Downsizing – when is the right time?

Downsizing - when is the right time?

Downsizing is not about square metres but about rightsizing for future needs. With so many options available, it can be difficult to know when or where to begin.

Today’s over-50s want more out of life. They are active, adventurous and show no signs of slowing down. There comes a point in every homeowner’s life when it is time to reassess whether staying in your current home is still the best option. Your former dream home may now feel too large, too difficult to maintain and is taking up too much time and money – holding you back from pursuing your dream lifestyle.

If you are considering downsizing your home, here are four signs that indicate it may be the right time to move.

1. Your home is causing you financial strain

Housing is a considerable expense. Overspending on your home makes it difficult to save money and leaves little wiggle room should unplanned expenses arise. If your home insurance, mortgage, and property taxes combined exceed 30% of your take-home pay, it may be time to consider a housing change. Downsizing not only cuts down expenses significantly, but if you are on a pension, downsizing to a home in an over-50s community may also mean you will be eligible for government financial assistance that goes toward paying your site fees. Not only that, if you are 65 or older you can make a non-concessional contribution of up to $300,000 into your superannuation fund from the proceeds of your house sale.

2. You struggle to keep up with maintenance and repairs

Keeping a large home well-maintained can be a physical, financial, and time-consuming burden. If you find that your repair and maintenance costs are never-ending, or you find yourself spending every spare moment doing odd jobs around the home, it may be time to consider downsizing. Moving into a smaller house in an over-50s community provides you with a modern, compact home that is guaranteed to be in pristine condition. Less space means less to maintain and more time and energy to pursue a better lifestyle.

3. Your house is keeping you from living the life you want

Even if you are able to make your mortgage payments and manage your savings comfortably, you may find yourself cutting out the finer things in life. If dining out, travelling, or pursuing expensive hobbies have been pushed aside because your home takes up too much of your income, it may be time to consider opting for a smaller home and a bigger life.

4. Your house has too much empty space

As you get older and your children move out of the family home, you may find yourself with a house full of empty, unused rooms that do nothing but collect dust. This leaves you spending time and money maintaining unused spaces that are collecting junk rather than bringing joy. A house full of empty rooms may be weighing you down financially and mentally.

If you are considering downsizing your home and moving into an over-50s lifestyle resort, join us on Wednesday, 6 April at the Sunshine Coast Downsizing Forum and learn everything you need to know to make informed decisions about all things downsizing, from how a move can affect your lifestyle to financial considerations, and top tips to sell your home.

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