Should I Downsize My Home?

Our needs are always changing, and as they do, it can be frustrating when your surroundings don’t change with you. This feeling is not uncommon, and whether you’re an empty nester, a retiree or looking to lead a more minimal lifestyle, a potential solution may be downsizing your home. But is it the right choice for you?

downsizing your home

Budget
The first thing to do whenever you’re considering moving is to have a hard look at your finances. When thinking of downsizing your home, you might assume savings will come immediately, but those are more long term. Moving out is always an expense, and this should be considered before you jump the gun. If you’re thinking about moving into an apartment block, there may be body corporate fees, or if you’ll be renting, you might have to maintain your property yourself.

Talk it out
If you’re struggling to figure out if downsizing your home is right for you, find a friend or family member to bounce ideas off of. Verbalising your potential plans can really help you figure out what you want, and you’ll be getting valuable feedback from people who can be objective when helping you. This is a great time to nail down why you want to downsize, where you want to go and what you’re looking for, whether it be a feeling or a new lifestyle. Figuring out the reasons behind your decision to move often means you’ll then know what to look for when house hunting. Are you looking for a sea change, or do you want to get an apartment in the city?

downsize your home

Your new space
It sounds simple, but write a list of all the ways you need your space to work for you. Do you need an office or a lot of guest space? With your list in hand, you’ll be able to cross potential homes off the list if they don’t exactly fit your criteria. Having a realistic idea of what your home needs to be fitted with means you can avoid buying a home that may appeal to you in the moment, but won’t suit you further down the road.

Practice makes perfect
If you’re not sure whether downsizing your home is right for you, have a practice run. House-Sitting for friends and family with smaller homes is a great way to get a proper feel for what minimal living would be like. If this isn’t an option, shut off parts of your house for a week to get the same effect. A trial run will get you living on a smaller scale, and help you see if you could do it in the future. With a smaller space, sorting out clutter we all amass is more practise. Make a list of all the essentials you’d take with you, and a list of items you could sell. What’s left are items you may have to part with as you downsize your home, to avoid taking all your clutter with you.

Check out this article for tips on downsizing without sacrificing style!

Considering building new as part of downsizing?  iBuildNew has expert advisers to help assist you in the decision-making process and guide you to the builders who can make a smaller, home work for you! Get in touch on 1800 184 284 or book a call with our team!

Ella McEwan

Ella is currently studying a Masters of Journalism at Monash University. She is passionate about interior design and eco-friendly housing.

About

iBuildNew is the market leading aggregator dedicated to residential home construction and land development. As an independent platform, iBuildNew helps Australians identify and compare new home designs, house and land packages and land estates. It’s the smart way home buyers, who are considering a new build, can find the ideal options to match their individual needs. Home building is a big decision, we make sure you get it right.

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