Should you consider downsizing your home?
When you buy a home, the expectation is that you'll be there for a long period of time. It's a large investment in your future, so naturally it's desirable to make the most of it and build a life with your family there. However, life circumstances are destined to change and you may find that, eventually, your home no longer serves your purposes. This is when it could be time to consider downsizing your property and finding something more suitable to your needs.
For example, your bills may be too big to justify living in the area for any longer, or your property is simply too large for your current needs. Downsizing is when you decide to shift into a smaller, more manageable home.
Here are some of the more common reasons Australians decide to pack up, organise a new home mortgage plan, and and move into a more suitable property.
Your home is too big for your family
One of most likely situations where downsizing could be an option is later in life, after your children have grown up and left the nest. The big home you had during their childhood and upbringing now feels empty and too spacious. When you're raising a family, having an abundance of space is essential.
Being able to store all your and your children's belonging comfortably is on the minds of young couples looking to purchase their first home. Things like local schools and amenities are also an important factor to consider during these early days.
But after the children leave home, this could be a great time to consider downsizing your home and finding a property more suited to your current lives. If you're nearing the age of retirement, looking into apartments or smaller homes in the city could be perfect if living it up and being amongst the vibrant culture that metropolitan environments offer is exciting for you. While it may not be practical to raise a child in an apartment, you've now got the freedom to embrace these dreams.
Big bills can be a headache
Heating a large home can be a nightmare. If you find your expenses getting a little out of hand and higher than you're comfortable with, downsizing is something to consider. Cranking up the heat during winter is an expected expense, but what if you lived in a smaller environment, one that was much faster and easier to heat?
This can help you reduce the amount of power you use in the future, allowing you to put that money towards other, more important things. Saving up for a holiday or investing in a new entertainment set are just some of the things that money could be better spent on.
Embrace your wanderlust
If downsizing to an inner-city apartment appeals to you, this could go hand-in-hand with any dreams you have of travelling. This is because they're often easier to prepare for longer periods away and without maintenance than detached properties like houses.
You don't need to worry about mowing the lawns or organising someone to come and maintain your garden. You can simply pack for the time of your life, lock your apartment door and jet set off to anywhere your heart desires. This could be especially appealing to those retirees looking to enjoy the fruits of their labour.
These are just some of the benefits that can come from downsizing your home. So get in touch with a financial expert to discuss the options available to you and begin working towards downsizing your home today.
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