Downsizing from a large house to something smaller doesn’t necessarily mean having to sacrifice style, space, or comfort. In fact, in many cases downsizing means an upgrade in lifestyle, amenities, and location. Property owners downsize for many reasons, and whether it’s due to family dynamics, finances, or lifestyle requirements, downsizing can be positively life changing.
It’s not just the classic ‘empty nesters’, singles or retirees moving from the family home in the suburbs to an inner-city apartment, more young families are realising the financial and lifestyle benefits of living in a ‘house size’ apartment in a complex with communal leisure facilities in a location that’s close to transport, schools, and employment.
The point of downsizing is to improve liveability by not having to spend so much time and money on gardening, cleaning, heating/cooling bills, or home maintenance. Think of it more as ‘rightsizing’. Buying a more manageable home to suit a change in life circumstances is a smart move both for personal and financial well-being.
Downsizing generally means moving from a 3-4 bedroom house on a full-size block to an apartment, townhouse, unit, or a house on a dual occupancy block. It’s important to choose the right type of property to suit your new lifestyle expectations. If it’s in a building or complex, does it feel welcoming, safe, and secure? Find out about car parking, storage, waste disposal, and security access. What other amenities are on offer? Many new apartment complexes have five-star communal facilities, from on-site concierges to rooftop entertaining zones, pools, gyms, saunas, spas, bike storage, pet baths and car washes.
Choosing the right location is the most important aspect of your downsizing decision. Is it close to family and friends? Can you walk to shops, cafes, and restaurants? Is it close to transport hubs, schools, and employment? Are there parks, beaches, or nature reserves nearby? Buying in a blue-chip location is always a good investment and the low-maintenance apartment lifestyle allows the time and opportunity to enjoy the area around you.
When you buy an apartment, unit, or townhouse you also buy into the owner’s corporation, which looks after the maintenance of the common areas. It is important that before purchasing you are aware of the ongoing fees and charges, and that the corporation holds sufficient funds to cover any planned capital works. Buying a house on a dual occupancy block is a popular choice for downsizers as the house is on its own title so there are no owners corporation fees.
Outdoor Space
The biggest change when downsizing will be a reduction in outdoor space. This can be a major drawcard for those who are fed up with spending weekends mowing lawns or cleaning pools, however an outdoor area, whether it’s a balcony, courtyard, terrace, patio, or small backyard, is important for health and well-being. Many new apartments and townhouses incorporate beautiful outdoor areas into their design, with easy care landscaped borders that add a touch of greenery.
Be prepared for a different way of living. Even three-bedroom ‘house sized’ apartments won’t have the same space and layout as a freestanding home, so look at downsizing as a great opportunity to de-clutter and streamline the way you live. If you’re selling your long-term family home, you’ll need to de-clutter to put your house on the market, so this is a great time to offload any unnecessary furniture and furnishings. Consider renting a self-storage unit if you’re not sure what you will or won’t need in your new home.
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