Is now the perfect time to downsize my home?

With house prices rising rapidly around the country it’s no surprise you may be considering downsizing to a more manageable property.

Like anything, there are pros and cons to downsizing, which should be considered before calling the real estate agent.

Pro’s of downsizing

Less maintenance

A recent survey by ABS (Australian Bureau of Statistics) on Income and Housing found homeowners older than 55 are more than likely to have three spare bedrooms.

Throw in a large garden and suddenly your retirement is spent maintaining your big home. Downsizing means less maintenance and more time to enjoy your freedom.

Save money on energy

Anyone who’s lived in a large abode knows how quickly the utility bills can add up. Moving into an apartment or smaller property will save you money on electricity, gas and water to name a few.

Not to mention, your new abode will result in a smaller carbon footprint, doing your part for the environment.

Traveling

Wanting to travel? Downsizing can free up cash, giving you that little bit extra to travel in style.

Considering moving to an apartment? This is perfect for travelers who are after less maintenance. Many apartment blocks come with added security benefits to keep your belongings safe.

Less furniture

When downsizing to a smaller property, you’ll soon realise you may have some furniture that doesn’t fit in the new place.

The bright side to this, you’ll be able to swap out your multitude of items and spend the extra cash on a few high quality pieces.

Con’s of downsizing

Change isn’t easy

Change is a fact of life, but it isn’t always easy.

If you’ve lived in your family home for most of your life, you’ll likely be well adjusted to the lifestyle that comes with it. Saying goodbye to this and the years of memories can be tough.

Smaller spaces

If you’ve always enjoyed the outdoors and large spaces, moving to a smaller property can be a bit of a lifestyle shock.

Adjusting to this can take time, so spending time in parks and recreational areas nearby can help with this.

Moving homes is stressful

No matter what stage you are in life, moving homes is always stressful. Downsizing is no different and can come with its own set of unique challenges. Reaching out to professional movers can make this process a little bit easier. The good thing is this con is only temporary, as once it’s done, it’s done.