Downsizing your home to upgrade your life
The kids are gone and the house is starting to feel a little too roomy, the garden a little too big to maintain and the endless amount of sweeping, vacuuming and dusting of empty bedrooms is wearing a little thin. Or maybe you are looking to move closer to family and friends. It might be time for downsizing your home.
A growing trend is seeing Australians aged 50-59 selling their larger, family homes to move into smaller, more luxurious dwellings in more desirable areas. Where the trend in the past has been selling to purely downsize, the difference now is a shift toward purchasing for lifestyle aspirations more so than simple convenience.
Freedom to create
Selling your property with intentions of buying something smaller often means you have more money to play with, increasing your choices in things like decor, finishes and furnishing. You can have that walk-in wardrobe and ensuite with a spa you’ve always dreamed of. Dimming lights in the bedroom? You got it! Or maybe it’s the thick plush carpet in the lounge or marble tiles in the bathroom. These lavish purchases may have been out of reach in a larger home, but with a smaller floor plan to work with, they just might fit within the budget.
Downsizing your home means you will inevitably be left with less space than your old home. It can feel small and cramped when you are used to an expansive family home. Keep your treasured possessions and avoid trying to cram all your existing furniture into the downsized space. Take the time to go through all your belongings to assess what you need, what you want, and what you can leave behind.
Or start fresh
Consider buying furniture especially for the new place. While it won’t have the same memories tied to it as your old things, new furniture comes with new memories and as an added bonus – it will be completely perfect for the room you are buying it for.
Time is on your side when downsizing your home
Large houses often come with lots of maintenance. From mowing lawns and trimming shrubs, to washing floors and windows, weekends can often be filled with little chores that together amount to a lot of time! With a smaller home comes less time spent on cleaning, maintenance and general upkeep. Enjoy your newfound spare time to relax or start a new hobby.
It may seem logical that a smaller home would equate to a smaller insurance premium. Yet, this isn’t always the case. A smaller home can still cost just as much if not more than a large one to insure when you consider location, age and type of home. Speak to your insurance company to find out if you are eligible to reduce your premium.
Depending on the profit margin from selling up and buying smaller, you could end up in a position where you find yourself with a spare sum of money to play with. That overseas holiday you’ve been dreaming about? Take it. A new car to go along with your new house? Buy it. If you’ve been saving for years to maintain a family home and all the expenses that go along with it, it’s time to treat yourself to a little something.
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