People often talk about “downsizing” as though it’s some kind of loss; “less is inferior”. That isn’t the case at all. There are any number of great reasons to downsize, and they don’t mean sacrificing happiness or lifestyle at all – in fact, it can be a major enhancement to both.
You might be thinking of downsizing because the kids have left home and there’s just no need for the space any longer. Or you could be looking for greater convenience, and living where all the excitement is closer. You could be looking for a sea change… or just looking to save money for other things.
These are all great reasons to downsize, and there are a couple of strategies that you can use to make sure your lifestyle and comfort isn’t affected at all in the change to a smaller-sized home.
1) Find the right home, first
By downsizing, you can start to focus on quality rather than quantity. This opens up a wide range of opportunities. For example, smaller properties tend to be located more closely to CBDs and other central points. If you’re not downsizing to net a profit from the sale of your home, then why not locate yourself somewhere where the shops or your favourite club or hobby is just a short walk away? You’ll benefit from saving a bit on car costs and maintenance that way, as an added bonus.
Or perhaps adding money to the retirement savings it the goal, by selling your existing property and finding somewhere less expensive to move into. In that case, why not take the opportunity to escape the city and move to somewhere that you’re always been interested in for lifestyle reasons?
Finding the right property to downsize to is about much more than simply looking at price tags, so make sure you do plenty of research first.
2) Sell your existing property first
Make sure you find a good agent, have the property valued, and then secure a buyer before you purchase your downsized home. The last thing you want is to have financial stress hanging over your head as you move into your new place, so make sure you know what kind of money you have to work with first.
You can always write into the seller’s agreement that you’ve got a grace period to continue living in your new home as a renter while you look for your next property, so when downsizing, selling first will almost always guarantee the most seamless and stress-free transition into your new home.
3) Make sure the space is more flexible
Once you’ve found and purchased the dream new home, one of the key tips for downsizing is to make sure that you’re making the most efficient use of the space, and that each space within the home can play multiple roles as needed. What does this mean? The living room can double as a guest bedroom, and you’ve got some form of temporary bedding that can be taken out when you’ve got visitors. Or a storage space that also has a desk for work. The more ways you can tap each space in your home, the better.
4) Make sure you declutter
A space will feel larger if its more spacious, so a desized home can still be comfortable and roomy… as long as it’s not over-filled with stuff. Before you make the move, take the time to go through and clear out what you no longer need. Or perhaps take this as an opportunity to also refresh your furniture and find a new style to go with your new home. Either way, a garage sale is probably on the cards, but make sure you hang on to your favourite hobbies and recreational items – desizing generally means smaller gardens to manage and less maintenance work in the home itself, so you’re going to find yourself with a lot more time to enjoy the good things in life!
5) Go deluxe
When you’ve got a smaller space to work with, you can afford more expensive materials and furnishings. This has a practical value, as “premium” tends to last longer and need maintenance or replacement less frequently. But there’s more to it than that. You can now focus on pure comfort, rather than being pragmatic, and indulge the finer things in life, so why waste that opportunity?
Feeling good about downsizing your home means seeing it as an opportunity. If you no longer need that large space, then what are you hanging on to it for? When there is so much money to be saved, while also boosting your lifestyle and comfort, downsizing is such an opportunity for modern life that it’s no wonder more people - of all ages and from all walks of life - are looking for opportunities to do it.
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