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When should you downsize your home?

By Andrew Bell

If you’re currently living in a home far too large for your needs, trying to save money and don’t know how to cut down on your living expenses, or your kids are about to move out, downsizing might be your best option. Moving into something smaller, potentially more affordable, and with far less maintenance costs is a smart financial move.

Buying a new home on the Gold Coast or finding a new rental property can save you money in the long run – if you make a smart decision. The right property is out there, you just have to know what you’re looking for. What do you need to consider before downsizing your home?

Choose the right time

Before you downsize, make sure it’s the right life stage or time to do so. If your kids are moving out in a year to go to university, downsizing now isn’t a good idea. You’ll be living in a smaller space with the same number of people – that might not work out so well.

If you’re already living by yourself or it’s just you and your partner, it’s a much better time to look at a smaller property. Older couples can save money on council rates and power expenses, so a smaller home is an ideal option. Younger couples might be looking to buy in the near future, so finding a smaller, more affordable rental is the best choice. However, factor in your lifestyle before you make the decision.

Moving into a smaller property could save you money immediately, but it may also change how you live. Say you have a lot of items to store, such as golf clubs, surfboards, sporting equipment, bicycles, office equipment, gardening tools – the list goes on. In your larger home, you had plenty of room. Now in the smaller place, you’re cramped. It’s not always as simple as transferring everything into a smaller property.

Take your time looking for the right property

After deciding you want to downsize, and having dealt with your excess items that absolutely won’t fit (or are unnecessary) in your next home, start looking for the right property. Apartment living is a great option for singles or older people who no longer want to deal with the maintenance of a garden. There are plenty of beautiful high-rise apartments around the Gold Coast.

Alternatively, a smaller but newer home may require much less house maintenance (painting the walls and ceiling, fixing plumbing and electrics), so could be a perfect option for anyone wanting a lock-up-and-leave style home.

The right property will come along, you just have to do your research and be diligent about checking new listings. An agent from Ray White Surfers Paradise can help you here – get in touch today for more information about downsizing.

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