This is a bit of personal story for myself and partner of 29 years and some tips below to consider. Ours was a large 5 bedroom house located in Charlestown. The family home for 17 years. Kids had left home and started there own life and here we where left with a large inpracticle home with large in ground swimming pool and high maintenance yard to go with.
Home no longer suited our needs so the decision to sell was made and have since purchased a town house in Warners Bay. Three bed with main bed downstairs and other two plus family room upstairs with second bathroom. There will always be bed for kids and there families when home.
Anyway see below some thoughts as we worked through this process.
While every Australian will eventually wish to downsize, many are often faced with the challenge of deciding when, why and how. With interest rates remaining low and property prices continuing to rise, now may be the perfect time. However when deciding if downsizing is right for you – it is important to consider all your financial options and consult with a professional before committing to any major lifestyle changes.
Below are a couple factors to consider deciding whether downsizing is right for you:
Why should you downsize?
Downsizing can provides a variety of positive impacts to your lifestyle including financially and physically. Additionally, a few significant benefits include eliminating the hassle of hoarding old stored furniture, moving to a smaller premises to reduce home maintenance and simplifying your overall lifestyle.
When should you downsize?
Deciding when to downsize can often be a difficult option to consider, however depending on your current lifestyle and future plans downsizing your home may be the perfect complement to your household lifestyle. Downsizing should prove to be a beneficial option if you intend to boost your retirement fund or plan to tackle any lingering debt that selling your family home may help with.
How people can downsize – where should they move to?
If downsizing feels like the right decisions for you, there are a few ways to proceed with this. Homeowners have the option of moving into a smaller home with fewer amenities, for example no pool, stairs, backyard etc. Or alternatively, moving to an apartment or retirement village, depending on your lifestyle and stage of life. Downsizing ultimately depends on what you hope to achieve from downsizing and what they are looking for in the future.