Downsizing can deliver several key benefits, not just for empty nesters but for all of us living in homes bigger than we need.
If reducing your expenses and doing more of what you love is high on your priority list, then downsizing your home might be the answer you have been looking for.
Here’s what you stand to gain from selling up and moving into a smaller home.
Increased Cash Flow
A strong motivator for downsizing is for financial gain as retirement approaches, with many selling their existing home to purchase a cheaper one, injecting additional cash left over from the sale into their superannuation to help top it up.
If you’ve built up enough equity in your existing home, one of the great advantages is that you may not need any finance to help you cover any shortfall. This is an important consideration as getting a loan when you get older becomes a bit more difficult, so its best to get the right advice and understand if finance will be required for your downsize.
There’s a high probability your existing home is worth more than the apartment you’re considering moving into. Selling your existing home can help you get into a newer, boutique apartment with some cash spare to spend on your new priorities whether that be travel or insurances.
If you do have a mortgage, selling your home and downsizing might provide an opportunity to clear some remaining debt and evaluate your finances, to put you in better stead for retirement.
If you’re looking to downsize into an apartment, but you aren’t sure what you may be able to afford or what your changeover costs would look like, then speak to one of our property consultants at Fairlight where we can help give you an indication of your current property’s value and help you get an understanding of the fees and costs associated with moving from one property to another.
Reduced Maintenance Expenses
The costs of upkeeping your home extends beyond debt and utility expenses.
A lot of downsizers in particular are looking to trade-up the gardens, the pool technicians, the watering bills and the never-ending maintenance that tie up their time and money for travel, relaxing weekends and a lifestyle that provides more time to do the things they love.
If you’re looking for more convenience, downsizing to an apartment is a chance to free yourself of the constant drains on your time and finances that these services can become to upkeep your large family home.
More Security
Increased security can play an important role in the decision-making process when downsizing.
Whether you’re living on your own, your significant other or your entire family it can be reassuring to know that neighbours are within reach in case of emergency and there’s typically more barriers to entry than home.
Apartments at Fairlight come equipped with remote-controlled garage access, keyless fob entry and intercom systems so you can rest easy knowing your home is secure while you travel.
The size of Fairlight compared with other apartment developments means there’s a higher likelihood of getting to know those living close to you and fostering a sense of community so in the instance you decide to get away there will be an extra set of eyes on your home.
No matter if you’re at home or away, having an increased level of security can help you breathe a little easier and focus on more important aspects of your life.
Reduce Your Consumption
Reduced consumption extends beyond all the financial benefits.
Living in a smaller space changes your perceptions of what you want based on what you can fit inside your new home. While this might sound restricting it can also be incredibly liberating.
Living minimally is all about minimising the things you own and keeping the things you need and love. This philosophy lends itself perfectly to downsizing.
When you decide to downsize, you’ll embark on the process of decluttering where you’ll go through everything you own and work out what you’re going to keep and what you’re going to declutter or donate. Once you’ve purged everything you no longer need, you’ll be left with what you need and want the most which can be incredibly satisfying.
The transition to a reduced consumption lifestyle can be challenging but in the long term owning a little less will encourage you to live a lot more.
Build Stronger Family Bonds
Smaller spaces provide an opportunity to bring your family closer together.
Living in a smaller home naturally commands more coordination and organisation. Living in closer proximity to your loved ones will require more consideration for their needs and more consideration for your own. Downsizing can be a great opportunity to strengthen family bonds that might have been less noticeable when you’re living a big family home where everyone has their own space.
If you’re considering downsizing, your children might have flown the coop and now it’s just you or you and your partner. Downsizing can also provide you with an important opportunity to move closer to your family so that your grandchildren or children for example will find it easier to visit you.
It might also make it easier for you to visit them bringing joy and companionship that’s more important than ever at this stage in your life.
Embracing Modern Living
Modern living is all about improving your wellbeing with good design. When you decide to downsize from your family home to an apartment that prioritises design, you’re opting for a home that’s fully equipped with everything you need right now and everything you didn’t realise you needed. This certainly rings true for the apartments at Fairlight.
Access to a range of features and amenities including;
Remote controlled security gates
Individual intercom systems
Keyless FOB building access
NBN availability
Apartments off-the-plan are becoming an increasingly popular choice for downsizing thanks to the new high-quality finishes, modern features and they can be very well located in regards to shops, entertainment, medical facilities and transport to help you embrace your new lifestyle.
While your existing family home might similarly be a testament to modern living, downsizing allows you to achieve a similar outcome in a condensed fashion so that you can access more from your fingertips.
More Time To Do What You Love
Beyond improving your financial situation, downsizing is also an opportunity to improve your quality of life during retirement.
Spending less time and money maintaining a house bigger than you need can free up a lot of time for you to pursue the things that truly make you happy at this stage in your life. Whether that includes being closer to relaxing beaches, amazing restaurants, luscious parks, cafes or the golf course. With Fairlight Apartments situated in such a fantastic location, you’ll be able to take advantage of so many local amenities just minutes from your doorstep.
Downsizing more than anything else is a chance to put your priorities first which might be the first time in your life you’ve done so.
With fewer commitments, you want to ensure you move somewhere that ticks all the boxes in terms of location and it’s proximity to the things you need the most and wants to do the most during this chapter of your life.
Similarly, to many other major life changes, deciding whether to downsizing can be a hard and difficult decision to make. Weighing up all the options takes time and isn’t something to be rushed but hopefully outlining all the benefits on the table helps you undertake this next chapter of your life with hope and optimism.
If you’re considering taking the plunge and would like advice on the next steps to take or finding your dream property we encourage you to speak to our friendly project management team today.