What are the pros and cons of downsizing your home?
Deciding to downsize your home isn’t always easy. Moving means saying goodbye to the home you potentially raised your children in, the lounge you celebrated holidays in, and the kitchen that’s witnessed so many birthday cakes and family dinners. The emotional ties to your current home can run deep, but the past shouldn’t keep you from the future. Downsizing offers a whole new world of memories to make and opportunities to take!
Dusting off the storage boxes that contain a lifetime of possessions and memories can make the idea of downsizing seem overwhelming, but once the boxes of old photos have been sorted through, and boxes of clothes have been laughed at, you can dive into life with extra time and extra money. So let’s chat the pros and cons of downsizing so you can decide if it’s the right next step for you.
The disadvantages of downsizing
1. Finding the emotional energy to go through all your important piles of stuff
We all accumulate things that are important to us over the years. One of the biggest issues people face when downsizing is coming face-to-face with the things they’ve hidden away in storage over the years. You may have to say goodbye to furniture you love, and items with fond memories that may not make sense in your new home. You may find that your cupboards are still bursting when you move in, and that it may take some time to adjust to not having the amount of storage you’re used to. This could be your sign to reassess how badly you need that box of cassette tapes you’re holding onto ‘just in case’!
2. Readjusting to a new home
Better get stretching because you’re about to have to get flexible! Going from a family home to a downsizer home is a big adjustment. Muscle memory might mean you keep trying to turn off light switches that aren’t there, or find yourself reaching for drawers that no longer exist. If you have a partner, you’ll also be adjusting to their adjustment. You will have less places to store things, fewer places to spend time in the home, and will need to adjust to the change in lifestyle required when downsizing.
3. Finding the time
You’re a busy person! You have things to do, people to see, places to go, drinks to down; finding the time and energy to downsize can be hard. You might feel like you can’t be bothered with the whole process, that it’s just going to be too much effort, or that you can’t dedicate yourself to the process as much as you need to. Getting started will be the hard part, enjoying the results will be the easy part! Setting time aside now to figure out the future means you get to reap the benefits sooner. You’ll be poolside in no time.
The advantages of downsizing
1. Cheaper living costs
The jump from running a large family home to a downsizer home can have a dramatic effect on your bills and general living costs. 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 less stocked, 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! Plus, you’ll be doing your bit for the planet, downsizing your home means downsizing your carbon footprint - what’s not to love?
2. Less maintenance = more time
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.
3. Move to a location that suits your lifestyle
Downsizing is a chance to chase the lifestyle you’ve previously only dreamed of. Whether you’re after a vineyard lifestyle, a coastal adventure, or calm, country living, the world is your oyster. 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. Whether that’s close to your current home, or you’re chasing a sea change or a tree change, downsizing can take you anywhere.
4. Make money from the sale of your house
It’s a fairly simple equation. Sell the bigger house, purchase a smaller home, boom: money left over for your retirement and lifestyle. This real estate money can go towards a comfortable retirement, including hobbies, holidays, and anything else you want to do. We recommended talking to a financial advisor to figure out what your finances would look like post-sale, and what your Retirement Budget might look like.
5. Declutter and refresh
The more space you’ve had at home, the more likely those cupboards and sheds are bursting with things that - let’s be honest - you probably don’t need to hold onto anymore. Whilst decluttering can be overwhelming, moving to a smaller home means you will sort through what you own, and figure out the things that you really want and need. Maybe it’s time to bid farewell to that bag of cables, and the suitcase full of old magazines. We believe in you.
The advantages of downsizing with Lifestyle Communities
If you needed any more inspiration to downsize, we’re here to help. Lifestyle Communities offer pros on top of the pros when it comes to downsizing, taking your next stage of life to a whole new level.
1. Even cheaper living costs
There are additional financial benefits to living in a Lifestyle Communities home. You’ll be paying lower insurance premiums, thanks to the added security of the gated community, and won’t pay council rates, water rates, or stamp duty. Our properties are also built with sustainable features and energy efficient appliances, to keep your bills as low as possible. It’s that easy being green.
2. Even less maintenance
Downsizing in general means less cleaning and maintenance, but at a Lifestyle Community, it goes one step further, with our Gardening team maintaining front lawns (goodbye weeding!) and our Community Managers taking care of all the additional facilities. You won’t even have to think about it, whilst getting the benefits of living in a perfectly maintained space.
3. Gated community security
You can feel safe and secure with life in a gated community. Studies have shown that gated communities have 33% less burglaries and that the presence of security cameras can reduce crime by at least 50%. The peace of mind that comes from living in a gated community is priceless.
4. World class amenities without the upkeep
Downsizing your home doesn’t mean downsizing your life at a Lifestyle Community. Our locations all have incredible amenities, maintained by our Community Managers. Take a dip in the pool or spa, watch a classic at the cinema, or get active in communal sporting areas; there’s something for everyone, with none of the upkeep required from you. Heaven.
5. Like minded neighbours
Erase the fear of accidentally moving next door to a university share house, because moving to a Lifestyle Community ensures you’ll be living next to people in the same stage of life as you, with similar values and goals for their future. Moving in next to potential friends sounds a whole lot better than dealing with beer bottles thrown over the fence, right?
All the pros and cons are worth considering as you look towards your future. Figuring out your ideal lifestyle and what is going to suit it is a strong starting point to decide what your retirement may look like, and if that future includes an exciting downsizing opportunity.
If a fresh start with less clutter and more time to live sounds like the future you’re looking for, we’d love to chat with you about what life could look like for you at a Lifestyle Communities location.
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