Downsizing? Things to consider

It is a common strategy. People nearing retirement put their large, family home on the market, buy a smaller, cheaper place, and invest the difference in money to use for income.

A smaller home means you can reduce your home maintenance needs, and the time for house cleaning. Generally, the smaller the home, the smaller the utility bills too. Done right, downsizing can be a great idea. If you’re thinking about downsizing, here are a few things to consider.

Estimate the market price

Your neighbours down the street sold their home for a healthy sum – or so they said. It’s important to find out the correct value of your home. The best way to do this is to chat with your local real estate agent. If you’re not ready to start the conversation with an agent, do some online research.  Sites such as realestate.com.au and domain.com.au can help you gauge an estimate of market prices.

How’s your garden?

After life in lockdown, many growing families are looking for a home with a great outdoor area. By spending a little time in the garden, your home can appeal to these buyers. Consider weeding the garden beds, adding some mulch, and trimming any unruly plants and shrubs. If the garden is too big to tackle on your own, why not engage some help. After-Care has an experienced gardening team on hand. Find out more here.

After-Care - Downsizing things to consider

Do you really need that extra room?

While shortlisting your downsized homes, carefully think about how much space you really need. For instance, a home office or study may sound great, but are you likely to use it? Do you think you will utilise two living areas? The more rooms you have means more dusting, cleaning, and more heating and cooling.

So many memories…

Inevitably, most people struggle with the nostalgia associated with downsizing. However, planning early may help reduce these feelings. List all the features important to you in your new, downsized home. This will help ensure you make the right decision and will be happy with your new environment. Focus on the positives and appreciate this new chapter in a home that is much easier to manage.

The bottom line

Downsizing your home can be a great way to access funds for a comfortable retirement. A smaller home may also place fewer physical demands on your body as you get older. With the right amount of planning and research you can be in your new easy-to-manage home. Taking the time to consider all your options and make an informed decision will certainly be beneficial in the long run!