According to a survey conducted by the Australian Housing and Urban Research Institute (AHURI), more than 50% of Australians over 55 are open to downsizing and moving to a smaller home. Australians downsize in response to certain life changes such as health, relationships, lifestyle preferences, or children moving out to live independently.
If you are planning to move to a smaller-sized dwelling, here are a few reasons why you should go for it as soon as possible.
1. Now is the Right Time
The age 55 is the right time to downsize because, by this time, you would already have enough savings to move into a new home. Your children have probably moved out to study or chase their own dreams, and eventually have a family of their own. As with any real estate, it’s cheaper to invest now than later. Plus, moving in to a new neighbourhood as soon as you can allows you to explore your new surroundings, meet new people, and settle in for good.
2. Save on Your Expenses
Maintaining a home can be quite expensive, especially if it’s a big family home with plenty of rooms and a huge backyard. Downsizing can help lower your expenses since there’s less space to maintain, fewer lights and appliances, and a smaller garden to tend. This cuts down your shopping list items and reduces your monthly bills.
3. Financial Independence
In relation to saving money on your expenses, downsizing can also give you financial independence. Smaller homes are generally cheaper. When you sell your family home, you’ll have enough money to buy a small home. This way, you won’t have to pay for monthly mortgages anymore. That’s one less thing you need to worry about.
4. Practical Living
Let’s face it, cleaning and maintaining a big home can be exhausting and counter-productive. It could take you half a day to just perform a general clean! By the time you’re done, you’re already exhausted to do other things. Having a smaller home means spending less time for maintenance and more time doing things you enjoy. Also, it’s easier to navigate around the house. This is particularly crucial when more mature visitors come to your home. Getting from one room to another should be a worry-free activity for everyone in your home.
5. Mental Clarity
Moving to a smaller home definitely has a lot of financial advantages and practical benefits. But did you know that it is good for your mental clarity as well? When you downsize, you are forced to declutter and only keep the things that you really need. With less space and storage, you need to really think about what to keep and what to leave behind. It’s always a good mental exercise to declutter and get rid of things that no longer serve their purpose. As Marie Kondo would say, only keep the things that spark joy in your life.
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