The upside to a downsize
Have you considered moving or downsizing the family home? Here, we take a look at the considerations and how you could approach it.
Thinking about downsizing the family home can be a daunting experience. Filled with a lifetime of memories and a sense of familiarity and independence, letting go is understandably difficult.
Yet there are plenty of benefits that come with embracing change – as more Australians are beginning to realise. Over half of older Australians who move house over the age of 50 opt for a smaller property – the majority seeking an easier lifestyle and less maintenance stress.
One such person was Susan Bailey’s mum, who decided to sell her home of the past 29 years and relocate to Brisbane to be closer to family.
“We wanted it to happen sooner rather than later. If she waited or put it off, it could be a decision that became incredibly stressful for her and too rushed. We wanted her to find a place that she would love,” says Susan who, following the quick sale of the Gold Coast property, helped her mum find a centrally located two-bedroom apartment with a lift.
“Nine years on, she is happily ensconced in the area. She has a few more home services now like a cleaner and we help her out with getting around. She’s happy and thankfully still very independent.”
The benefits of downsizing
If you do want to stay in a home of your own but move somewhere smaller, here are some of the things you might consider:
You get a fresh start. While letting go of sentimental possessions and your home can be hard at first, the processes can also be liberating. Downsizing can free up cash flow, space and time for the things you enjoy – from travel and spending time with family, to exploring new activities or hobbies.
Less maintenance. Whether you’re looking at moving into a retirement village, an apartment block or a smaller house, downsizing can significantly reduce the time and effort spent on home maintenance. For examples, communal gardens and smaller backyards to look after, as well as fewer bedrooms, mean less daily housework.
Cuts down costs.The financial benefits of downsizing are extensive. Think reduced utility bills and insurance costs, and less money needed for upkeep. Additionally, any profits made from the sale of your house can reduce financial stress in years to come.
Simpler to get around. Swapping stairs or garden path steps for a lift or an apartment on the ground floor can make moving around your home safer and easier.
Location, location, location. Moving might mean being closer to family or friends, or being part of a community such as a retirement village. On the flip side, you might want a centrally located apartment or unit closer to amenities such as public transport to make everything from attending doctor appointments to gym classes more manageable.
If you’re considering downsizing, the most important thing is to have a frank and honest conversation with your loved ones – the earlier the better. Write a list of what a new property should look like and put a timeline in place for the move.
The right choice for you
“Having that discussion with [Mum] before decisions were made and settling on key things prior to Mum moving really made her relocation so much easier,” she says. With all these boxes ticked, you will likely reap all these benefits – and more – if and when you and your loved ones decide it’s time to downsize.
Quick-fire questions
Answering yes to these five questions is an indication that it may be time to make a move.
- Am I using every room in the house on a regular basis?
- Is it becoming difficult to keep the house clean because of the number of rooms?
- Do I feel isolated from my closest friends and family in my current location?
- Would de-cluttering or simplifying some of the possessions in my home make me feel comfortable or relieve stress?
- Would my finances change for the better if I had a smaller house?