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…
– 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.
– 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.
– 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.
– 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.
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!