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A Guide to Downsizing a Home in Australia

Downsizing means moving from a bigger space to a smaller space. The reasons can be countless depending on the situation. But generally, it is believed that people downsize either because they want to get rid of the extra baggage or they are looking forward to staying at a serene place, or even when children start to live away and you find your home space big enough for two. If you want to get more information regarding Housing Options for Downsizing then visit our website. Read more: https://mannyrealestate.com.au/a-guide-to-downsizing-a-home-in-australia/

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A Guide to Downsizing a Home in Australia

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  1. A Guide to DownsizingaHome inAustralia

  2. Downsizingmeansmovingfromabiggerspacetoasmallerspace.Thereasonscan becountlessdependingonthesituation.Butgenerally,itisbelievedthatpeople downsize either because they want to get rid of the extra baggage or they are looking forward to staying at a serene place, or even when children start to live awayandyoufindyourhomespacebigenoughfortwo.Thesearejustsomeofthe commonreasonspeoplepreferdownsizing.However,whateverthereasonmaybe, thedecisionofbuyingorsellingahomeremainscrucial. Typically,downsizinginvolvesthesaleofyourcurrenthouseandpurchaseofanew one.

  3. PhysicalDownsizing FinancialDownsizing Physicaldownsizingiswhenyousellyourcurrenthome andmovetoasmallerone. ‘Smaller’canbetheonewithfewerbedrooms,oritcould alsobeasmallerblockoflandwithlessyardspaceand garden. Forinstance,physicaldownsizingcanalsobeconsidered inacaseinwhichamarriedcouplesellstheirfamilyhome andmovestoanapartmentaftertheirchildrendecideto moveoutofthehomeandtheynolongerneedspace. TypesofDownsizing

  4. On the other hand, financial downsizing may involve selling your current home and buying a cheaper one. Cheaperhousedoesnotnecessarilymeansmallerhouse. Let’s understand this with an example, retirees might choosetoselltheirmedium-sizedurbanhomeandmove toaregionalareawithapeacefulenvironment. Itisquitepossiblethatthehouseturnsouttobealarger onethantheprevioushouse. Research on downsizing from the Australian Housing and Urban Research Institute (AHURI) found that the financial downsizingisn’tcommonamongpeople.Itisonlyabout20% ofhomeownersaged55-64in2001hadmovedtoadwelling oflesservalueby2016. FinancialDownsizing

  5. Yousavehundredsandthousandsofdollars.Youcanusethat savingamounttopayoffamortgage,investing,fundingyour retirement,oranythingthatyouwant. Therearegovernmentincentivesfordownsizingahousediscussed below.Justkeepreading. Yougettomoveintothehomeofyourchoice,liketheonethatis easiertomaintain. Youcanmovetoabetterlocationmaybeabeachside,urban convenience,orarelaxedruralsetting,anythingthatyoumayhave wanted for yourself. Well, as per a survey by downsizing.com.au, theabovearesomeofthepopularoptions. Movingtoasmallerplacemeansyoucanhavecheaperinsurance and utility bills. Also, lower council rates and mortgage repayments. Bythismove,yougettohelptheyoungerbuyers,potentially familymembersinbuyingtheirfirsthomemaybe. ProsofDownsizing

  6. Let us first burst a common myth and that for downsizing, people movefromafamilyhomeintoaretirementvillage.Thisisnotalie; manypeoplemightoptforthischoicebutthefactisthatitisnotthe onlylimitfordownsizing. Thereisagalaxyofdownsizer-friendlyhousingoptionsthatsuitsthe requirement and budget of a wide range of age groups and their preferences. Apartfromvillage,downsizingmayalsoinvolvemovingintoduplexes, villas,andapartmentcomplexes(designedspecificallyforAustralians overtheageof50). Notjustthis,itcouldalsoinvolvemovingintospecificdownsizing communities,seniors’rentalvillages,freeholdover55shousing,and evenretirementvillages. Besidetheabove,low-costdownsizingoptionsalsoincludegranny flatsandtinyhomes. HousingOptionsforDownsizing

  7. Theideaofdownsizingisnotbad.Itisagreatmoveandcongratulateyourselfforthat.Sellingyourcurrent home and buying a new is a big move. Your family and you are likely to have financial and sentimental bonds. Takeitintotheaccountanddiscusstheproposeddownsizingdecisionwithyourchildrenandgetthe perspectivesothateveryoneagreesandisonthesamepage. Atthesametime,itisimportantforyoutoseekawiseadvice.Forthat,youcancontactthelocalreal estateagentlikeinHamptonPark,Pakenham,ornearbysuburbs. YoucancallandseekguidancefromthebestrealestateagentMannySinghservinginHamptonPark, NarreWarren,andthenearbyareas. Havingarealestateagentbyyoursideisgreatbutatthesametime,youmustalsogetlegalandfinancial advicetosupportyourdecisionstrongly. Asahomebuyer,youmightalsoneedtoconsidervaryinglandtitleandcontractoptions,theirpotential benefitsandimpactsontheincomesourcesandsavings.Forallthis,itisimportantforyoutoseekout legalandfinancialadvice. Youarethinkingofdownsizing,soyoumayalsowanttoknowaboutdeclutteringexpert,whocangiveyou adviceonreducingpossessions. How toPlanforDownsizing?

  8. Apartfromthefinancialconsiderations,therearelifestylefactorstoo thatyoumusttakeintoaccountbecausethesedecisionsalsohavea potentialtoaffectyourdecision. ProximitytoFriendsandFamily Youmaynotbelivingnearbyfriendsandfamilymembersbutnow youmaywanttobeinthevicinityofyourlovedones.So,thisfactor mustbetakenintoaccountwhiledownsizing. Flexibility Shiftingtoasmallerhousemeanslessmaintenancebutatthesame timethisdecisionwillgiveyoulessflexibilityintermsofspacefor gueststostay. LifestyleConsiderationsBeforeDownsizing

  9. Leavingahomeinwhichyouhavebeenlivingforyearsmayget difficultattimes.Emotionaltieswiththecurrenthomealongwith specialmemoriescanbechallenging.So,thisfactormustalsobe consideredbeforefinallydownsizing. Thereisnocompulsionindownsizingahomeatacertainage.Youcan doitasperyourneedsandcircumstances.Thereisnohardandfast ruletodownsize.Allyouneedissomerightguidanceandthatyoucan getfromalocalrealestateagentonly.So,ifyouarelookingforward todownsizeanywhereinHamptonPark,NarreWarren,ornearby suburbs,contactjustthebestrealestateagent,MannySingh. EmotionalAttachment

  10. GET IN TOUCH 3WithersCt,PakenhamVIC3810,Australia +61423277447 manny.singh@freedomproperty.com.au ContentResource: https://mannyrealestate.com.au/a-guide-to-downsizing-a-home-in- australia/

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