The DO’s of Downsizing!

Are you an empty nester? Have the children left home, and most likely not coming back permanently – if so, well done, now it’s your time to really pursue what gives you joy, kick back and savour the extra time and this new chapter of your life.   Statistics reveal that this demographic is in the bracket of owner-occupiers most likely to contemplate whether or not to downsize.

The buoyancy of the market across the nation in the past 18 months has made it a very attractive time to sell a larger home, purchase something smaller and cheaper, and free up some capital for other pursuits.

We have worked with many owners seeking to downsize in this area, maintaining an excellent lifestyle, whilst reducing the obligations of owning a family home; however, we also recognise downsizing is not an easy decision, as there are often great emotional ties to the home you raised your children, as well as all those belongings you’ve acquired over the years…

If you are in this situation right now, or contemplating downsizing – we have put together a list of things to consider.

Have a Plan – visualise your future.  Are you still working, if so, how long are you planning to continue? What type of lifestyle are you looking for – city, country, coastal? How long are you looking to live in your next property – is this going to be suitable well into old age?  You need to answer some fundamental questions prior to beginning your property search.

Financial Feasibility – do your numbers; do not assume selling your family home will make you financially secure.  Before making such a significant decision, seek professional advice to fully understand the impact.  Also, are you going to have to rent in the interim?  Rental accommodation can be scarce and is often far more expensive than your mortgage repayments were.

Hidden Costs – if you are choosing to move into an apartment, you need to calculate the costs of body corporate fees and/or other fees associated with community titles. Don’t assume an apartment is cheaper to run than a house.

Future Investment – think about the future value of your new home, after all a property is a major asset/investment.  Choosing a location with rising values is one way to predict whether your property might be a good investment, also look at future capital works planned for the suburb/region that provide employment opportunities and economic prosperity – these factors impact resale value when the time eventually arrives.

Communication – everyone will have an opinion when you share your decision, your children may be emotional about the thought of losing the family home, you may come across some negativity.  Take the time to discuss your rationale with those stakeholders who have an emotional investment in the process and be prepared for a range of comments/advice from well-meaning friends and relatives.  There is no ‘right’ or ‘wrong’ decision – but ultimately, you need to move forward if that’s what you want and do what you think is best for your future and lifestyle.

In the meantime, here at Wright Place we can help you sell your current property and secure the optimum price for you; this is what we do – and assisting people to move forward is always exciting.

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