The kids have left the building, retirement is looming and suddenly the house feels too big and empty.
Many Queenslanders have been making the decision to pack up their home and downsize to a smaller property that requires less maintenance and is closer to amenities. But making the move isn’t as easy as pack and go. There’s a lot to consider from both a financial and emotional perspective. So to help you unpack the situation, we’ve broken it down to three bite-size chunks.
Weigh it up
When it comes to making the decision to downsize, it may help to consider all the pros and cons of making the move. Pros could include increased cash flow, less maintenance and lower utility bills. Cons might include less space for guests and extended family to stay, starting again in a new area and the need to downsize your belongings. By making a list and staying true to what’s important to you, you’ll avoid any unwanted surprises in the future.
Talk it out
Speaking to an experienced professional could be the easiest way to get your answer. A Financial Planner
can go through all of your finances and provide options that will best suit your current situation. Getting a clear plan together will make the decision a lot easier.
Take your time
You raised your kids in this house, you watch the grandkids tear around the backyard, and every room is filled with a special memory. The practicalities of moving to a smaller home may be appealing, but downsizing can also be charged with emotion. Not just yours, but also your children’s who may be deeply attached to the family home. While it’s good to consider everyone’s feelings, remember this is ultimately your decision, so don’t rush it. Change is always going to be uncomfortable at first, but there will be plenty of opportunities to create new memories if you do decide to move.
This new stage of your life should be an exciting change, not a daunting one so make sure you’re really feeling ready before you start packing those boxes.