Are You Ready to Downsize Your Home?
When downsizing your home, feel prepared and excited for this next chapter in your life by considering these key factors.
Years have passed since you first purchased your family home, and your children are leaving or have already left the nest. You realise it is no longer necessary to live in the suburbs with a garden needing constant attention. Now is the time to focus on the lifestyle you want. It’s an exciting time, where your desired location, property type and favourite past times are now a priority. However, it is a huge change for many, and it is important to consider the key factors that will impact your decision making.
This is a great time to reimagine a lifestyle that reflects your passions and hobbies. Whether you desire a lifestyle that allows you to head out the door for a weekend holiday or be within easy reach of shops, dining hotspots, theatres, beaches or botanical gardens, it’s about finding the right property that works for you. When deciding what property is right for you, think about whether it enhances or limits your preferred lifestyle.
Once you’ve decided on a preferred lifestyle, it’s time to research! What locations offer the activities you plan to do in the next phase of your life, and what properties in that area are within your budget? Typically, downsizers are motivated by the need to find more manageable properties yet still crave that sense of community. Proximity to friends, family, social clubs and hobbies are important factors to consider. For people who are on their own, moving into a denser area can overcome a feeling of isolation. For convenience, you should research proximity to amenities like public transport, shopping centres, health facilities, restaurants, and parks.
People often choose to downsize to a townhouse or apartment as they tend to be low maintenance, more secure, and, depending on the building, can offer great amenities like swimming pools and a concierge. The desired lifestyle and location will also influence the best-suited property. Whatever type of housing you chose, consider how much storage and personal space the property has. It is also worth thinking about how much entertaining you will do and if spare bedrooms will be necessary.
Don’t Do It Alone
It can be an emotional process to downsize your home. To make the experience a little easier, choose a real estate agent who understands the market and is empathetic to this phase in life. The agent can offer advice on achieving a great sale price and how to utilise the asset to afford a dream property to downsize into. The agent will talk through any costs associated with selling and moving as well.
There are countless benefits to downsizing. It is a great opportunity to liquidate some of your assets, put cash into superannuation, help adult children get a foot on the property ladder, or buy a property at the beach or in the inner city. The option to travel, close the front door, and enjoy a holiday rather than worry about cleaning the gutters and sweeping the leaves are all amazing components of a new lifestyle that are now more attainable than they have ever been.