Downsizing can sound like a diminutive task, especially as it conjures up ideas of transitioning from more to less as people progress to new lifestyles. Going from big to small sounds like an easier transition than its counterpart. Often, downsizers know exactly the type of dwelling they need and correctly elect to build new. Sometimes the suburb of relocation doesn’t have any sale homes that match their required custom floorplan and building becomes a logical choice. Other times, downsizers must weigh up a plethora of things in order to make the move as rewarding as possible.
Here are some ideas to consider when making the transition.
Arguably, the first thing to consider is a crucial question: The ‘why’ of downsizing. Typically, downsizers must choose a smaller dwelling due to issues that include maintenance ie kids move out of the large family house which becomes too high maintenance for an aging couple. Or, it’s often the case that a smaller mortgage (or no mortgage and reduced utility bills and stamp-duty) becomes a more feasible and a viable reason to downsize. Other reasons include moving from suburban to urban areas due to proximity to work or moving from a large inner-ring house to a coastal lifestyle community more catered to retirees. Whatever it is, the first thing is to know exactly the reason or main set of reasons, and then access what sort of area and type of dwelling will suit one’s needs.
Once you know what you’re looking for, be it a move to the city or a quaint country town, you’ll need to consider what you already own, what you can let go of (think big items first) and how your new floorplan will fit this picture. From here, there are specific things to consider, primarily the issue of space relative to the amount of stuff you own such as furniture.
Storage is a key element to consider, and many downsizers underestimate the number of bedrooms they’ll need and how many square metres will be required to accommodate their personal belongings. Taking prior measurements is a key step in a successful downsize, and if the math doesn’t add up and more storage space can’t be bought or created, it’s often the case a downsizer will need sell some old items online or in an old-fashioned garage sale.
Geographical issues to consider include proximity to existing social networks and social amenities underpinned by strong community values. It’s also worth considering socio-spatial issues if you’re moving from a house to an apartment, you might suddenly find yourself with slightly less privacy. Moving day can also present challenges for a retired, downsizing couple as they could be less nimble to go about moving their furniture themselves and will have to plan well ahead and have the right people on hand. In this sense, many downsizers choose single level properties due to their ease of access.
A dwelling not surrounded by noisy community amenities is also something many downsizers seem to favour. With a bit of forward planning, the great thing about downsizing is most downsizers know quite accurately the type of dwelling they need and can usually afford it by selling the larger house.
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!