Once our families grow up to be financially independent and raise their own families, you may realise at one point that your family residence is now quite big. Many people look to extract money from their home by downsizing. This can be quite an exciting time, but also quite daunting. What ever the basis behind downsizing your home, there are a few things that should be considered.
What to consider when downsizing your home
Many Australians are looking at downsizing into an Apartment central to Melbourne, while others are looking at a private Townhouse closer to park lands or beaches. Be careful. If you haven’t bought an Apartment, perhaps rent an apartment for a few weeks through an Airbnb. Learn to experience if the size and space is convenient. Learn what type of people or neighbours you may have. Look to ensure you have amenities close at hand, such as supermarkets, cafes and public transport. As we age, perhaps consider a location near a medical centre or hospital. If you consider a Townhouse, will the staircase cause a problem as you get older? Can you get up and down each day? Will a reverse living style suit better or worse?
Do you want to live near family and/or long life friends. Moving to a new area can be exciting, but you may feel sad and lonely if you have no one to share it with.
When downsizing your home, try to keep an open mind. Be realistic… If you are downsizing to extract money, then make sure you don’t overcapitalise and spend all of the proceeds on the new home. If you are downsizing for a new experience, go spend some quality time there before proceeding. Remember that the move may be your last. Take some time to prepare yourself and visualize the experience. Think about your future needs rather than your immediate needs. Will the place you live cater for you as you age and become in need of lifestyle support?
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more, please contact us. We welcome the opportunity to assist you.
Apr 2018
