New Beginnings

Dreaming of moving from the maintenance of a large home for a hassle-free future, new beginnings, full of travel, friends and freedom is a common thought for those considering downsizing.

After all, it makes little sense in terms of your time and finances to stay in a place that has outgrown your needs when sentiment is often the biggest factor preventing someone from leaving.

Once the reality of the kids growing up and leaving the family home starts to wear off, there are many compelling reasons to favour the move to a smaller home.

Those who opt to stay no doubt can use the situation to their advantage: children’s rooms into hobby rooms or leasing for airbnb. But the downside, the larger spaces can also contribute to energy costs which can cut into your savings.

The average Australian home owner moves on average 3-4 properties in their lifetime. Trading in their first home to a more substantial home, then to often upgrade and then downsize upon retirement.

Downsizing incentives 

Recently introduced incentives are in place for the ages of 65 and over to sell their home and put an extra $300,000 into super. When buying and selling (there are always moving costs) and talk to your financial advisor about how it could affect age pension entitlements by boosting your assets outside the home.

Transition and budgeting – refresh your mindset to let yourself know this is a new beginning: 

• Decluttering is an essential part of of the transition
• Don’t be rushed, review your  belongings on a room-by-room basis & decide what is necessary to keep, discard, donate or sell
• Gradually reduce your pantry contents, linen cupboard (family, friends can take advantage of your generosity.)
• Neighbourhood recycling of a box labelled “Free” – can also be handy to offload excess books, games

Selling items

Your children or friends may be experts at online sites to help you such as Gumtree, eBay or Facebook online. Garage sales are great for easy to sell furniture, tools and bikes.

Reduced Space

Most likely there will be reduced space at your new address, measure your furniture to ensure it fits the area and try to use one statement piece in each room. It’s vital to make the most of your storage where you find it – and there’s always a potential solution under beds, in cupboards, garage or unexpected places. Mount your TV on a wall to reduced space or make the most of Wi-Fi technology and utilise multi-purpose furnishings where possible.

Move in – Fresh new start

Once you have moved in, enjoy discovering the benefits of the surroundings and neighbourhood.  Rest assured, embrace downsizing as an adventure and it will be the first step towards doing all the things you enjoy most in the next phase of your life.