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Last updated on November 20th, 2020 at 10:33 am
When you are in the process of downsizing your home there is a great deal to think about, including what are the essentials you want in your new home, what are ‘nice to have’s’ and the important features you are searching for in your new property.
Downsizing to a smaller property can seem overwhelming, however, but keeping a few things in mind, you can make the process of downsizing a positive one.
Downsizing is not just a great financial decision; it can mean you are decluttering your life of additional and unnecessary space you no longer require. When children fly the nest, or you come to a time in your life when you don’t need lots of space and bedrooms moving to a smaller property in is a great way to live simpler and lead a low-maintenance life.
We’ve provided some important things to consider when exploring the option of downsizing your home.
Moving to a smaller property is a great way to ensure you are enjoying every inch of your home, and you should consider the number of people in your household to determine the number of rooms and living spaces you require for your new property. Also consider that if you have pets or animals, you will need to factor in whether the new, smaller property will accommodate pets, otherwise you might have another consideration on your hands altogether.
Car storage, boat storage, and general storage for your belongings should be considered when downsizing your home. You can look for a property with a shed, room for storage or you can even consider a storage facility for those special items you can part with during your downsizing journey.
While you might have an idea of the number of people in your household, you should consider any future visitors or family arrangements in your downsizing planning. Ensure you have the space, or options for living spaces, for future visitors in your property. BBQ areas, pool facilities and options for guest sleeping areas are important considerations to ensure you have the options available when you need them.
Downsizing your home can often mean moving out of a community or suburb you love and have history with. You should keep in mind, whether the location you are considering downsizing your home has the amenities, facilities, and shops you need on a regular basis and whether you will enjoy a similar lifestyle to the one you are accustomed to.
While downsizing your home might mean you are saving money on your mortgage or property costs, you should also consider that you will need to lay out money for a range of costs including stamp duty for a new property, legal or conveyancing fees, moving home costs, storage fees (if required) and any other costs such as agency fees for selling your home. As well as this, you should consider that you might need to purchase additional furniture should it not fit into your new property or you may need to outlay for any renovations should you require them in your new property.
It can be difficult deciding when is a good time to downsize; you might have a few tell-tale signs such as unused rooms, feeling overwhelmed with maintenance or just a feeling that is ‘about time’ to move onto the next stage in your life.
Every person is unique, and if you are feeling like you need a lifestyle change, you want to start saving on the cost of a mortgage, you want to move closer to family or you are noticing a lot of unused rooms in your home, it could be a great time to downsize.
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