Home Basics: When to Downsize a House

small home model

Downsizing is the process of selling an old home and buying a smaller one. This process offers the homeowner a wide range of benefits. With downsizing, you can minimise the payments on your mortgage. On top of that, house maintenance will be easy for you since you’ll be getting a smaller home.

Despite the many benefits of downsizing, this move isn’t for everybody. Before you sell your house and purchase land for sale situated in Melbourne West, think about where you are in life. Here are a few situations that may cause you to downsize:

Your Children Are All Grown Up

The empty nest syndrome is real. If your children have moved on with their lives and are living independently, you may feel sad thinking that they are no longer around your home. This may just one of the reasons to move on with your life. Instead of struggling to maintain a large home, you can sell it. Then, find a new house with a size that is ideal for you and your partner.

You Have Undergone a Divorce

According to a report from the Australian Institute of Family Studies, the divorce rate in 2017 is at two per cent. If you’re a part of this statistic, you may want to consider downsizing your house, especially if you are looking to move on with your life.

Your Spouse Passed on

woman pulling up the curtains

Death, unfortunately, is inevitable. When you lose a spouse or life partner, you have the option to downsize. Instead of living in a large home that you would struggle to maintain alone, you could sell it. Then, find a new home that will enable to you live more comfortably. On top of that, moving out of your home and into a new one will also enable you to create new happy memories.

You Have Retired from Your Job

If you’ve left the corporate world, you may consider downsizing if you want to take it easy in life. You can also move to a smaller home if your retirement money is not sufficient enough to pay for the expenses in your current home.

Also, if you are retired, it makes more sense to do as little work as possible as you age. The bigger the home, the more time and energy it takes to maintain. So, if you want to reduce the amount of time needed to maintain a house, consider buying a smaller home.

You Need to Relocate due to Your Work

If your boss asks you to move to another part in Australia, downsizing may just be the option for you. You can sell your current home and then buy a new one in a new part of the country.

In the end, only you (and your partner, if applicable) can determine whether the situation you are facing warrants a downsizing. If it does, then consider buying a smaller home and selling your existing house. Doing so will free up your finances, time, and energy, so that you can dive into new experiences and take advantage of the opportunity to make even more great memories.

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