Making the decision to sell or move out of the family home is not something that you enter into lightly, and it can be hard for many of us to be sure they are making the right decision. Whether your kids have moved out, you are looking to retire, or simply considering your living options, many people are taking the plunge and moving to new homes. To help decide if it’s right for you, read on.
The difference between necessary belongings and clutter
Belongings will accumulate over time, and for those with large families this can happen quite quickly. If you are considering downsizing, you’ll need to be realistic about the items you intend on keeping and what is simply clutter you can stand to get rid of. The number of items left at the end of your decluttering process will help you determine the sorts of properties you will be able to consider.
Many areas are going under utilised
Paying for a five bedroom home when you are only using one of them? When your home has more unused spaces than used ones, it may be time to consider other options. In most cases, the bigger the property the more you are paying, and having areas that you no longer need is slowly draining money from your account that you could be using for other things.
More than just money, a smaller place will also mean less maintenance, whether it is maintaining the yard, clearing the gutters or tending to floors and carpets.
You would like to save more
This probably goes without saying, but the biggest factor people take into consideration when choosing to downsize is money savings. Whether you have already retired, or looking to in the near future, downsizing is a great way to start boosting that savings account. Of course, downsizing doesn’t have to be a massive change where you move from a large family home to a shoe-box like property. It could just be a matter of selecting a more affordable suburb that will enable you to spend less.
You’re already looking for a change of scenery anyway
A major reason why a lot of people choose to stay where they are is simply because of comfort and routine. It’s quite easy to fall in love with your neighbourhood, make friends with neighbours and get used to a certain way of life, which can make it a little scary to change. However, if you are already looking for new scenery, or wanting to move closer to family, this could be the perfect opportunity to start looking at smaller options that will be more fitting to what you actually need.
The information contained in this article is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Fairhaven Homes recommends that you consider whether it is appropriate for your circumstances and that you seek independent legal, financial, and taxation advice before acting on any information in this article.