Is now the time to downsize?
Call it downsizing or rightsizing, somewhere along the line there’s a good chance that a large property which once suited your needs could become too big or inconvenient to manage.
It might be that your children have flown the coop, or you’re just seeking something more low maintenance, but downsizing is one of the most common reasons people have for selling their home.
So how do you know it’s time to downsize and what are the benefits?
When is the right time?
When it comes to picking the right time to downsize, it’s often a highly personal decision based on a range of factors including your living situation, financial objectives, lifestyle and more.
But key indicators include:
- The property becoming too challenging to maintain
- The home feeling too big for the inhabitants
- A change in your living situation, such as children leaving home, the end of a relationship, or the passing of your partner.
- The urge to have a base that you can lock and leave so you can travel
- The requirement for assisted living
- The opportunity to convert some real estate capital into usable funds
The benefits of downsizing
Downsizing can have a multitude of benefits that are financial, physical, emotional, and also help address Australia’s critical housing shortage.
Less stress, more time
As much as a property night have memories and have served you well throughout the years, there’s a lot to be said for a home with minimal maintenance required.
Whether it’s moving to an apartment or a smaller home on a smaller block of land, often when people downsize it frees up their time, allowing them to pursue different interests.
For people downsizing from large family homes it can also remove everyday burdens such as extraneous cleaning, lawn and garden care and a whole host of other tasks associated with owning a big property.
Meanwhile, downsizing often involves the sale of a high-value asset that is exchanged for something at a lower cost.
More often than not, this means more cash in your pocket to enjoy the lifestyle you desire.
Cost of living
The financial benefits aren’t just limited to the additional funds you have from the sale of a bigger home. Moving somewhere smaller can often reduce the general cost of living, such as electricity, water, gas and rates.
One of the lesser known benefits of downsizing is that it allows you to purge all those extraneous items that tend to clutter our lives.
And yes, we’ll concede that getting rid of things that you might be emotionally attached to can be tough. But it can also be worth it, allowing you to live a clutter-free life, with less to clean, less to manage and less to cart around.
Ultimately one of the biggest benefits of downsizing is the freedom it can give you. With less time required to maintain a big home, and with more cash in your pocket, it’s the opportunity to pursue the hobbies and adventures you’ve always dreamed of.
Not just personal benefits
Granted, this is slightly altruistic but the reality is Australia has a shortage of housing. Perhaps more importantly, the housing that we have is under-utilised in terms of inhabitants versus space.
And for those who have those assets and might be in a position to relinquish them for something smaller, that makes now a great time to sell.
If you’re considering downsizing now or in the near future, why not chat with one of our friendly agents to understand the state of play in your local market?
We’re not just about property, but the people and the stories behind it. You can also view our list of currently available properties here.