Common Questions for Downsizers
Is the house feeling a little quiet now the children have flown the nest?
Are you feeling a little overwhelmed by the upkeep of your large home?
Are you feeling the need for a change in your life?
If these are questions that you are asking yourself regularly, it sounds like it’s time for a downsize to something smaller, more manageable and even better!
A key question downsizers ask themselves is what are they looking for exactly: a smaller house? A townhouse? An apartment?
This article will guide you through the benefits and considerations of each option and will light up the path to a more manageable home and a better lifestyle.
1. What will I need?
Now that you have decided to downsize, it’s important to first evaluate and consider your needs in the new property.
As you downsize, key considerations are your long-term plans and how your needs will change over time. Think about the layout of the property; a single level well planned space will be ideal for most downsizers.
Have a discussion with your friends and family about their experiences downsizing, it can be an emotionally difficult experience leaving a family home but it can also bring significant improvements to your life and later on down the track.
Cornus Surrey Hills
2 and 3 bed from $680,000
It offers you the best of Surrey Hills and Melbourne, all the while remaining quiet and tranquil amongst leafy streets and avenues.
2. What location do I want?
Going beyond your future property itself, it’s important to consider its location. Consider where the project is located in relation to amenities like supermarkets, shops, cafes and transport infrastructure.
Another important consideration is location with relation to your family. Make sure you choose somewhere that is accessible for you and your family to visit each other for dinners and regular catch-ups.
If you’re unfamiliar with a new area, sometimes it’s great to travel out there and get a feel for it. Google Maps Street View is another great tool to learn more about an area.
3. What is on offer?
Making a choice between a house, townhouse and apartment can be difficult, especially when you are moving from a large and expansive family home.
Houses, townhouses and apartments all have their own specific advantages and considerations.
During this time, you should consult websites like realestate.com.au, domain and other sites to become aware of what price and amenity differences there are between the different types of property. It is important to remain balanced and consider all options equally.
Tip: Develop a list of requirements based on your lifestyle and your needs, think about how these correspond with what the market is offering.
If you’re considering the advantages and disadvantages of these property types, have a read of our great article House, Townhouse or Apartment?
4. What if I don’t want to rush?
When asking this question as a downsizer, it is also important to consider yourwhen. Moving from a family home can require a long period of time, often it can take longer than expected to clean, move out and sell your existing property.
Given the need for a comfortable time period, an off the plan property may be ideal for you. You can also take advantage of purchasing at a locked current market rate while giving you the time and space to organise your downsize.
5. I’ve made a decision, what do I do now?
Now that you have thought through what you need from your downsize and have acquainted yourself with the market, it’s now time to make a move.
You can get in contact with real estate agents and developers through their offices, display suites and websites. When you start a conversation with them, communicate your needs and desires in regards to downsizing.
Based on your research, you will have developed a basic understanding of the market and real estate sector, but you should always listen to professional advice – developers and real estate professionals work with downsizers very often so they’re generally very experienced in the process.
Tip: It is always best to visit in person and talk directly with employees of the organisation so you can have your answers satisfied immediately and get all the information.
If you have made contact with professionals in the field and are wondering about the next stage, have a read of our Ultimate Guide to Buying Off The Plan.
Disclaimer: The information published on this website are of a general nature only and does not consider your personal objectives, financial situation or particular needs and should be constituted as financial or legal advise. We make no warranty as to the accuracy, completeness or reliability of the information, nor do we accept any liability or responsibility arising in any way from omissions or errors contained in the content. We strongly recommend that you obtain independent advice before you act on the content.