What To Look For When Downsizing Your Home

August 15, 2016 |
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There are usually two emotions when your children eventually leave home – sadness and a sense of relief.

While our children are probably never going to be far away from our thoughts, the physical hole that they leave at home can quickly become evident.

Suddenly you only use one or two bedrooms rather the four or five that were needed as the kids grew up. At the same time, the kitchen might seem massive compared to when everyone was trying to grab food from the fridge.

If this sounds familiar, then the thoughts of downsizing your current home might have entered your mind. However, if it has been a number of years since you entered the property market, choosing the right home might seem tricky. As such, take a look at our guide to what you should consider when downsizing.

Location

Location was perhaps one of the main reasons why you moved into your current home – with school selection so important in main centres like Sydney. While you don’t have to worry about school anymore, location is still arguably a vital consideration.

Of course, this is for a number of reasons. You will still want to live close to family and friends as well as be accessible to the kids if they need your help. Unless you are planning on moving cities, your location could affect your commute to work.

It’s also worth thinking about your financial situation. There is a strong chance that you are in a better position now than when you purchased your first home. As such, you can seek out properties in other Sydney suburbs that were once over the budget.

Once the kids have left home, you may have an empty house.

Property size

On the surface, downsizing as a concept speaks for itself – a smaller home to match your new lifestyle. However, you can certainly stretch this definition based on your desires and requirements. While you might need fewer bedrooms and bathrooms, having more time on your hands might allow you to pursue other interests such as gardening or working on cars. In these cases, you’ll be looking for properties with a larger backyard or a garage area to engage in hobbies.

When you are downsizing, the types of properties that you can find are almost unlimited so get in touch with our real estate professionals at Laing+Simmons to get started!

Having a garden could be part of your downsizing plans

House to match your health

According to the Australian Treasury, there will be more than 6.2 million people aged 65 and over in 2042 – up from 2.5 million in 2002. For many of us, getting older is something that we put at the back of our mind, but our age (or health) could play a critical part of your downsizing thought process. While you might be in good health today, you don’t want the layout of a new house to put this at risk.

For example, you may want a property that sits on one level or doesn’t have a great deal of stairs. In the outdoor environment, it might be good to avoid properties that require lots of maintenance – perhaps a garden and an area for the (potential) grandchildren will suffice.

Having a plan with Laing+Simmons

Downsizing is a big decision – considering there could be years of good memories in the family home. Despite this, with the children building their own future, this is your opportunity to write another chapter in your life. With the help of Laing+Simmons, we can make this dream a reality and pinpoint the best home for you moving forward.

To get your downsized property search started, feel free to reach out to our team today.

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