Is it Time to Downsize?

By John Anderson

Evaluator Melbourne

Your family home will undoubtedly have a lot of sentimental value to you, especially if you’ve raised a family in it. When the time comes to think about the next chapter in your life, the concept of retirement can be a daunting prospect. However, considering whether or not to move out of the family home is a decision that most homeowners will need to do at one point or another.

When the children grow up, move out of home and begin the next chapter in their lives, your home will soon begin to feel like an empty nest. The concept of “downsizing” is a common solution for many couples facing the prospect of an empty nest. So, when it comes to downsizing from the family home, think carefully about how the move can be a welcomed change.

It can save you time

This is quite an important one. The stages leading up to retirement are all about enjoying you new lifestyle and the reaping the benefits of relaxation. Among the other benefits of smaller living, saving your time (and energy) will is one bigger benefits that you’ll face.

When choosing to downsize, you’re giving yourself the opportunity to settle into a place that suits your needs. In most cases, downsizing only requiring enough space for one or two people, so it’s realistic to downsize to a space that will save you time in the general upkeep and maintenance of the house.

With a smaller space at your disposal, you can save a lot of time with general maintenance. Whether it’s vacuuming, dusting, garden upkeep, or sweeping – a more modest space will better suit your schedule to focus on more important things.

It can save you money

While it can be difficult to part with the family home, trading up your existing property for a more modest sized home will save you money in the long run. Furthermore, you’ll likely have more than enough equity to cover a deposit and be able to comfortably cover mortgage repayments. If you’re renting, a smaller home can mean less rent payable depending on your location. Downsizing can also mean spending less money on general maintenance and upkeep and the stress that goes along with it.

It can save you energy

No, we don’t mean the energy of moving around. Although larger homes can seem more comfortable, you generally pay in its energy costs. Downsizing can drastically save on your energy costs. This will mean, your heating, electricity costs and cooling systems will all contribute to a lower energy bill.

It can keep your budget on track

Moving into a smaller place will already give you the benefit of getting on top of your finances, however, it can also help in scaling down on spending habits. Firstly, when moving into a smaller place, you may not have enough room for all of your possessions and provides you with a great opportunity to make some money. Furthermore, it will help with keeping any unnecessary spending to a minimum.

When it comes to downsizing your property, it’s important to seek out the Melbourne property valuation experts to help ensure you receive accurate pre-purchase advice.