6 reasons to downsize
17 September 2014
Ian Reid's Vendor Advocacy
There’s plenty of talk about moving into a large home with a huge yard, expansive open-plan living arrangements and numerous bedrooms.
However, while this is desirable for some and even a necessity for large families, it’s not right for everyone. For some homeowners, bigger is not necessarily better.
From changing family dynamics to desires to drive down the associated expenses of home ownership, there are many reasons why people decide to downsize. If you’re after tips for selling your house, consider ways to sell, but also contemplate where you’ll move to!
Change in lifestyle
You can get closer to better restaurants, shops and entertainment venues by making a move.
Perhaps you’re perhaps you’re after a more relaxed lifestyle, in which case buying a humble little home by the beach or in the country could be for you.
Ditch the cleaning and travel
There aren’t many homeowners who get a kick out of vacuuming, mopping and dusting on a regular basis – particularly if there are stairs to climb and many rooms to get spick and span. That’s not to mention less frequent but equally important cleaning tasks, such as cleaning your interior walls, water blasting your property’s exterior and oiling your deck.
If you want to cut down on time-consuming cleaning, downsizing could be a good option.
Plus, if you plan on heading overseas for an extended jaunt, it’s much easier to leave a small, low-maintenance property behind than one that requires lots of cleaning. With a downsized home, you can simply lock up and go!
Fewer mouths to feed
If the kids have left the nest, you might be struggling to find a use for all those extra bedrooms. Remember also, if their rooms are no longer there, they won’t come back!
While having a guest room on hand is a plus, there may be little sense in living in a grand five-bedroom property if it’s just you and your spouse!
Slash your power bills
Provided insulation is equivalent, a larger home will be more expensive to heat than a smaller one.
If you want to cut your electricity or gas costs, downsizing might be for you.
Benefit from capital growth
Have you been living in your neighbourhood for many years, paying off your mortgage and seeing your home equity rise?
If you’re a homeowner in an area that has seen strong capital growth over the years, you might like to cash in on this and sell up – your home may have increased in value dramatically. Consider enlisting a vendor advocacy service to ensure you select a real estate agent that understands price trends in your area and can secure a desirable re-sale price.
Cut your mortgage repayments
Refinancing your home loan and moving into a property with lower mortgage repayments is another good reason to downsize.
The money you’ll save could go into your retirement savings!