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Downsizing: Could this be an option to consider?

By Andrew Bell

Purchasing property is a big deal. After all, it’s probably one of the biggest assets most Australians will ever own in their lives, so being able to say you own your own slice of real estate in Surfers Paradise is nothing to be trifled with. But like a lot of things in life, you may eventually find yourself looking for more from your home. Or, as the case may be, less.

You may consider downsizing after owning your home for an extended period of time. It can be overwhelming to fund a large property for the rest of your life. The bills alone can be relatively big, not to mention rates and other maintenance costs. Downsizing is the idea of shifting into a smaller, more manageable home at a later stage in life.

There are a number of reasons why you’d be considering this. If you’re interested in looking into the options available to you in the local area, get in contact with a real estate agent to discuss how you can downgrade your living space.

Too much space

One of the telltale signs that you should consider moving out of your family home into a smaller property is an excess of space. of course, when you’re raising a family, it’s important to have a larger space to help keep the kids entertained, safe and happy. Storage will naturally be of a concern, especially before your kids decide to move out and pursue their lives.

However, after they’ve left, you may find yourself with a lot of space and not enough stuff to occupy it. This could be a great opportunity for you to begin downsizing your home and spring cleaning your home. Selling all the stuff you’ve accumulated over your lifetime but never use can help the move, by providing you with extra cash to put towards securing a smaller, more lifestyle type property for you to enjoy in your older years.

Large bills

Another reason to consider moving out of your current home and into a smaller property is that your expenses are beginning to get out of hand. Naturally, winter will mean cranking up the heat and trying to stay as warm and comfortable as possible.

Energy costs are one of the biggest expenses in any home. However, moving into a smaller home that costs less to run will help you save money in the long run. This can then be put towards something new, like purchasing a new car or putting it towards travelling.

Freedom to travel

Following on from the last point, having a smaller home can make it easier to just up and travel whenever the wanderlust hits. Unlike a large family home that needs to be constantly checked in on and – depending on how long you’re away for – maintained, a smaller lifestyle property can free you to simply up and go.

Downsized properties – like luxury apartments in the inner suburbs of a city – can simply be locked up and left.

Indulge your creative decorating

Moving into a downsized, lifestyle property means making the most of your space. Taking the time to create a chic living space can be extremely satisfying, especially if you have the time to indulge interesting and different styles.

For example, making the most of vertical spaces in apartments can create extremely practical storage spaces that look incredible and can help make the property look a lot taller than it actually is. If you’re interested in downsizing your Surfers Paradise property, get in touch with a local real estate agent today.

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