10 Things to Consider when Downsizing
There are several reasons to downsize to a smaller home. Perhaps the kids have moved out or maybe you’re just simply sick of maintaining a large yard and paying expensive utility bills. There are many perks and benefits to downsizing but also points to consider when your ready to make that move. Thanks to advice from our property specialists, we have compiled the top 10 tips to consider when downsizing.
- Location and amenities
Location, location, location, is the most important aspect to consider when downsizing. It’s crucial to make note of local amenities and work out whether these will fit into your downsizing lifestyle. For instance, if you’re moving from a house to an apartment, will you miss a private outdoor space? Are you a member of a golf club and need to stay close? What about other recreational activities? Downsizing shouldn’t mean compromising your quality of life so be sure your new home has all the amenities you need. Check out our house and land locations here.
- Friendly neighborhood
As you downsize, you will find yourself spending more time at home if you’re not off holidaying somewhere tropical so it’s important you consider the sense of community and how close you want to live to your neighbors. In many areas, downsizing to a smaller home may mean opting for a villa or a home with a shared wall so you may find you will live within closer proximity to your neighbors than your used to. Before committing to a smaller home, be sure to ask yourself whether you’re willing to live close to others.,
- Home office requirements
We understand not everyone requires a home office but if your semi-retired or plan to work from home, you’ll most likely need some sort of desk set up in your new home. Configuring a home office in a smaller home can be challenging, we recommend using one of the rooms as an office or finding little “nooks” that you can use to build your own study. The best part about downsizing with Nicheliving is that majority of our exclusive homes include a study nook.
- The number of people in your household
Do you have a big family with kids still living at home? The answer to this will determine how small you can really go. If you plan to downsize with your partner and kids, make sure you’ve worked out the bedroom and bathroom situation. If your empty nesters, it’s also to consider the future such as grandchildren, interstate visitors and the potential for one of your kids to want to return home.
- Your need for personal space
Make sure to determine your personal space needs before downsizing. Those moving with other people, such as a partner or kids, may need more personal space than someone moving by themselves. We recommend scoping out additional entertainment and lounge areas where you can so you can still downsize without feeling as though you are living on top of each other.
- Future visitors
Do you have interstate or country family and friends? Do the kids plan on having slumber parties? When downsizing to a smaller home, it’s important to think about the number of guests you expect to have and how often you expect to host them. If you want your guests to stay with you over a hotel or rental, then be sure to factor this into your downsizing decision.
- Storage needs
If you’re at a time in your life when your ready to downsize then chances are you most likely have a lot of stuff. We are talking old photo albums, memorabilia, cherished memories and most likely all your kids’ stuff even though they moved out 10 years ago. When downsizing to a smaller home, it’s important to think about your storage needs. Will you need a self-storage unit? Do you plan to donate, sell, or recycle your belongings? Does the new home come with a garage and ample amounts of cupboard space? Be sure to consider all of this before you buy as we can guarantee it will create a smooth move when it finally is time.
- Your financial goals
Does downsizing help you meet your financial goals? For many homeowners, saving money is one of the most important incentives for downsizing to a smaller home. Retirees looking to make their dollars go further, families saving money for school funds and individuals looking for ways to save for retirement will all benefit from downsizing. After all, paying for a large home can wreak havoc on a bank account from expensive utility bills, council rates…the list goes on! Click here to see how we can help you reach your goals.
- Size of your furniture
How large is the furniture in your current home? Will it fit a newer, smaller home? Be sure to consider whether you will need to buy all new furnishings to accommodate the size of your new home as many smaller homes require smaller furniture. It’s amazing how furniture can impact a room, if you have too much furniture it can make the room feel small and cluttered so be strategic with deciding what furniture to bring over.
- How’s the future looking?
Finally, consider your future. We aren’t talking about predicting what’s to come but it’s certainly important to consider your plans whether that be retire and grow old in this home you have chosen as your downsizer home. If so, make sure it’s set up to accommodate the needs of someone who is older. For instance, a two or three-story home with steep stairs is not ideal for an older person with mobility issues.
Downsizing soon? Whether you need help packing and moving or selling your current home, our team of specialists are here to help so get in contact today.