Who said bigger is better? (Well, maybe when it comes to a slice of cake.) There comes a time when the big old family house is just too big or you’ve decided to move somewhere smaller in order to live closer to the city.
However, don’t think downsizing is just for empty nesters. More and more Australians are going small because the opportunities and benefits are so big.
If you’re thinking about selling your current property for something smaller, here are six massive perks:
1. Increased cash flow
If you haven’t paid off your current mortgage, a smaller property could reduce your monthly repayments – this frees up your cash flow enabling you to save or pay off other debts (like a car loan or credit card). Smaller properties can be cheaper to cool, heat and run, so you could save on utility bills, too. And with the money you save? Tick off your bucket list and put the money towards a European adventure or that road trip around Australia. If you are looking to make money from downsizing, keep in mind costs such as stamp duty and moving costs to make sure you retain some cash.
2. Better for the environment
Yep, downsizing helps the planet too. Because small homes can be cheaper to run, you’ll reduce your energy and/or gas consumption. And if you do your research before you buy, you can invest in an eco-friendly home – one that’s made with recycled materials and solar-powered systems and even has a rainwater tank.
3. New and better location
Turn your fantasy suburb into a reality. From a coastal beach house to an inner-city apartment, if you’re downsizing you could buy in your dream location.
Moving close to all the action can help you save in other ways, too. You’ll spend less money on car-related expenses (such as petrol) and Ubers because you can walk or cycle to your fave cafes and restaurants instead.
4. Less maintenance
Put the Jif and Dyson away. Life’s too short to spend endless hours cleaning and dusting – especially in redundant bedrooms and living spaces.
A smaller property means there’s less to clean and tidy, freeing you up to enjoy your new home and neighbourhood. And if you’ve come from a place with a big backyard, say goodbye to endless weeding, sweeping and pruning.
5. A fresh start
They say a change is as good as a holiday. So, if the kids have moved out, you’re all about the ‘New Year, new me’, decided you’ll never complete those renovations or simply want to embrace a new lifestyle, downsizing could be the change you’ve been looking for.
Moving house also means new neighbours, which could mean new friends, new travel buddies or even someone new to share a glass of wine with.
6. A new style
Is your home still rocking an overstuffed leather recliner? Or has that three-piece pine dining suite seen better days? (Thanks IKEA circa ’93.) Downsizing is the perfect opportunity to invest in some stylish new furniture you’d actually be proud to own. Don’t just throw out your old stuff – host a garage sale. Remember, " One man's trash is another man's treasure." The money you make from the sale can go towards new furniture or moving costs, and the stuff you don’t sell can be donated to charity (providing it’s in fairly good nick).
There are many benefits to downsizing your home. From cleaning less and saving more to living in a hip-new suburb, you’ll discover that sometimes smaller really is better.
Your Choice Mortgage Brokers Pty Ltd ATF Halo Innovation Trust trading as Heart Mortgage Services - Australian Credit Licence 38643.
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