Downsizing in your 50’s; a smart choice

Really think about it: how often do you hang out in your spare bedroom? Is your garden growing wilder than you can handle? Renovating is a nuisance. Oftentimes seeking a change in your life is a good idea. Downsizing is the trend worth jumping on!

You might have already thought about downsizing your home and the many benefits. Starting in your 50’s is the perfect time to enjoy a fun lifestyle and to prepare for retirement. If you are unsure about the timing, how it works and what’s really in it for you, read on for a breakdown of everything you need to know.

What is downsizing?

In principle, downsizing means selling your existing property to move into a smaller space. But that’s not all there is.  

A lot of people decide to make the move and downsize when they are way past retirement age, mostly forced due to health or financial issues. It’s important to choose the right moment to downsize so you can make the most of your living situation while securing your future plans by getting comfortable in a place that suits your lifestyle.

Your retirement is not necessarily the key reason why you choose to downsize. You can still be working full or part-time and still find downsizing a good option. You don’t need to wait to be retired to make this change. Being in your 50’s is a fantastic opportunity to start your downsizing journey and here is why.

What are the benefits of downsizing in your 50’s?

Choosing a space that suits your needs has its perks for many reasons. And if you start in your 50’s, you are young enough to enjoy it to the fullest – for longer!

Less space, less responsibilities

You could have a large home to roam around in, but if you don’t make use of all the rooms, what is it good for?  

Downsizing means less time spent on cleaning floors and surfaces. Sounds good, huh? Maintaining the garden won’t be a big deal anymore either. The list of things to replace or fix in the house will reduce with every room you let go of. Less space means lowering your bills and housing costs too. Invest the equity free up in having fun instead!

The best part? A smaller home doesn’t mean a tiny living space. You can still find great housing options that suit your needs while saving on costs.

Live like a star

Now, practicalities aside, downsizing to a more compact housing type allows you to free up time for a bigger lifestyle too. Depending on your new neighbourhood, you might have closer access to gyms, cinemas, parks, community centres and more. Do you have a few things left on your bucket list, like signing up for that pottery class? Now you’ve got the extra time to go for it, no excuses

More money for more adventures

Do you know how much extra money is sitting in your current home? Selling your house in your 50’s can free up a $100,000’s in equity. When downsizing with a model like Lifestyle Communities®, you can then buy a new one for a lower price. That’s more money in your pocket for your retirement plans. Find out how much you could gain with the home equity calculator.

Sleep safe and sound

Moving is also a great opportunity to review your safety measures around your property. A downsized home often comes with fewer touch-points to take care of, making it a safer place to live in. Lifestyle Communities® also offers properties within a secure after-hours gated community and on-site Community Managers. Meaning when you are away travelling, your home is always looked after.  

When does downsizing not make sense for you?

Although it’s a great opportunity, downsizing might not suit everyone’s circumstances. When is the best time to downsize? The answer depends on your circumstances and goals.

If you are much younger than 50 years old, it might be too early to sell your home in order to get the best out of your equity. Consider the difference between your home loan and how many more years you have to go before it's paid off. Is the equity you could gain worth downsizing now or should you wait to get a better result?

Depending on the amount of people living under one roof, it can be better to have more space available too. Have not all the birds left the nest yet? You probably want to provide them with a place of retreat until they can spread their wings and fly on their own.

How to prepare for downsizing

You worked hard for your property and should downsize the right way without losing any of your efforts. Your home is supposed to be a place you love to come back to so finding the right one is important.

Follow this checklist on how to tackle this project: smaller house, bigger lifestyle.

• Know your current spendings and monthly budget
• Calculate how much equity you might free up by selling your current property
• Check how much in savings you have sitting on your bank account
• Speak to a financial advisor or property lawyer for legal clarification
• Identify which kind of lifestyle you want to follow from retirement onwards
• Inspect the local areas you could see yourself living in
• Make a list of essentials and nice-to-have features
• Create a floorplan with the minimum space you need
• Be open for a change

Downsizing your home is a great step to take, but it comes with lots of preparation and adjustments. Be sure you are ready to face the work that goes into the move before reaping the benefits.

Why is Lifestyle Communities® a great downsizing option?

Lifestyle Communities® is not a new thing in the real estate world. We have been on the market for over 22+ years championing homeowners, still working, semi-retired and retired, to live a bigger life.

We take away the overwhelming feeling of housing options and where to start. Find a selection of downsizer homes with great facilities on your doorstep, surrounded by a like-minded community. Explore affordable, high-quality homes in Victoria.

Seeking that all-year-round holiday feeling, it’s happening right here: Moving to Lifestyle Communities® comes with indoor and outdoor pools, fully-equipped gyms, a library and business centre, workshop and crafts spaces. The Clubhouse, a relaxing space of retreat, an extension of your home. And for the sporty peeps, enjoy a friendly game on the croquet or pickleball court or jump into a fishing boat.

Does this sound like the perfect option for you? Give us a call on 1300 50 55 60 to book a tour of a community near you.