You may have spent years (and a significant amount of money) making your current home your “forever home” so thinking about downsizing can be emotional.
It helps to offset any sadness about leaving with excitement about your new home and the happy times to come. Like any big decision getting your downsizing decision right is going to take some research.
The property we’re in can often feel like our “forever home”, so making the call to downsize can feel like a big decision.Credit: Simon Letch
Know your why. Understanding why you want to downsize is a crucial first step.
Knowing what you want to leave behind, what you want to keep and what you want to change helps you understand the driving force behind your decision. You may want a different lifestyle and seek a “sea change” or “tree change”, or you may simply want a low-maintenance home in your current community.
There can be financial motivations too: paying off debt, freeing up equity and reducing property related costs. The combined outcome can mean more time and money to spend doing the things you love.
Determine what you can afford. Moving costs money. While that may seem obvious, many people simply compare the price they are selling their existing home for with the price of their new one, but this is a recipe for disaster – because the cost of moving can easily run to tens of thousands.
Take into account the spaces you’ll need – a second bedroom if one person snores, a room for visitors, an outdoor space to enjoy your morning coffee.
You need to break it down into selling, moving, and buying costs, this will make sure you are not left short when it comes to how much will be available to spend or invest.
Work out where. Where you live affects how you live, and it’s something you can’t change without moving again. So, think about the people and places you want to be close to (or far away from).
What, where, how much: Every step to take before downsizing your home
11
0
17.11.2023
You may have spent years (and a significant amount of money) making your current home your “forever home” so thinking about downsizing can be emotional.
It helps to offset any sadness about leaving with excitement about your new home and the happy times to come. Like any big decision getting your downsizing decision right is going to take some research.
The property we’re in can often feel like our “forever home”, so making the call to downsize can feel like a big........
© The Sydney Morning Herald
visit website
login
who are we?
contact us
qosheapp
Toi Staff
Gideon Levy
Belen Fernandez
Rami G Khouri
Mort Laitner
Donald Low
Ali Fathollah-Nejad
Nikkei Editorial
