Know when it’s time to downsize your home

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 or too impersonal and may be holding you back from pursuing the lifestyle you dream of.

If you’re considering downsizing your home, here are a few signs that indicate it may be the right move for you.

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 you may 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 $300,00 into your superannuation fund from the proceeds of your house sale.

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 smaller, modern 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.

Your house is keeping you from living the life you want.
Even if you’re 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.

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 likely collecting junk rather than bringing joy. A house full of empty rooms may be weighing you down financially and mentally.

Built in prime, sought-after locations across Queensland, Victoria and New South Wales, GemLife’s secure, friendly communities are designed with the needs of downsizers and retirees in mind. With a focus on high quality, active and engaged living, GemLife delivers an exceptional blend of first-class recreational and leisure facilities, through its award-winning country club concept, together with meticulously designed, modern, stylish right-size homes, giving you the freedom to enjoy the best years of your life.