Downsize your home, not your life.

Many years ago, my parents made the very bold decision, whilst still very fit and enjoying life to the full, to sell their family home and move to a smaller, more manageable property.

The property they chose is a fabulous, detached home, still with 3 bedrooms and 2 bathrooms, and part of a small, gated community. It has a lovely garden, room for guests who continue to visit, but was a lot easier to manage and is conveniently located close to shopping centres and their close friends. Their new, downsized home provided them with the security of knowing that when one of them dies, then the other will be very comfortable, safe and be able to manage the home on their own.

Approximately 5 years after downsizing, my father died unexpectedly, he was 72. Whilst Mum was devastated, she felt very comfortable and safe that the home that they had purchased 5 years earlier was going to be her home until her death. Mum is still going strong at 82 and continues living very independently and still has the role of secretary of their small strata group!

Several of my very recent sales have involved families and couples having to sell the family home because they themselves, or their parents, can no longer cope with living in a larger home on a larger allotment.

The process of downsizing can be an emotional one and when it is forced upon you, this emotion is often amplified and can almost become debilitating and far more stressful than it needs to be.

The observations that I have made from assisting these clients and their families dealing with this process is that my folks made the right call – plan to downsize.

Here are some tips that will help you start your downsizing journey and do it on your terms.

1.?????Begin the downsizing process early.

• Simplify your life and get rid of “stuff” now that you no longer use or need. Start giving things away to those that may need them or be bold and order a mini-skip – you will find the whole exercise very cathartic??.
• For those who don’t feel that they are physically up to it or find the whole idea overwhelming, I recommend my clients to use.

1800 GotJunk. They are reasonably priced, do all the work for you and the vast majority of what they collect from you makes its way to charities or is recycled / upcycled in some way.

2.????Research the areas / suburbs that you would like to move to:

• start looking at properties in these areas to gauge an idea of value.
• attend open inspections and auctions.
• check out the shopping and social / entertainment options.

3.????Get family / friends involved:

• If you are close to your family, involve them in the process by asking them for their views on locations and types of property that you are considering.

4.???Know real estate values in your local area:

• monitor the local market.
• attend open inspections and auctions.
• start speaking to agents to see who you might like to deal with

5.????Plan to get your own home in order:

• Invite a respected real estate agent in to give you some guidance on what you may consider doing (and not do) to prepare your home for a sale in the next few years.

6.????Know your numbers:

• Speak to your trusted financial adviser to understand the best financial solution for you when you do choose to sell then buy. There may actually be some financial incentives / benefits available to you, hence, I encourage you to consult with a licenced financial adviser and tell them what you are considering doing.

It is important to make mention here that “downsizing” does not necessarily mean moving into a smaller home. In fact, it is very reasonable to consider maintaining the same sized home, or close to it, but having less grounds, maintenance and upkeep to worry about.

Like my Mum, you like being in a home with 3 bedrooms, 2 bathrooms and well laid out kitchen and a couple of living spaces, with a manageable garden that you can still potter around in and get great joy from.

What you don’t want is a property that demands you spend countless hours each week keeping it in check, and a house that needs regular upkeep or needs some, if not regular repair.

What you may want though, is to downsize your home to gain time to enjoy those things that you choose to do rather than must do. Additionally, a move to the right downsizer property will also relieve your household budget of cost absorbing maintenance and upkeep tasks so that you are able to spend more of your budget on you.

If this situation resonates with you or a family member, I would be happy to chat with you further and assist where I can.

Brenton Milewski

Partner, Klemich Real Estate