2 minute read
The upside of downsizing
THE UPSIDE OF downsizing Downsizing from a detached home to an apartment is an attractive option for many couples whose children have flown the nest. It’s often the perfect time to simplify life and unlock disposable income.
Bouncing off the walls of a large family home, with all the cleaning and maintenance it demands, can seem an expensive and time-consuming when lifie offers more. However, before making any decision to downsize, be clear on the lifestyle you want. If not yet ready for another house and garden, albeit smaller, or you have no desire for retirement village living, then scaling down to an apartment or townhouse can give you back quality time and fewer headaches.
A try-before-you-buy strategy may be sensible if the prospect of an immediate change is too dramatic. Consider renting to see whether downsizing is the right choice for you. This doesn’t guarantee a long-term solution but provides a great way to assess the lifestyle an apartment offers. Consider using Airbnb so you can move from one area to another; from one style of apartment or property to another, with relative ease.
This is one way to discover if living in a smaller property suits and you may also discover the ideal location. But, don’t be fooled into thinking it’s necessarily cheaper living. There can be cash-flow implications when moving into a strata scheme. There will be outgoings to consider including insurance, taxes, maintenance, utilities, landscaping, cleaning and repairs.
A successful downsize requires focus on the normal key elements of property buying otherwise you could fail to maximise the full value of your home and achieve your desired lifestyle.
A local real estate company or property valuer can help homeowners understand the worth of their existing home. A real estate consultant will also have some insights on recent sales of local apartments and townhouses. This will help you make a sober assessment of the quality of the smaller home you wish to buy.
If considering an older apartment, seek advice from a surveyor or builder on any likely faults or renovations which might be needed. Seek financial advice to ensure downsizing will give you the desired lifestyle gains and ask about the associated costs of apartment ownership; how they will have an impact on living expenses.
Moving to an apartment will generally require decluttering and quite a bit of it. Storage in apartments is limited, and opting for external storage may be another hit on your cash-flow so be ruthless when reducing your house lot.
For many, downsizing is liberating and unlocking money tied up in the equity of a large home should provide greater flexibility around the way you wish to live. But do your homework first.
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