What to consider when downsizing
Whether the kids have flown the coop, you’re looking to travel, or the maintenance of your current home has just become too much, when it comes to buying and selling a property, one of the major catalysts is downsizing.
But while the idea of moving to a smaller property sounds simple, there’s actually a bit to weigh up and plan for in advance. Here’s what to consider when downsizing…
Location
One of the biggest factors to consider when downsizing is the location where you’d like to live. Perhaps it’s time for a treechange or seachange or maybe you would like to reside closer to family.
Then again maybe you’d like to stay close to where you are now, with access to amenities that are familiar, within your own social circle.
As you weigh up the potential location of your downsized property, don’t forget to factor in the realities of moving somewhere new, including finding new medical providers and making a new social network.
Property type
When it comes to ways to downsize, the options are almost endless. There’s apartment living, smaller freestanding homes, multi-generational living and even things like dedicated over 50s communities.
The thing to weigh up here is what is likely to suit you in terms of lifestyle and finances? After all, if you’re coming from acreage, apartment living might not suit.
Maybe, lifestyle communities might not be your cup of tea, or perhaps a freestanding home isn’t going to suit your intended lock and leave travel plans.
As you ready to downsize, it’s worth getting crystal clear on the lifestyle you envisage enjoying and ask yourself what type of property will best suit those needs?
Amenities and facilities
As much as a treechange or seachange might appeal, don’t forget to assess the nearby amenities and facilities.
After all, where will you shop, how close are the nearest medical facilities, are there public transport options and, if you plan on overseas travel, where’s the nearest airport?
The reality is, downsizing often occurs in later life and this tends to be a time when we have greater need of medical services. It might also be a stage where we drive less and intend to travel more.
Weighing your finances
Often part of the reason for downsizing is to free up the equity you have in a family home, which makes finances a key part of the downsizing equation.
Before looking at property or committing to any move, do take the time to consider your finances and the financial outcomes you hope to achieve in terms of capital, housing security, and lifestyle.
The downsize challenge
The reality is downsizing involves pretty much what it says on the box – you will be moving to somewhere smaller. And for many of us, that means we will need to reduce the volume of personal possessions we have.
Make no mistake this process can take time, and might involve donating items, storing possessions, selling them, or handing them onto family members.
How we can help
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