If you're thinking about downsizing in Greater Portland, start with what you want next, like one-floor living or less upkeep, not with what you're leaving. Then talk with a lender and an agent about timing, because selling and buying at once takes some planning. You can often buy before you sell, but it depends on your money and your lender.
Downsizers are some of my favorite people to work with. There's usually a lot of life in that house, and there's no rush. Here are the two questions I get most.
Where do I start if I want to downsize in Portland, Maine?
Start by picturing your next place. Then talk with a lender, plan the timing with an agent, and start sorting your things at your own pace.
Picture what you want: one-floor living, less upkeep, a smaller yard, or being closer to family, the water, downtown or your doctors. A few questions help. Where do you want to be in five or ten years? Are stairs fine for now? Would you rather someone else mow and plow? Are condo fees worth it for less upkeep? What's a comfortable monthly budget, with taxes and fees?
Next, talk with a lender, even if you won't need a big loan. It helps to know your options. Then find out what your house is worth, so you know what you're working with.
The stuff is often the hardest part. Start with the easy rooms and save photos and keepsakes for last. Measure the new place so you know what fits. Give family a deadline to claim what they want, and use four piles: keep, family, donate or sell, toss. It always takes longer than you expect, so start early and start small.
The short version:
- Picture your next place
- Talk with a lender
- Plan the timing
- Start small with your stuff
Short answer: Downsizing: where to start
Can I buy my next home before I sell my current one?
Sometimes, yes. It depends on your money and your lender, and a lender can tell you what fits your situation.
The usual options are a bridge loan, which is a short-term loan that covers the gap between buying and selling; a home equity line of credit on the house you have now; or savings, if you have enough set aside to carry you through.
If none of those fit, you can sell first and plan your next move around that. It's a common path. Here's how I'd weigh it:
- Sell first: you know your budget and never carry two homes, but you may need a place to land.
- Buy first: you move once, on your schedule, but you may pay for two homes for a while.
Ask me about sale contingencies or renting back your old home after closing, too. And if you can't comfortably carry two homes for a few months, selling first is usually the calmer road. I see this a lot with downsizers in Falmouth and Cape Elizabeth who want to move once, not twice. Talk to a lender before you fall for a house.
The short version:
- Bridge loan
- Home equity line
- Savings
- Or sell first
Short answer: Buy before you sell?
How to time it: a comfortable timeline
Timing is where downsizing gets easier with a plan. Selling and buying in the same season means two sets of dates, two sets of paperwork and one move you'd like to do only once. When we map it out early, you can line up the sale, the purchase and the movers so they work together instead of against each other. Homes sell all year in Maine, so you don't have to wait for spring if your life says now is the time.
Here's the order I'd usually suggest, if you have the time:
- 6 to 12 months out: talk to a lender, get your home's value, start sorting.
- 3 to 6 months out: choose your path, start looking, line up small repairs.
- 1 to 3 months out: list your home, make offers, book movers.
- Closing month: move, settle in, and breathe.
What it costs, in plain terms
On the selling side, there's commission (it's negotiable, and we'll talk about it up front), any prep or repairs, and your share of closing costs. That includes Maine's transfer tax, $2.20 per $500 of the price, split between buyer and seller, with an extra $3.80 per $500 on the portion above $1 million since November 1, 2025 (Maine Revenue Services). On the buying side, plan for lender fees, title, inspection, and prepaid taxes and insurance, plus moving and maybe storage.
If it's been your main home two of the last five years, you can often exclude up to $250,000 of profit, or $500,000 married filing jointly (IRS Publication 523). Check with your tax advisor.
There's free help, too. Maine's nonprofit Area Agencies on Aging help older adults with things like in-home care, Medicare questions and meals (Maine DHHS).
Read next: Download my free Downsizing in Greater Portland guide, or see my seller page.
If you're starting to think about downsizing anywhere in Cumberland, York or Androscoggin County, I'm happy to meet you for coffee and talk it over. No pressure, no rush, just a plan that fits you. Call or text 207.615.3515, or send me a message through the site.