Whether you are retiring, looking to free up some capital, or are simply wanting a smaller home, downsizing can offer some real advantages – but it also comes with some downsides. Following are many of the pros and cons of making this lifestyle change.
PRO: A SMALLER HOME MEANS SMALLER BILLS.
If you are looking to save on daily living costs, downsizing into an apartment or smaller home usually means you will save on basics such as heating costs, electricity, and house insurance.
CON: A DOWNSIZED HOME MAY MEAN DOWNSIZED FURNITURE.
Moving into a smaller space could cost you some extra money if your furnishings are too big for your new home, and you have to spend on new items such as lounge suites, dining tables and bedroom furniture.
PRO: DE-CLUTTERING IS THE ONLY OPTION.
If you (or others in your household) struggle to get rid of clutter, downsizing provides the perfect reason to get tough and minimise. Especially if you are moving into an apartment, storage space will be at a premium, so only the most important possessions should go with you.
CON: OUTDOOR SPACE AND HOBBIES MAY BE AFFECTED.
For those who love gardening or lounging around the backyard, downsizing can be challenging. However, many people cultivate impressive gardens on apartment balconies, and if this is something that is important to you, look for a home that fits the bill in terms of sunlight and space.
PRO: LESS HOUSEHOLD MAINTENANCE.
If you can’t wait to retire the lawnmower and hedge clippers, downsizing is a great option. Indoor chores such as vacuuming, dusting and cleaning will also be quicker and easier in a smaller home, freeing up your time for other activities.
CON: LIFESTYLE CHANGES MAY BE HARD TO ADJUST TO.
Moving from a large family home to an apartment or a smaller home can present some major changes. You may not be able to have family or friends to stay over, hosting large events may be difficult, and new neighbours in closer proximity could prove challenging.
PRO: RELEASE YOUR CAPITAL.
Many people have the majority of their savings tied up in the property they are living in. Downsizing can offer the opportunity to free up money that can then be used to diversify investments, take a dream holiday, or simply provide more cash flow for daily living.
Should you need any real estate assistance, Harcourts The Property People and Harcourts Lifestyles are here to help. Contact us today on 4628 7444 or 4623 5570.