The smart guide to downsizing.

Is it Time to Downsize?

Over time, your needs and lifestyle evolve, and your large family home may no longer be practical or necessary. Here are some common reasons people choose to downsize:

1.    Too much upkeep: Maintaining a big home and garden can become a burden, especially if you’d rather spend your time on travel, leisure, or with loved ones.

2.    Unused space: Spare bedrooms, formal living areas and big yards may no longer be used as often, making your current home feel unnecessarily large.

3.    Accessibility: The convenience of avoiding stairs, along with features like lift access and step-free entry, provides greater comfort and safety, making apartment living a practical and future-proof choice for many downsizers.

4.    Wanting to simplify: Many downsizers feel weighed down by clutter or material belongings. A move can be the perfect opportunity to simplify and streamline.

5.    Lifestyle alignment: Downsizing often means moving closer to amenities, social hubs, or coastal locations to better suit your daily habits and interests.

By downsizing, you can take control of your future and move into a home that truly reflects who you are today.

The Upsides of Downsizing.

The rewards of downsizing go far beyond square footage. Here’s how a smaller, smarter home can enrich your life:

1.    More convenience, less stress: With less maintenance, you’ll spend less time on housework and home repairs. That means more time for travel, hobbies, family visits, or simply enjoying life.

2.    Financial flexibility: Selling a larger property often frees up equity, which can be reinvested, saved, or used to support your lifestyle. Downsizing may reduce bills, council rates, insurance and utility costs.

3.    Healthier living: Living closer to parks, shops and cafés encourages walking and social interaction. A rightsized home that fits your needs can also reduce physical strain and increase your sense of wellbeing.

4.    Safety and freedom to travel: Apartment living offers a greater sense of safety, with secure building and parking access and the comfort of a close-knit community. This peace of mind means you can lock up and leave with confidence, perfect for those who enjoy travelling.

5.    Sense of community: Modern downsizer-friendly developments include shared spaces like rooftop gardens, gyms, and communal lounges. This makes it easier to connect with neighbours and make new friends without sacrificing privacy.

6.    Sustainability: Smaller homes are generally more energy-efficient and often located near public transport, further reducing your carbon footprint.

Downsizing Tips and Tricks.

Planning ahead is the key to a successful downsizing experience. Here are practical tips to guide you step by step:

1.    Declutter early: Start sorting your belongings as soon as possible. Focus on one room or category at a time, deciding what to keep, donate, sell or discard.

2.    Know your new space: Get a floorplan of your new home and decide what furniture will realistically fit. Prioritise multifunctional pieces or those with sentimental value.

3.    Digitise important documents: Scan and store paperwork electronically to save space. The same goes for photos, recipes, and even music collections.

4.    Time your sale well: If selling your current home, talk to a local real estate agent to determine the best time to list. Allow plenty of time for the sale and purchase/move-in process.

5.    Prepare emotionally: Acknowledge that leaving a long-time family home can be bittersweet. Focus on the opportunities ahead rather than what you're leaving behind.

Financial Factors.

Downsizing is often just as much a financial decision as it is a lifestyle one. Here are a few key considerations:

1.    Know your numbers: Start by getting an up-to-date property appraisal. This will help you estimate the equity you could unlock by selling.

2.    Factor in all costs: Remember to include expenses like:

·        Selling agent commission and legal fees

·         Moving services and storage

·         Furnishings for your new home

3.    Consider financial advice: An accredited financial planner can help you structure your money wisely, maximise super contributions, and avoid costly mistakes.

Looking to boost your savings?

If you’re aged 55 or over and have owned your home for 10+ years, you may be eligible for the Australian Government’s Downsizer Contribution Scheme.

This scheme allows you to contribute up to $300,000 from the sale of your home directly into your superannuation ($600,000 for couples) – and it won’t count toward your usual contribution caps.

Contributions must be made within 90 days of settlement, so timing is important. Be sure to seek professional advice to confirm your eligibility.

If you’re thinking about downsizing to an apartment or townhome, visit the Waterline Place Display Centre located at 34 Aitken Street, Williamstown to learn more about our current availabilities and floorplans.

Call Susan on 0448 478 892 to make an appointment today.