THE DO’S AND DONT’S OF DOWNSIZING
Downsizing dos and don’ts
Downsizing is a special time in anyone’s life. It’s time to take that next step, towards a less stressful lifestyle and a more manageable property.
It’s also a time of change, of saying goodbye to a home where memories have been created. And if you’re not sure what exactly you’re looking for or where to start, it can be confusing and even confronting.
So to help you get started, here are some downsizing dos and don’ts.
You’ve just sold the family home and, if you’ve owned it long enough, you’ve likely paid off the mortgage (or close to) and have some money in the bank. Be realistic about your budget when going into your next property. Downsizing means that although you don’t want to skimp on quality, you’re moving to a home that will leave you in the black for the years to come. A buyer’s agent can help you to filter out any properties that may be overpriced or not quite what you’re after.
Don’t compare size
It can be hard to go from a four or five-bedroom house to a two-bed home. Don’t forget that you’re downsizing for a reason and it will take time to get used to a smaller space. You’ll also need to keep in mind that you’re not just downsizing your property, you’re also downsizing your belongings, so don’t look to buy a home to fit all that stuff you currently own!
Your new home will likely be your forever home, so you can take a stand on what’s important to you. Perhaps you might not find something in the exact suburb or the street you were hoping to buy in, but you do need to make sure it suits your wants and needs. (And you probably won’t want to do extensive renovations before moving in.)
Do some planning
There’s lots to do when you’re preparing to downsize. Make your plans around the timing of selling your current home and buying your new one. A good place to start is to put together a list of what you’re looking for in a new home, which you can refer back to when you start viewing.
Do take your time
Don’t feel pressured to rush this process; there’s no need to make a snap decision or go for this first property you see. A buyer’s agent, like those on hand at Cohen Handler, can help you navigate your way through a variety of homes that fit your brief and help you find the one you’ll love.
Do ask for help
Take advice from family or friends who have gone through it before you. Professional advice is another great way to go. From consulting finance advisors to selling agents, you’ll want to make sure you have covered your bases before selling. When it’s time to buy, an agent from Cohen Handler can help take away the stress factor and leave you to enjoy the process.
For assistance with your query on downsizing please call Cohen Handler on 1300 420 160 or email [email protected]