, I can help you decide which of those people you actually need. I don’t want you replacing floors that don’t need replacing or renovating a bathroom when fresh paint and new lighting would do the job. We’ll walk through the house together, decide what is worth doing, what isn’t, and in what order it should happen.
Can I Call a Realtor Before I’m Completely Ready to Downsize?
Absolutely. In fact, I hope you do.
You don’t need to have cleaned out the basement. You don’t need to know where you’re moving. You don’t need to have painted the living room. And you certainly don’t need to have rented a dumpster. The first meeting can simply be a conversation.
We’ll talk about what your Bethesda home may be worth. We’ll talk about what you want your next home and lifestyle to look like. We can look at some possible places to move and begin putting real numbers to the options. Then we can work backward and create a plan that makes sense for you. You may decide you’re ready to move this fall. You may decide next spring makes more sense. You may even decide you’re perfectly happy where you are for another few years. That’s okay, too – because this is all about you and what is right for you.
My job isn’t to convince you to sell your house. My job is to give you enough information and experienced advice to make a decision you feel good about. And when you are ready, I’ll be there to help you get from the house you’ve loved for decades to the home that makes sense for whatever comes next.
Thinking About Downsizing in Bethesda?
I’ve been helping buyers and sellers in Bethesda, Chevy Chase and the Washington area for nearly 40 years, and I understand that selling a longtime home is very different from an ordinary real estate transaction.
If you’re beginning to think seriously about downsizing, let’s start with a conversation—not a sales pitch. A smooth downsizing move in Bethesda can take as long as a year. Let’s talk about that kind of schedule – and how to do it more quickly. The timeline is yours.
Call me at 240-401-5577 or email me at lise@lisehowe.com.
We can talk about what your home is worth, where you might go next and how to make the move manageable. You don’t have to be ready to move. You just have to be ready to start thinking about what’s next.
Lise’s Tip
Call me before you call the contractors.
One of the easiest ways to overspend before selling is to start fixing everything you think a buyer might object to. After nearly 40 years of seeing what Bethesda buyers respond to, I can help you separate the improvements that are likely to make a difference from the ones that probably won’t.
Sometimes the best pre-sale renovation decision is deciding not to renovate.
Frequently Asked Questions About Downsizing in Bethesda
What is the first thing I should do if I’m ready to downsize in Bethesda?
Start by figuring out what you want your next home and lifestyle to look like and learning what your current Bethesda home is worth. Don’t begin by renovating or getting rid of everything you own. Once you know where you’re going, the other decisions become much easier.
Should I sell my Bethesda house before buying my next home?
It depends on your finances, the market for your current home and the availability of the type of home you want to buy. Some downsizers benefit from buying first and moving before preparing their longtime home for sale. Others need or prefer to sell first. The important thing is to create a strategy for both transactions before putting either one in motion.
Should I renovate my Bethesda home before selling it?
Not necessarily. Strategic improvements such as painting, floor refinishing, repairs, landscaping and decluttering may help a home sell, but major renovations don’t always produce a worthwhile return. Have an experienced local Realtor evaluate the home before committing to expensive projects.
How do I find contractors to prepare my Bethesda home for sale?
You don’t have to find everyone yourself. I have a network of local professionals who can help with painting, flooring, repairs, landscaping, cleaning, organizing, decluttering, estate sales, junk removal, moving and other parts of preparing for a move. I can also help determine which work is actually worth doing before you sell.
Where do Bethesda homeowners move when they downsize?
There is no single answer. Some move to downtown Bethesda condos where they can walk to restaurants, shops and Metro. Others choose Friendship Heights, Chevy Chase, a smaller house, a 55+ community or a community farther from Washington. Some move closer to children and grandchildren. The right choice depends on the lifestyle you want as much as the size of the home.
Is a condo a good choice for downsizing in Bethesda?
It can be. Condos can provide one-level living, elevators, garage parking, security, amenities and a lock-and-leave lifestyle. But monthly fees, reserves, assessments, pet rules, parking, storage, building finances and the floor plan all need to be considered before deciding whether a particular building is right for you.
Do I need to declutter my entire house before contacting a Realtor?
No. In fact, I would rather talk with you first. Once we know approximately how much space you’ll have in your next home, it becomes much easier to decide what should move with you, what can be given to family, what can be sold or donated and what you no longer need.
How far in advance should I start planning a downsizing move?
Earlier is usually easier, but you don’t have to be a year away from moving to begin. Even if you aren’t sure when you’ll sell, an initial conversation can help you understand your home’s value, your housing options and what needs to happen before you’re ready.
Lise’s Tip
Don’t wait until the house is “ready” to call me.
That’s putting things in the wrong order. Let me see the house as it is. We can figure out together what needs to happen—and just as importantly, what doesn’t.
Ready to Start Downsizing in Bethesda?
You don’t need to have your basement cleaned out, your closets organized or your house freshly painted before you call me.
In fact, please call me before you do all of that.
After nearly 40 years of selling homes in Bethesda and the Washington area, I can help you figure out what your home is worth, what is worth doing before you sell, where you might want to go next and how to put all the pieces together. I also have trusted professionals who can help with everything from painting and floors to repairs, decluttering, clean-outs and moving.
You don’t have to figure out the entire move before we talk.
Call me at 240-401-5577 or email lise@lisehowe.com. Let’s start with a conversation and make a plan from there.