How Do I Know When It’s the Right Time to Downsize?

Have you been wondering about downsizing your home? It can be difficult to recognize exactly when the right time is to sell up and move into a smaller property. There’s a lot to consider before committing to downsizing, but it can be a great decision when it comes to achieving a healthy, enjoyable lifestyle as you age, as well as reigning in your finances.

 

How do you imagine yourself and your lifestyle when you think about your future? Are you maintaining a home that is too big for your needs, or a home that is located further from the shops, family and friends or your local park than you would ideally like? Downsizing can be a great solution to improve your lifestyle, whether that be by alleviating debt, or removing the pressure of maintaining a large home, or allowing you to move into an area closer to amenities that will make your life easier. It can be difficult to pinpoint when the best time is to think about selling your home and downsizing to a smaller one, but if you’re on the fence here are some key indicators that it could be worth considering:

 

Are you using all the space at your property?

It can be a clear sign that it’s worth considering downsizing if you have rooms that are going unused. Whether it’s spare bedrooms, a bathroom that’s hardly getting used, or a shed that you never ever go into, if you’re not using the space that you have, it might be worth considering whether it would make more sense to move to a smaller property. Having extra space can be time consuming, and it’s probably costing you money too through heating or cooling costs.

 

Are you finding that the maintenance of your home has become a burden?

Aside from the wasted cost of having a larger property, you should also take into account the physical and time demands of having to care for a larger space. Generally, the larger your home, the more time and expense you will have to devote to caring for it, so if you’re not using the extra space, it may be worth looking at downsizing to a more manageable property.

 

Would you like to alleviate financial stress?

Bigger homes tend to cost a lot more to run and maintain, as well as costing you more in taxes. Usually smaller homes cost less to run, and by downsizing to a different house, you may find that you are able to pay off your mortgage. In fact, downsizing to a smaller property can ensure you’re able to pay off your mortgage completely and live debt-free. If you’re considering selling to enable you to downsize and live debt-free, it may be worth consulting a financial advisor before proceeding.

 

Would a different home better suit your lifestyle?

Often people find that their lifestyle has changed over time and that living in a different area might suit them better. Think about whether you would prefer to live closer to family or friends, or whether you would like to be walking distance from the shops or a park. Downsizing is a great opportunity to reconsider which area you would like to live in.

 

If you’re getting serious about downsizing, take your time, do some research and seek expert advice or assistance when possible. Remember you should always engage a reliable property conveyancer as soon as you can before selling or buying a property to ensure that you can avoid any legal pitfalls or delays. Wondering where to find an experienced and reliable property conveyancer to assist you with downsizing to your dream home? Jim’s Property Conveyancing has offices in Melbourne and Brisbane, You can contact for property conveyancing Brisbane or property conveyancing Melbourne Call now 13 15 46 to arrange an obligation-free quote.