The property ladder is an interesting concept. For years you concentrate on moving on up - acquiring bigger, better. But most of us reach a stage in our lives which warrants a different approach - for a number of reasons, we need to move in the opposite direction and find a property that's perfectly proportioned for our current needs.
Downsizing often occurs later in life - perhaps when children have moved away, or funds need to be released in order to finance travel, hobbies, university fees or even necessities such as medical treatment. But it isn't always obvious that your current home had become unmanageable - or that there could be a better option out there just waiting for you to take advantage of.
Bigger doesn't mean better -
A downsize is actually a very important stage in the lifespan of a homeowner. It may seem like a step backwards at first - but actually reducing in size often means house hunters can afford to acquire a 'better' property - or rather, they don't have to compromise as much on their ideal criteria, as there is money left over in the bank. Usually downsizing is a relief - especially given the financial and sometimes emotional burden it lifts.
Neglected rooms and empty spaces -
One key sign it's time to up sticks and downsize, is the presence of empty spaces and neglected rooms in your home. Perhaps spare bedrooms were once occupied - or maybe you've never made use of that second living room. These are rooms that not only go unused - they also consume valuable energy from heating and cooling systems - money you could better spend elsewhere. Whatever (and wherever) they may be, unused spaces are a clear sign that you could be happier living in a smaller property.
You yearn for a different lifestyle or location.
Location is everything - and for some of us, the dream is to stay in one beloved place forever. Yet others get restless and want to explore pastures new. Perhaps from a practical perspective, a change of scenery is required - to be nearer to family or to pursue a job offer. Maybe lifestyle is the catalyst for change. You currently live in an urban area, but you long for a fresh sea breeze and long walks through unspoiled bush land. This also applies to your immediate space - the street you live in, the garden you have, the rooms within your property, if you find yourself frustrated or tired with your surroundings, it's definitely time to move on.
High maintenance -
Large homes = high maintenance. When you have someone to take care of gardening, cleaning and repair work, chores don't seem like such a big problem. However, if you take the responsibility on yourself (and are fed up of doing so), a smaller home is probably more appropriate for your lifestyle.
The market is good - and the price is right -
Have you been considering a move for some time? Homeowners can be naturally hesitant to move on when the market seems shaky or unpredictable - but the truth is, many of us will always feel this way.
As long as the market is looking good in your area and you can sell your home within your desired price range, it's time to take the plunge. This is especially pertinent for homeowners who bought their property a number of years ago and have allowed it to appreciate in value considerably during that time. In this case it's likely to be much more profitable to sell and downsize than to hang on to a house that doesn't quite fulfil your needs.
Are you looking to sell your home and downsize? We can help you get the right price - and the perfect property. Get in touch to discuss your requirements with one of our friendly local agents.
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Australians have a love affair with property. It’s a subject we all talk about and for most, selling the family home or investment is likely to be one of the biggest nancial decisions they make. Selling is a once-off opportunity to maximise your net wealth by getting the best possible result at the time of sale.
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