Thinking about downsizing the family home can be a daunting experience. Filled with a lifetime of memories and a sense of familiarity and independence, letting go is understandably difficult. BUT, there are plenty of benefits that come with embracing change – as more Australians are beginning to realise.
Research from the Australian Housing and Urban Research Institute has found that over half of older Australians who move house over 50 opt for a smaller property – the majority seeking a more manageable lifestyle and less maintenance stress.
We’re here for that!
The benefits of downsizing
If you do want to stay in a home of your own but move somewhere smaller, here are some of the things you might consider:
Start fresh!
While letting go of sentimental possessions and your home can be hard at first, the process can also be liberating. Downsizing can free up cash flow, space and time for the things you enjoy – from travel and spending time with family to exploring new activities or hobbies.
Less maintenance
Whether you’re looking at moving into a retirement village, an apartment block or a smaller house, downsizing can significantly reduce the time and effort spent on home maintenance. For example, communal gardens, smaller backyards to look after, and fewer bedrooms mean less daily housework.
Cut down on costs
The financial benefits of downsizing are extensive. Think reduced utility bills and insurance costs and less money needed for upkeep. Additionally, any profits made from the sale of your house can reduce financial stress in years to come.
Accessibility
Swapping stairs or garden path steps for a lift or an apartment on the ground floor can make moving around your home safer and more accessible.
Location, location, location
Moving might mean being closer to family or friends or being part of a community. On the flip side, you might want a centrally located apartment or unit closer to amenities such as public transport to make everything from attending doctor appointments to gym classes more manageable.
If you’re considering downsizing, list your non-negotiables and consider a timeline for the move.
Here are some Quick-Fire Questions
Answering yes to these five questions is an indication that it may be time to make a move.
- Am I using every room in the house regularly?
- Is keeping the house clean because of the number of rooms becoming difficult?
- Do I feel isolated from my closest friends and family in my current location?
- Would de-cluttering or simplifying some of the possessions in my home make me feel comfortable or relieve stress?
- Would my finances change for the better if I had a smaller house?
Embrace downsizing as an adventure, and it will be the first step towards doing all the things you enjoy most in the next phase of your life.
Donna Etchells - McGrath Estate Agents 