The decision whether or not to downsize is a major one for many.
It means leaving the home you’ve more than likely worked decades to pay off and more often than not it’s a home with many memories where you raised your family.
There are many factors to consider when making the decision on whether now is the right time to downsize; here are a few.
Consider what has triggered your desire to know more about downsizing. Is it becoming too much work or expense to maintain your current property? Are you finding that many of the rooms in your house go unused for weeks?
The question of why you should downsize is often linked to the stage of life you are in or are about to enter.
If you’re kids have recently moved out and the empty nest seems just too large, the question of whether to downsize is a natural one.
Perhaps the property itself is no longer suited to your physical needs and you can no longer manage to climb the flight of stairs.
Determining the stage of life you’re in or looking to enter is often a large help in making the decision of whether the time is right to downsize.
As with any move, it’s important to have a wish list of what you want and need from your next home.
With downsizing, this can often be a lot more specific than just ensuring the next house has plenty of storage.
Downsizing can often mean freeing up a large amount of capital which can help you to know what you’ll be able to afford.
Medical care close at hand and single level properties are often top of the list for people entering into the retirement stage of life.
Empty Nesters may have more recreational wish lists such as pools and tennis courts which apartment complexes may provide without the ongoing cost and maintenance involved.
Consider whether you want to make a dramatic sea or tree change or if the city life may be more appealing with its public transport and easy to access entertainment.
Your lifestyle wish list is also a key factor in deciding if downsizing now is the right decision.
How much do you want to downsize?
Once you’ve considered why you want to downsize and what you want next, the answer to how much you want to downsize is made easier.
Whether you just want a smaller yard with less maintenance, want to change to a single level home or you’ve decided that a two bedroom home is more than enough for your needs, this information will help you to look into what properties are on the market and what property you may be able to afford next.
Keep in mind that property prices have a tendency to change. If you’ve lived in your current home for a number of years it’s likely that you haven’t keep your finger on the property market pulse.
Be sure to take a look some key tips for researching property to make sure you’re well informed about whether you can afford a property that meets your wish list before making the decision to downsize.
If not, are there alternatives that you’d be happy with?
Looking for your dream downsized home?
Soho can help you find it. Set up your profile on Soho to find properties for sale and properties for rent in your favourite suburbs. But don’t just stop there, download our app to get access to more features. Just remember to shortlist or swipe left on our listings so we can send you others that better match what you’re looking for.