3 Top Tips for Downsizing

Reviewed by Christina Penrose

There are many reasons people downsize, whether financial, to be close to family, declining health, or simply a change of scenery.  Downsizing can be a great option at any age or time of life.  There are many options for downsizing, such as an apartment, lifestyle village or just a smaller house. While ‘downsizing’ is the common term, we prefer to think of it as ‘rightsizing’. 

We understand the concerns that come with this big process.  Deciding how much space you need is a good first step, then all the extra decisions - will you be close to family or friends, public transport, cafes and medical facilities?  Sometimes, looking at interactive maps and suburb profiles can help. Let us guide you through this exciting transition, starting with our top tips for downsizing.

Our Top 3 Tips

1. Give Yourself Time

All too often we see people having to rush to downsize due to ill health.  Rushing can lead to mistakes like purchasing the wrong property, selling too quickly or for a low price, and even selling at the wrong time. On the other hand, waiting until you "need" to downsize can come with its own set of risks related to health, aging, family, and finances. 

Don't let these factors cause unnecessary stress and upheaval. Instead, connect with an agent early on to understand the process. We know that selling the family home can be surprisingly emotional, and we work with you to reduce the uncertainty and stress when buying and selling. 

Talking with us early means that we can provide up-to-date advice on the market, the transaction process, and the best approach and help manage the process of getting your home ready to sell. From fixing pool fences to gardening and styling your home, we have built a network of reliable tradespeople over the years and can help alleviate the stress of getting your home ready to sell. 

2. Have a Plan

To ensure a smooth and successful downsizing experience, it's crucial to have a well-thought-out plan both with understanding your personal needs and the current market. If you have a home that has been in the family for years or even generations, this process can take time.  Even starting slowly by cleaning out cupboards and rooms, as well as doing all those other little incidental maintenance tasks can make a huge difference when it is time to sell your home.  Presentation is key and decluttering a space can also make a big difference. This includes being mindful of furniture placement when styling for sale and ultimately when downsizing into a smaller place.  As you embark on your planning journey, it's important to ask yourself some key questions:

  • Are you able to buy outright or does your next property need to be subject to sale? 
  • Are you planning to move locally or to a different area? 
  • Do you have a wish list for your new property? 

Remember to be clear and realistic and identify your must-haves and non-negotiables early on so you can find the new home that is right for you and your new phase of life. Ask yourself, will the new property suit me in 5 to 10 years, would it be better all on one level or 2-storeys?  Another thing to consider is the pros and cons of buying with a body corporate.  Yes, they can be expensive but then all the expenses for gardening and maintenance are allocated.  By taking these steps, you'll be well-prepared to navigate the downsizing process and minimise the stress involved with your move.

3. Understand the costs and time involved in selling your home

When considering a property transition, the three key figures to evaluate include the cost of purchasing your new property, the potential market value of your current property, and the expenses associated with selling. Some of the expenses when it comes to selling your property may include:

  • Transfer Duty
  • Agent fees
  • Solicitor fees
  • Marketing expenses
  • Auction costs

When we undertake your property appraisal, we provide you with a clear understanding of comparable properties and their prices and a guide on the expenses and expected time to sell your property. 

Final thoughts

We understand that letting go of your family home can be emotional and requires careful consideration. Taking the time to conduct thorough research and having a plan can help make the transition to your home exciting instead of overwhelming.

If you would like to discuss downsizing or have any questions regarding buying or selling in Brisbane, don’t hesitate to contact Christina or Grant from Penrose Real Estate to put a plan into action.  Call today or book your free planning strategy session.