A time comes when Australian people trade in their big mansions and shift to small efficient homes. They do so due to various reasons like to gain freedom, to experience less responsibility, or even without any reason. But if you are downsizing, how will you know if it is time to downsize a home?
In this guide you will know about the right time when you should consider shifting to a tiny house. If you are planning for the same, Manny Singh Real Estate Agents in Pakenham, can assist you to find one.
When You are Unable to Do Maintenance?
Getting older means staying occupied with the chores. It might get harder for you to look after everything. Therefore, here you need to think about downsizing, so you can get a bit of relief.
Moreover, nobody likes to feel exhausted because maintenance does drain your energy and can even drain your bank account.
Once you downsize your home, you might find yourself less tired because of less maintenance and care.
When You Have an Unused Space
This one is the considerable factor. When your kids have grown and gone, their bedrooms might be used only for occasional visits. But you still have to clean their space, and pay tax. So, that is precisely a free space enhancing your bills. Furthermore, if you are retired, you might not need a home office. Hence, you will have enough unused space. However, if you shift to a new tiny home then all you have will be the space as per your need. This can also reduce unnecessary expenses.
When Your Bills Have Risen
Generally, a bigger house means more expenses on all fronts. For example, big mortgage payments, high maintenance and utility costs. These expenses can burden your pocket because these expenses are not supposed to be high. As a result, you should pay heed to downsizing so you can gain financially. Moving to a small house means less electricity bill payments and less fertilizers for your lawn.
When Your Neighborhood Doesn’t Suit You Anymore
You moved to your current house due to nearby amenities like school and local market. But now the children have completed school and moved away. Hence, no need to live in preferred school districts, opening up their choices of location for a new home in less expensive areas.
A few homeowners might not even need to downsize; they can simply opt for a more affordable location. As they prefer homes not only less expensive, but also seek low property taxes, utilities, and sales tax.
When You Want to Have a Simple Life
According to Australian Housing and Urban Research Institute, people downsize just because of lifestyle preference.
Removing unnecessary things which can be a huge weight off your shoulders. And many times, there is nothing better for a person than starting afresh. A change of place often comes with a change of perspective. So, retirement years are the perfect time to welcome the changes in the script and prioritize your interests.
Many retirees love to travel, and spend more time abroad. This makes sense to have less responsibility on home soil. With an apartment or retirement home, you just close the door and go without worrying about who is going to water the lawn. If you are planning to downsize the house, Manny Singh Real Estate Agents in Pakenham, can provide your dream house to support your health, home and happiness.
When You Feel Your Home is Not for Your Future Need
When you are getting older, it becomes important to have a home according to your circumstances. Think about your priorities in the next 10 to 20 years. If your strength isn’t what it used to be, there’s a chance you’ll need wider doorways and ramps, bathrooms with grab bars, and non-slip surfaces (that doesn’t include stairs!).
A fully accessible home will be your best choice and as mentioned, it is smart to make the move due to the need of old age.
When You Need Financial Security for the Future
Another important time of downsizing is that when you feel your all money going into paying hefty bills and you need to save for the future. Since, it allows Australians to improve their financial independence, by selling the family home and moving into a less expensive home.
As per the recent major research report, some 35 percent of people, aged 50-64 who downsized did so for financial reasons, compared to only 19% of people aged 75 plus.
Irrespective of the reason you are downsizing, you should analyze the advantages and disadvantages of downsizing your home.
Advantages of Downsizing a Home
Financial Security
Without any doubt, downsizing home can give happiness to your pocket as a smaller place will free up some money. You will be able to use that money either for savings or on the stuff that you like the most.
Low Maintenance
A tiny place may be easier to maintain because fewer bedrooms and bathrooms mean less time will go into cleaning. It gives you the chance to declutter and bring the things you really want into your new home.
It is Cheaper to Run
It is easy to run because it reduces the cost of heating and cooling a home. Eventually, it will save you from big bills.
Strengthen the Connections
Shifting to a new place means you can opt for a place near to family, or to a location that is suitable for your needs. If your family has moved from the area, maybe you will find yourself no longer near the services you need.
Disadvantages of Downsizing
- You can feel the need for some space sometimes, when it comes to doing an addition of a few things.
- A tiny place can stop you from doing social activities. If you are a party lover then this cannot be your choice.
- Where you have lived for years, then it can be hard for you to let go of the emotional connection with the place.
Things to Consider When Downsizing
Good Design of Your New Home is Crucial
When you search for a new small home, ensure that it should be with updated features.
Don’t Ignore the Cost
Make sure your new home goes with your lifestyle, budget and level of independence including every other aspect.
Taking Advice
Before doing anything don’t forget to take independent advice. Consulting professional is the best option one can choose. Manny Singh, Real Estate Agents in Pakenham, will advise you by taking care of your every need.
If the above-mentioned signs point to downsizing, remember to keep an expert by your side. It is necessary to analyze the financial, emotional, and practical aspects of downsizing to know if it is the right thing for you to do, and, if so, when is the right time. If the merits outweigh the drawbacks and you are all ready to pull the trigger on a move, and make a plan that covers all the steps.
