Whether it be as a result of divorce or the kids leaving home, there comes a time in our lives that we consider downsizing our home. This may be a daunting thought, however can be a great experience that you may do again in years to come.
So…you’ve made the decision to downsize – now what?
Speak to your bank/mortgage broker to discuss your financial position and ascertain what options are available to you. This is extremely important and should be done first.
What is important to you?
If you have kids you may want to be close to schools, sports clubs or at least a short drive away. Do you like going to the beach regularly? Do you work in the city? Determine what is important to you and this will lead you to where you want to live.
If you love gardening you may want a house with a garden, even some land. If you prefer entertaining, have a look at options such as a town house or unit. The gardens are quite small and easy to maintain. There are many gardening systems that are small and perfect for units and townhouses. This way you can still have a garden but with low maintenance!
It is also beneficial to drive through suburbs you like to gain a feel for what they have to offer. Drive through at different times such as peak hour and weekends. This will give you a good indication of how busy or quiet the streets are and will assist you in making a decision.
Points to think about:
- Can you afford to keep the home you are living in as an investment property and purchase a smaller home?
- Co-ordinate settlement of your existing home with your new home so you are not left without a home!
- Plan the move and make sure it fits with your goals and future plans.
Moving from your home to a new home can sometimes be overwhelming. Remember, research gives knowledge and confidence which then eliminates fear.
Take the next step and start thinking and planning. Keep in mind that there is an abundance of information and assistance available to you.