People decide to downsize for a number of reasons. It might be that the family home is too big now your children have left, or you simply want to live in a more manageable space. Whatever your motivations, here are some of the key considerations you'll need to make during the downsizing process.
1. What costs are associated with downsizing?
Although moving into a smaller property may save money in the long run, the process of moving will require some initial outlay. Estate agent's fees and paying a removal service are just two of the costs you'll incur, so weigh up whether you're in the position to move. If not, set yourself a realistic time frame to work towards.
2. List the pros and cons
While downsizing makes immediate sense to some people, others will need a little more persuading. It can help to take a pragmatic approach to the situation by writing a list of the advantages of disadvantages to the move. You might also want to think about speaking to others who have already done it – is downsizing something they would recommend?
3. Start reducing your belongings
Despite the best intentions, moving into a smaller home will mean shedding some of the items you have accumulated over the years. No matter how much storage space your new property has, there simply won't be enough room for everything. Start this process as soon as possible so you won't be left making rash decisions in the lead up to moving day.
4. Take a look at what's in the local area
Once you've found a property that might fit the bill, make sure you spend some time taking a look at what is in the surrounding area. This is especially important if you're downsizing later in life – will all the facilities you need be close by? Even relatively simple things like a local store can make a big difference to your quality of life, as you won't have to rely on hopping in the car every time you need a carton of milk!
5. Do some number crunching
It's worth bearing in mind that smaller doesn't necessarily mean cheaper. A smaller Surfers Paradise property in one part of the city may be much more expensive than it is in another, so it's important to get to grips with what you're likely to get for your money. An agent will be able to help locate real estate that's within your budget.
6. Save money on utility bills
A smaller home may mean you end up spending less on everyday utilities such as gas and electricity. This is more likely to be the case in modern properties that have been built to strict environmental standards, so this may be something you want to factor into your search. Various calculators are available online to help estimate how much you're likely to be spending on gas and electricity.
7. Try renting first
If you're unsure whether a smaller property will work for you, then it may be worthwhile renting before you buy. This will give a better idea of what you can expect from a more compact home, without making a financial commitment. Once you're sure it is the right decision, the search for your next home can really start to get underway.
Downsizing can be a difficult process, which is why the team at Ray White Surfers Paradise is here to help. We can find a property that meets your individual criteria and gives the space you need.
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