C&G’s Guide to Downsizing

Tips & Advice

While some people strive for bigger and bolder houses, others may opt for a smaller home. This is common amongst retirees, empty nesters, and people who aspire for a lifestyle change. Thinking about making the move? This latest C&G blog unpacks everything you need to know about downsizing!

You can save for other upgrades.

Not everyone dreams of owning a big home because sometimes, that’s not the dream. You might be considering downsizing - investing in a smaller home that costs less. Parents often choose to downsize when their children move out, avoiding the unnecessary costs associated with a larger property. Downsizing also allows more time to be spent doing the things you enjoy.

Downsizing your property can open up opportunities to pay down the mortgage or depending on your profit, it could be an opportune time to purchase an investment property.

To reap the best results you’ll need a local agent to guide you through the process and point out what might be required such as repairs and presentation to make your property stand out to potential buyers.

However, if you are downsizing to save money, it is always a good idea to research before you relocate. Up-market apartments and townhouses in desirable neighbourhoods can cost as much as an outer suburb family home. These property types are designed with accessibility and lifestyle in mind, which influences their value.

You’ll leave a smaller carbon footprint.

Depending on your lifestyle, a smaller home can require less energy to maintain, reducing your utility bills and environmental footprint. The process of downsizing will also require you to declutter your belongings, and decide which items are worth holding onto. Many people may take this opportunity to switch to a waste-conscious or minimalistic lifestyle.

You can try a new lifestyle.

Apartments and townhouses are a popular choice for downsizers. Their compact and manageable size is appealing, and they are often built with location in mind. This means easier access to public transport, infrastructure, and amenities such as shopping, dining and entertainment complexes.

Ready for a change? Whether you’re buying, selling or leasing a new property, do not hesitate to contact Chisholm and Gamon for advice. Our friendly team have years of experience working with Bayside real estate and would be delighted to assist!