Upsizing Vs. Downsizing Your Home
With the Federal Government’s newly announced $25,000 HomeBuilder stimulus, this is the perfect time to build a new home to suit your lifestyle! There are plenty of reasons to upsize or downsize your home as you move through life. Your requirements for a home will change depending on your family, financial situation and your overall lifestyle. Building a new home, whether it’s in the same location you’ve always loved, or in a new region is a big decision to make, and we’ve got a quick rundown on what you should take into consideration.
Reasons to Downsize
A smaller home can mean you might move to a duplex or townhouse, which brings with it a much smaller home clean. You’ll also have a reduced garden to care for, meaning you can enjoy your days outside in the garden without feeling like it’s a never-ending task you can’t stay on top of! Downsizing means less maintenance inside and outside, giving you the time to relax and enjoy life instead of constantly trying to keep up with your to-do list around the home.
There are a wealth of options for those wanting to build their dream home on a more modest scale. A three bedroom home, such as the ones in our Forever Retreat range of designs offer the modern open-plan living you know and love on a reduced scale, still giving you the space you need without feeling overwhelming. Alternatively, you might like to think about building a duplex and renting out one side as an investment, while you live in the other one, providing you with an income long after you’ve retired.
From July 2018, people aged sixty-five years and over who have owned their home for more than ten years can sell it and contribute up to $300,0000 of the sale proceeds towards their superannuation. It’s worth noting that if you’re part of a couple, both parties can contribute to their nest egg, meaning you’ll have a little more money put away for so you can enjoy your golden years! As always, chat to your financial advisor to find out how you can take advantage of this option.
Downsizing from a big family home can seem like a daunting thought. However, making the decision to do so brings with it the opportunity to simplify and reinvigorate your life in a new home with streamlined belongings, no compromise on space, and a new lease on life with a reduced amount of home maintenance.
Reasons to Upsize
A growing family will need more living space as children get older, which is the perfect opportunity to upsize your home. Similarly, families who are growing in size due to elderly family members moving in for increased care means more bedrooms and living space will may be required.
As you progress in your career, you may find that you can afford a larger home, or a home situated in a more expensive area, and you may be able to use the equity you’ve grown in your current home to purchase your next home. While only a certain portion of the equity can be used, it’s ideal for growing your real estate portfolio and building a bigger home for your family to enjoy.
As your family grows you may find that metropolitan living isn’t suitable and you’d like your kids to experience life in a coastal or country town as they grow up and you also want to add a few pets to to the mix! With wider blocks of land allowing for larger home designs, you may find relocating to another region presents you with the perfect opportunity to build that acreage home you always wanted with plenty of space outside for kids to run around in and pets to enjoy.
Depending on your family’s stage of life, deciding to build a new home to suit your lifestyle will often be hugely beneficial in the long run. While the decision to build a new home can be daunting initially the opportunity to simplify your life when you downsize or enjoy an increased amount of space in a larger home is well worth considering. To view a range of homes to suit your needs, visit the Hotondo Homes website today.
