Have you thought about Downsizing…
Downsizing is not just reserved for those looking at retiring! Many of us would love the opportunity to consolidate our belongings and move to a smaller, low-maintenance home, close to everything without the upkeep.
Whether you are retiring, changing careers, looking for a simpler lifestyle, downsizing can seem a little daunting at first!
Firstly, the emotional attachment we have with our homes, along with the dread of packing, unpacking, decluttering and culling means that, unless it is absolutely necessary, selling up and moving to somewhere else is pushed to the back burner!
But it shouldn’t be stressful. It should be exciting! There are a number of things to think about when weighing up the pros and cons.
- Reduced maintenance – less mowing, painting, watering lawns and gardens and even less housework!
- Reduced utilities – smaller home means less electricity – heating/cooling.
- More time – for entertaining or enjoying things not related to work around the house!
- Fewer stairs – if mobility is a concern going from two-storeys to single storey.
What about the process itself? Understanding why you want to downsize, how to go about it and what your financial options are, will help with the process.
- Plan ahead –Downsizing may not mean moving somewhere that costs less than you're used to paying. With a proper plan, you'll know exactly what you're looking for, and why. Are you downsizing because you are retiring over the next few years? If so, being realistic with your budget is the key. On the other hand, if you are downsizing because of a career or lifestyle changes, you may have a bit more flexibility with your finances. Either way, a big part of making a plan entails determining the right budget and sticking to it.
- Location – where do you want to live? Are you staying in the same area, just a little closer to shops, public transport and amenities or are you moving to a completely new area? Do your research, speak to local real estate agents and understand the market!
- Choose what is right for you - your downsizing purpose will determine the type of housing you'll want to look at. You should also remember to always begin with the end in mind. Instead of buying a house that fits your things, buy things that will fit your next house. A great way to declutter and start fresh!
- Know the cost - In the planning stage, you should already be aware of the costs associated with downsizing. Determine how much it would cost you to sell up your current home or to break your lease if you are on a long-term lease. Moving and purchasing a new home will bring a new set of expenses.
- Ask an expert – The first step in the process is understanding what your property is worth and how to go about selling it. Here at Nobel Realtors, we are all about making you feel comfortable about your choices. We are happy to share our knowledge of the local market and discuss the right way to move forward for you. The important thing is you don’t feel rushed or pressured to make the move.
It may seem daunting and in some cases emotional but turning the pages on the next chapter in your adventure should be made exciting! Give us a call today and arrange a time to chat.