There are a number of reasons why people decide to downsize their homes. Perhaps the kids are grown up and have moved out, maybe you’re ready for a more modestly sized home that requires less maintenance, or perhaps you just like the idea of a cosier space to live in. Whatever the reason, making the decision to downsize requires a little forethought and planning so you can easily transition into the new phase of your life. If you’re thinking about downsizing your home, we’ve rounded up a few compelling reasons to help you decide!
Your Nest Egg
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 $300,000 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 so you can comfortably enjoy your golden years! We recommend you chat to your financial advisor to find out how you can take advantage of this option.
A Simplified Life
A smaller home means less possessions and clutter. Downsizing doesn’t mean you have to completely divest yourself of all your belongings! It’s actually a great way to take an inventory of everything you own, and dispose of or donate items that someone else may have a greater need for. If all your kids have moved out, it’s the perfect opportunity to donate their furniture and other things they no longer need, leaving you with a few empty rooms and a lighter load to carry to your new home. You may also find you’re holding on to things that are no longer used, which makes it the ideal time to dispose of them and rid yourself of the clutter!
A smaller home can mean considering duplex or townhouse options, which brings with it a more modest interior to clean and maintain. You’ll also have a reduced garden and yard space 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! With less maintenance inside and outside, you’ll have more time to relax and enjoy life instead of constantly trying to keep up with your to-do list around the home.
Move or Build?
Some may find it easier to simply move to a smaller home. However, 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 of the home as an investment, while you live in the other one, providing you with a steady stream of income long after you’ve retired.
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. To view the range of homes suitable to downsizing, visit the Hotondo Homes website today.