There comes a time in many people's lives when you start to weigh up how big your home really needs to be.
The kids have probably moved out, there are extra rooms and unused space everywhere, and you just don't have the same requirements that you once did.
It sounds like you're ready to downsize your home. But as a downsizer, how do you choose the best property for you?
Here are some key factors you should consider.
Are you a senior downsizing? Stick with single-level
Woodards agent Nelson Machuca says most downsizers prefer homes that are based exclusively on one level, to avoid them having to walk up and down stairs as they get older.
“The ones that we find are most popular for that demographic are properties that are all at ground level,” Machuca says.
“They (homes) don't have any staircases or anything like that. If they do have staircases or that type of scenario, then look for the properties that have the main bedroom downstairs with an ensuite. They'll probably sacrifice the first level, or rarely ever use it, but they often like to have it for when people visit.”
Small enough to maintain, big enough to entertain
Dinners with friends, family gatherings and other social occasions are all important to many downsizers, so choosing a house that has large entertaining areas, and room for family and grandchildren to sleep, is important.
“They want a nice kitchen where they can entertain,” Machuca says.
“A lot of these people, even though they're downsizing, they're still having friends and family coming and staying with them, so ideally speaking they're still looking for a three-bedroom home but in a much more compact block. So no big backyard or anything like that – very easy to maintain.”
Double down on garaging
A large garage is important for most downsizers for a couple of reasons, Machuca says.
Firstly, the majority of downsizing couples will have two cars. And secondly, a garage provides additional storage space.
“A double garage is certainly a necessity for a lot of those people,” he says.
“They're still perhaps both driving, and it provides security and gives them more storage, which is important when they're downsizing.”
Adequate internal space
Just because you're downsizing your home, it doesn't necessarily mean that you're prepared to part with a large number of your possessions.
Machuca says that if you're smart with your property selection, you'll find a home that will accommodate most of your former house's contents.
“One thing that's often extremely important for them is the current furniture that they have, and whether it's going to fit into the standard of property that they're going to be moving into,” he says.
“A lot of them will try and keep the heirlooms and furniture that they have, so they'll look for a home that is substantially big enough to maintain their main pieces of furniture.”
A familiar location
Unless they're chasing a dramatic sea change or a lifestyle switch, the majority of downsizers are looking for a home somewhere close by to their current location, Machuca says.
“A lot of people have spent their entire life there, so they don't want to go too far from where they are.”
“From a financial point of view that also makes a lot of sense, because if they're downsizing home in the same suburb or area that they're currently living in, it's going to be a pretty straightforward transaction and they're going to end up with some money in their pocket.”
Read more information about the upcoming changes from the ATO here: https://www.ato.gov.au/Individuals/Super/Super-housing-measures/Downsizing-contributions-into-superannuation/www.ato.gov.au/Individuals/Super/Super-housing-measures/Downsizing-contributions-into-superannuation/
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Source: Adrian Ballantyne - realestate.com.au: https://www.realestate.com.au/advice/buying/downsizing-home/www.realestate.com.au/advice/buying/downsizing-home/