Many people living on the Northern Beaches of Sydney are reaching out to us to discuss downsizing in 2023.
The benefits of downsizing are many, but it can still be a difficult decision. It can be hard to leave the family home, but we very rarely hear from sellers who say they regretted their choice because they quickly get used to having a more manageable property and a lock-up-and-leave lifestyle.
Take a look at the top five reasons to downsize your home this year:
A shortage of homes on the market
The current supply shortage on the Northern Beaches means it is a good time to sell.
Whenever demand outstrips supply, the seller is able to achieve a strong price, no matter what the rest of the market is doing.
Our team has plenty of enquiries from purchase-ready buyers from Sydney, interstate and overseas who are looking for quality family homes. If you are thinking of downsizing, we may be able to help you sell in a matter of weeks.
To increase your cash reserves
Getting top dollar for your home will give you more money in your pocket to invest in a smaller property and ideally have funds left over to fund your retirement or travel plans.
Depending on how much you sell for, you may even be able to purchase two smaller homes; one to live in and one to rent out.
At times when interest rates are high, if you’re still paying a mortgage, you will also find downsizing can reduce the size of your loan so you have more room to breathe in your budget. The other benefit is lower bills; it costs less to heat and cool a smaller home.
There are also financial incentives for downsizers over the age of 55. As the Australian Tax Office explains, you may be able to contribute up to $300,000 from the proceeds of the sale (or part sale) of your home into your superannuation fund. Speak to your accountant about how you can use this initiative to your advantage.
Less maintenance and housework
While it’s nice to have space, the larger your home is, the more work there is to be done. If you have had enough of vacuuming and repairing the deck, you won’t know yourself when you downsize.
Many modern townhouses, apartments and retirement villages have managers who take care of plumbing and electricity issues. If the garage door breaks; it’s not your problem to solve. This gives you less stress and more time to do the things you enjoy. You’ll also have the benefit of being part of a supportive and engaged community.
Enjoy a more convenient location
Another huge benefit of downsizing is that you can afford to buy a smaller home in an area that might be out of your price range if you were seeking a larger property.
Move closer to shops and amenities, or be nearer to your family, and enjoy an easier lifestyle with less commuting for less than the price you were paying for your old home.
Enjoy a property designed for your lifestyle
Speaking of convenience, downsizer apartment blocks often have benefits such as swimming pools, outdoor barbecue areas and gyms. You can still welcome your friends or grandchildren for a visit without feeling as though you don’t have room to spread out. And you can enjoy the facilities without having to worry about maintaining them.
Time to make the move?
It’s not only retirees who are downsizing in 2023. Many families are realising they have more space they need and are switching to a smaller home for a simpler lifestyle. With so many parks and attractions on the Northern Beaches, extra games rooms and backyard space aren’t always necessary.
The hardest part of downsizing is making the decision. From there, it’s possible to sell a family home within weeks. Speak to one of our representatives to find out what your home is worth, what’s involved with downsizing and what your options are in terms of finding a more suitable place.
Contact us today to downsize and enjoy a more relaxed lifestyle.