Your children have flown the nest, you’re finding yourself with more time on your hands, and retirement is no longer a distant memory. It’s finally your time to relax! But relaxing can be a bit of a challenge when you still have four bedrooms, two bathrooms, and a large yard to take care of. And now that it’s all down to you, those jobs are a little bit harder still. It’s pretty easy to see the appeal of downsizing your home! However, if you’re going to go through the process of moving again, you want everything to be perfect. That’s why we have listed a few things to keep in mind when downsizing your home.
Downsizing your home means choosing between being closer to or further from family and friends
Downsizing, like any move, means moving closer to, or further from your family and friends. So it’s important to make that distinction early on. We recommend putting together a list of where your family and friends live. That way, you’ll be able to get a clearer idea of the areas that will place you in close proximity to them all. This is where the downsizing side of things comes into its own. If you’re downsizing your home, then your chances of finding a block of land to build on are greater – use that to your advantage.
What about price?
The good thing about downsizing is that you will only need a modest block of land. However, modest size does not always translate to modest prices. Part of the joy of downsizing your home is the cost; normally, you save a considerable amount of money. But if you get a small block of land in a premium area, you could find yourself blowing out your budget pretty early on in the project. So before you agree to anything, make sure you’re downsizing on price, not just size!
Downsizing to an apartment: Think about body corporate fees and by-laws
A lot of people are attracted to the idea of apartment living – especially when you downsize your home for retirement. However, apartment living comes with a few catches that can sting your bank account in future. One of the most common of these is body corporate fees. Apartment buildings, like any buildings, require maintenance. But maintenance on an eight-story building is a lot different to maintenance around the house. And so is the price. That is why bodies corporate charge body corporate fees. These fees are recurring and they go into a maintenance fund. So when you buy an apartment, the spending doesn’t stop there.
Lost space: A perfect chance to get creative with storage
The basic reality of downsizing your home is lost space. It’s only natural that when you get a smaller home, you will be a bit short on storage space. But there are ways around this. First, we recommend working with your homebuilder to develop creative storage solutions. And second, we recommend getting rid of old or redundant things. With some careful planning, you can find great storage solutions even when downsizing!
Downsizing for retirement? Think about things like stairs and maintenance
Finally, let’s look to the future. If you are downsizing for retirement, you should make sure your home will be suitable in years to come. Think about things like maintenance – is there a substantial lawn to mow? If so, you might want to think about downsizing the lawn or planning the garden to be low maintenance. Then there are things like stairs. Stairs can impede on accessibility around the house as you get older. To reduce the risks associated with them, you could think about downsizing to a single storey home.
Whatever the reason for downsizing your home, we can help! Simply get in touch with Dixon Homes Cairns today.