Dreaming of downsizing?
Here’s how to get started!
Lifestyle is one of the biggest reasons why empty nesters are attracted to the downsizing dream.
There comes a point in time when that big house and garden are taking time and energy you’d rather spend on other things, and downsizing is the key that opens up your next adventure in life.
However, orchestrating a complete home transition is a huge project that takes most people 6 months or longer.
Breaking that project down into stages will make it much more manageable.
- Manage your belongings
- Prepare your home for market
- Exchange contracts on your new dream home with the help of a Downsizer Bond
- Sell your home and align your settlement dates
- Move into your new dream home!
Here are some practical tips for downsizing:
Make a peaceful “retreat” space in your house where you can relax comfortably during the next several months while you sort through your possessions. Similarly, designate a “messy” space where you can shift items temporarily before you move them on. This could be the spare room, garage, or back porch.
Book a council clean-up (hard rubbish collection) so you have an initial deadline to declutter. Buy some large, strong garbage bags and scout some cardboard boxes from your local fruit & veg shop so you can keep everything tidy in the meantime. If you have room on your property, like the driveway, you could hire a skip.
Make a first pass over the whole house, one room at a time, looking for items you can quickly get rid of. Be decisive and move those items to the “messy” space, then donate, give to family, sell or dispose of them. If you have a smart phone and use social media (like Facebook), there are local “buy, swap, sell” and “pay it forward” groups that could find a new owner for items that deserve a second chance. Simply take a photo and upload to the group with a description, whether it’s for sale or free, and your suburb for pick-up.
List the rooms and areas in your current home that you don’t plan to have in your new space and then determine what furniture will go with you and what will not. Decide if you want to sell, give to family, or donate your unneeded items. There are charities that will come to your house and collect useful furniture pieces that are in good condition.
Your motto needs to be: Less stuff … more life!
Determine if you will need any repairs or upgrades to maximise the value of your current property when it goes on the market. Real estate agents will be delighted to share their advice and give you a free appraisal. There are several ‘buy-now-pay-later’ style funding options your real estate agent can access that could advance you the required funds for those works.
To help you put down the deposit on your new home, before you’ve sold your current one, have you checked your eligibility for a Downsizer Bond?
A Downsizer Bond is a cashless deposit bond that you use to exchange contracts and secure your new dream home. The bond is backed by the equity in your own home — so you don’t have to drain your savings or your super!
On our website at Downsizer.com, you can search our marketplace to find off-the-plan dwellings from high quality developers who will accept a Downsizer Bond for exchange of contracts.
It’s a much better alternative than selling first and then renting for a while, or moving in with family — and effectively moving twice!
You may also like to explore buying off-the-plan because not only do you get a brand new home, you benefit from an extended settlement period of several months or more. You won’t have to sell your current home until a much later date, which relieves you from unwelcome time pressure.
Keen to learn more about downsizing? Contact me at Downsizer for a quick, obligation-free chat about your home-buying needs.
