Thinking of downsizing your home? Here are the benefits!

What’s the right home for you and your lifestyle? Living in a smaller property could be the answer. Downsizing your home can be a great opportunity: moving to a smaller house saves money and means less upkeep, saving you time. If you’re wondering whether downsizing your home is your best option, you’ve come to the right place. In this article, we’ll consider the shift to a smaller new home and the benefits that downsizing offers.

What is downsizing?

Downsizing your home is when you buy a smaller house than your current property. Switching to a smaller home is popular among parents and older Australians after their children leave the nest. Rather than staying in a family home where they don’t need as much space as they used to, downsizing can be an exciting start to a new chapter. What your move will look like is up to you. Selecting your new home will depend on a series of important factors, such as the new neighborhood, your financial situation and proximity to family members.

Saving money, saving time

The benefits of downsizing your home can be substantial. The most obvious advantage is the extra money you’ll save living in a smaller property. You’ll be able to put aside a portion of the earnings from the home sale of your last place, particularly if the larger property’s value has appreciated while you’ve been living there. These earnings could bolster other sources of income like your old age pension, or you could use them to renovate the new space and transform it into a dream home. Downsizing your home will keep you saving money as you go forward, as the smaller property will cost less in upkeep. Stamp duty will be lower, as will your bills.

The benefits of downsizing your home don’t stop with your cheque book. Smaller spaces are much easier to maintain, leaving you much more free time. It might not be the obvious solution, but moving can allow you to pick up new hobbies or spend more time with friends and loved ones. Having less space can help you declutter, and the downsizing process is a great time to step back and look at what you need to lead a fulfilling life.

Making sure it’s the right move for you

Is downsizing right for you? If you’re happy with your existing home, there’s no real need to downsize. Do you love hosting friends and families for gatherings and celebrations? These events would be trickier in a smaller house. Many people feel pressured to downsize by those around them and end up moving out of their current home even if they don’t want to. That’s why it’s important to consider different factors when considering downsizing. You should think about the new area and lifestyle you’ll be adopting if you downsize and whether you’ll be as happy after a move. It’s also important to find a home with the right square footage, particularly if you want to stay in the same area.

Should you downsize?

Downsizing your home is a personal decision, and knowing when to do it will be different for everyone. However, there are some questions you can ask yourself to help. Firstly, what are your reasons for downsizing? How much will it change your financial situation? Are you excited by the prospect of moving to a new space? If you are, think carefully about the exact set-up you’d be looking for in a smaller home. What areas would you aim for? Would you want to stay in the same neighbourhood or move to a picturesque spot in a new region? Don’t be afraid to push the boat out and explore neighbourhoods you wouldn’t have considered when looking for a larger home.

Once you’ve found clear goals for a new property, it’s time to start looking at the housing market. Start looking through online listings, viewing properties, and comparing prices and options in different areas. By looking at the market you can reach a clear idea of what downsizing would look like. The final step is getting ready to sell your current home. Preparing your home for sale and selling possessions that won’t be needed in the new place is essential and easily left until the last minute.

Are you ready to downsize?

Semple Property Group can help you downsize today. From helping you consider what you’re looking for in a move to the work of selling and buying property, our experienced team prides itself on getting the best result for you. We also provide an online listing service to help you compare new homes and find your dream property.

With decades of experience under our belt, we know how to find you the best prices in the shortest time. If you’re considering downsizing, we invite you to give us a call and discuss your options with our experts. We look forward to hearing from you!