COVID-19 UPDATE: Builders remain open, and iBuildNew's independent experts are available to guide you through your home-building journey. Find out more Close

The Up’s and Down’s of Downsizing

Whether it be as you near retirement or as you seek a simpler, less expensive way of living, thoughts of downsizing inevitably occur at some stage in our lives. With fewer responsibilities, increased leisure time and more disposable income, moving to a smaller, more manageable home is one easy way to get more out of life. As with any important financial commitment, it’s a good idea to weigh up the pros and cons. With this in mind, here are our top five thoughts on the ups and downs of downsizing…

Downsizing Small House

THE DOWN’S

– Costs of moving

While the expenses that come with moving are unavoidable, the long-term financial benefits of downsizing often far exceed any short-term costs. Agents fees, legal costs and stamp duty are just some of the expenses to take into account when assessing the decision from a financial perspective.

– Finding somewhere to live

The main thing to remember when conducting your property search is that compromise is, to some extent, essential here. A smaller home may only have one parking space or closer neighbours, but such features are inevitable when downsizing.

– Further away from family and friends

Moving to a smaller home also often requires a change of location due to affordability and availability. While relocating can be especially hard if you’re increasing the distance between family and friends, it’s important to prioritise your needs first and to think about the cost of living.   

Giving Keys

– Emotional pull

If your decision to downsize means selling the family home, breaking any emotional ties to the house is often sad, but a necessary act. Remember that leaving behind the house doesn’t mean leaving behind the memories.  

– Lifestyle changes

As noted before, compromise is unavoidable when moving to a smaller home. Limited space may increase the difficulty of accommodating overnight guests, and no backyard could create problems with any pets. It’s key to consider these factors when making your decision and make the necessary changes required to live comfortably.

THE UP’S

– Financial benefits

It’s obvious that the larger your home, the higher your household expenses. Downsizing is the perfect way to reduce the cost of utility bills, council rates and any other incidental overheads.  

– You’ll be closer to your family

While bigger homes with multiple living spaces and outdoor areas are great, they can also segregate family members, such that people living within the same house barely see each other! A smaller home can strengthen connections by bringing everyone closer together and fostering those old-school family values.

Retiree couple downsizing

– Reduced maintenance

Those universally hated chores like vacuuming, cleaning and gardening can be time-consuming and limit our opportunities for relaxation. Such tasks also become that much harder the older and busier we get. Although moving into a smaller home won’t eliminate these chores completely, it can reduce the amount of time we need to spend on such activities and allow us to focus on those things most important to us.

– Declutter

The more space we have, the more belongings and clutter we amass. Downsizing is the perfect way to finally sort and reduce your clutter and lead a more sustainable, selfless life.

– Starting afresh

Moving can be daunting but it also presents the opportunity to start afresh in a new neighbourhood with new sights, new people and new experiences. Not only does downsizing allow you to increase your financial security, but it also enables you to cut old baggage and focus on self-improvement.

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

Kaylah Chesson

Kaylah is completing her final year of a Bachelor of Arts / Bachelor of Laws degree at Deakin University. Her particular areas of interest include property and land law, home design and the creative arts.

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.

You may also like

May 06, 2020

Can I Still Sell My Home During the COVID-19 Pandemic?

With the current condition that the world is in, it is difficult to determine what is o...
Read More
Sep 26, 2019

Treat Yourself: High-End Finishes to Include in Your...

Building a dream home is something we all envision as part of our life plan. While cust...
Read More
Apr 04, 2018

Tips & Tricks for Moving House with Children

Tips & Tricks for Moving House with Children – iBuild New Do you have young childre...
Read More
Jan 25, 2019

House Renovation Ideas to Add Value to Your Home

First impressions last, which is why house renovations can do wonders for a home’s valu...
Read More
Jan 25, 2019

How Could You Improve Your Home?

Home renovation is a call to action most people tend to neglect after a certain stage o...
Read More
Mar 05, 2019

Baby Boomers Buck the Downsizing Trend

When it’s just you and your partner, it seems simple and natural to live in a small spa...
Read More
Sep 13, 2019

What Are The Costs Involved When Selling A House?

Once the decision of selling the house has been finalised, it is an exciting transition...
Read More
Feb 21, 2019

Stay and Renovate or Sell and Upgrade?

Finding what's best for you comes down to knowing how to act on a few key financial and...
Read More
May 27, 2020

Should I Downsize My Home?

Our needs are always changing, and as they do, it can be frustrating when your surround...
Read More
Aug 03, 2017

Be Smart, Avoid Home Improvement Fails

When searching for ideas for a home renovation, you can get millions of results on the ...
Read More
Feb 21, 2017

Tips for Moving into Your New House

You have just built the new house of your dreams and your moving day is quickly approac...
Read More
Jun 12, 2019

5 smart home tools to improve your home’s resale value

It is a widely accepted truth amongst real-estate agents that smart-homes sell quicker....
Read More
Jun 21, 2016

Downsizing Should Be A Liberating Move

You’ve worked hard to provide for your family - a big house, good education, fun holida...
Read More
Oct 24, 2018

Moving Interstate? Ask your removalist these 8 quest...

Piece by WridgWays.   When moving interstate you want to make sure you're fully pr...
Read More
Feb 26, 2020

Helpful Tips For Staging Your Home For Sale

Staging your home refers to the process of enhancing your home in order to showcase its...
Read More
Oct 31, 2018

Are We Moving Towards a Buyer’s Market?

With falling markets in Sydney and Melbourne and analysts such as Louis Christopher fro...
Read More
May 15, 2019

The Up’s and Down’s of Downsizing

Whether it be as you near retirement or as you seek a simpler, less expensive way of li...
Read More
Oct 08, 2019

Downsizing In Comfort: Tips For Empty Nesters

Whether it’s embracing retirement or the rest of the family finally moving out of the h...
Read More
Jul 18, 2018

New Build vs Old House | Which Should You Invest In

Investing in a new home comes as a fantastic opportunity for would-be property investor...
Read More
Oct 16, 2019

Selling Your Home? How Much Is It Worth?

The process of selling your home requires several necessary steps particularly, estimat...
Read More
Jul 31, 2019

5 Tips on Downsizing Without Sacrificing Style 

Whether it be as you approach retirement or as you seek a simpler, less expensive way o...
Read More
Apr 04, 2018

How To Choose a Rental Management Company

Allowing someone else to manage your property is a bit of a scary thought. You want to ...
Read More
Mar 27, 2019

Thinking of downsizing?

Downsizing can sound like a diminutive task, especially as it conjures up ideas of tran...
Read More
May 15, 2019

Moving into a New House Checklist

After the big move is over and you’ve fully transferred all your belongings, there’s a ...
Read More

Get more from

Browse House and Land Packages