If you’re a parent with adult children who’ve successfully launched, statistics show you’re among the most likely demographic to contemplate whether you should downsize.
As an experienced agency in our area, we have worked with many couples seeking to downsize in this area, maintaining an excellent lifestyle while reducing the obligations of owning a family home.
Downsizing is never an easy decision, and it can be hard work. Moving to a smaller property means that not all your treasured belongings can go with you. And so, you face the prospect of choosing between items that should stay and those that must go.
If you’re in this situation right now, I’ve listed a few of the common challenges and their solutions.
Visualise your future
How do you plan to live the next 10 to 20 years of your life? Will you continue to work, or can you retire and travel? Are you seeking a country lifestyle, or do you want to be on the beach? Answer these fundamental questions before beginning your property search.
Do your numbers
Don’t assume selling your family home will make you financially secure. Before making such a significant life decision, seek professional advice to understand the impact.
Hidden costs
Many couples choose to move into an apartment. While this makes sense, you should calculate costs such as strata fees before making a purchase. Don’t assume an apartment is cheaper to run than a house.
Investment mindset
Think about the future value of your new home. Choosing a location with rising values is one way to predict whether your property might be a good investment and if the suburb may retain its reputation.
Helpful advice
Don’t underestimate the change in lifestyle that downsizing will bring. You may miss the family home. If you’re concerned about the emotional impact, talk with friends who’ve already downsized to find out how they dealt with the move.
No surprises
It’s a smart play to discuss your decision to downsize with the whole family. Perhaps a son or daughter will not like the idea of losing the family home. Take the time to explain your position.
Big clear-out
Make sure the rest of the family has the opportunity to retrieve any belongings that you intend to discard. Throwing out items to which someone has a personal attachment will likely create tension.