Can we talk about the BIG upsides to downsizing?
If you’re ready to reap a bunch of benefits and unlock a richer, safer and more exciting lifestyle, downsizing can help you do just that. Some of the bonuses that come with downsizing include:
1. FREE UP EQUITY
Equity, equity, equity – it’s not quite as catchy as ‘money, money, money’, but it certainly is just as important when weighing up your downsizing options. As you consider which retirement lifestyle is right for you, we’re sure you’ve both thought and spoken a lot about equity. Many pre-retirees and soon-to-be retirees depend on their home equity to fund their plans for retirement – whatever they may be (hopefully lots of holidays!).
Downsizing can help you free up a considerable amount of equity that’s sitting in your current home. It’s a fairly simple equation. Sell the bigger house, purchase a smaller home, boom: money left over for your retirement and lifestyle. The proceeds from your existing home can then be used to pay cash for your new home, pay off debts, supplement your retirement income, boost your super, or more excitingly, make your dream holiday a reality. This means you can stop dreaming and start living!
Lifestyle Communities® offer some very affordable downsizing options, with homes typically priced at 75- 80% of median house prices, meaning our homeowners free up over $200,000* on average.
2. MORE MONEY IN YOUR BACK POCKET
Downsizing can also save you a lot of money. You’ll have less space to heat, fewer lights to turn on, and fewer appliances to run. You may also find your cupboards need to be stocked less, and you’ll be spending less on maintenance supplies like cleaning products, as you’ll be using and thus replacing them less. Who knew a bottle of Windex could last so long! And some downsizing options such as land lease communities also eliminate council rates and reduce home insurance costs, meaning you get to keep more money in your pocket.
3. MOVE TO THE LOCATION OF YOUR DREAMS
Have you always dreamt of living by the sea or close to the countryside? Well, you can turn your dream into a reality when you downsize!
Many people’s family homes were chosen due to location to schools, work, or housing affordability, often in the suburbs. This is your chance to relocate somewhere that suits your new laidback lifestyle. Downsizing provides the opportunity to leave behind the hustle and bustle of city life to escape to the great outdoors.
Whether you’re after a vineyard lifestyle, a coastal adventure, or calm, country living, the world is your oyster. And with a range of downsizing solutions to be found right around Victoria, you can take your pick from the most relaxed or adventurous locations.
4. REDUCE HOME MAINTENANCE
Downsizing into a low- maintenance home means less time fixing and cleaning up, and more time doing the things you love! No more weekends weeding, afternoons mopping, or dragging the vacuum up the stairs. A downsized home means cleaning is a breeze, and you can use your weekends for the things you want to do, which no longer has to involve cleaning multiple bathrooms, unless you’re into that. Choosing an apartment as your downsizing option will eliminate hefty duties. Alternatively, homes within downsizing communities, like Lifestyle Communities®, come with an onsite team that carries out any repair, gardening and security-related work. Goodbye home maintenance, hello holiday lifestyle!
Plus, downsizing also encourages you to declutter, reassess the things you need and take with you only the things that bring you joy. With less time spent on cleaning and maintaining your home, you’ll be surprised by how much more time you’ll have to do the things you love.
5. SAVE YOUR ENERGY AND YOUR ENERGY SPEND
Environmentally friendly homes have long been thought of as mud-brick houses, off-the-grid dwellings for those seeking the hippy life, or thoughtfully considered abodes for the wealthy − a luxury that can only be created with the assistance of an architect and deep pockets. While desirable, they’re often (and understandably) placed in the ‘too hard’ basket for buyers and homeowners. But for those seeking a reduction in their carbon footprint, the process doesn’t need to be that complicated. Simple lifestyle changes can have a significant impact on emission reduction – none more so than downsizing your home.
And downsizing doesn’t mean you are sacrificing comfort. In reducing the size of your home, you can save money, make more time for the things you truly love, and reduce your environmental footprint in the process.
It’s about living somewhere that is suitable for your needs, without the hassle that comes with maintaining gardens and empty rooms. It also allows one to pass the original family home onto the next generation of buyers, where they can love and raise their families just as the owners before them did.
A typical family home in the suburbs of Australia with two residents has a carbon output of approximately 8.1 tonnes annually. Compare that to a smaller home appropriately sized for the lifestyle of two residents and you’ll see a reduction of 4.55 tonnes annually in emissions. That’s the equivalent of driving around Australia for 12 months, or enough to fill a hot air balloon! It’s incredible to think that having an appropriately sized home for the number of people who live in it can make such a difference to a home’s overall carbon footprint.
6. MAKE A FRESH START
Whether it’s because of a significant life change – like the loss of your partner, a divorce or the feeling of an empty nest – or merely a desire to reinvent yourself for the next phase of your life, downsizing provides an opportunity to break from the past, make a fresh start and enjoy a better future in a new home.
Seize the day and embrace adventure and new opportunities today!
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