Recently, there has been a massive push for people, particularly older Australians, to downsize. A couple of years ago, the Federal Government began incentivising older home owners to sell up and buy something smaller. There are many positives to downsizing, not just for empty nesters, but for everyone as bigger does not always mean better. Downsizing can be an awesome tool in helping you have more in your pocket or if you want that lifestyle change.
This is a great feeling when you’re about to retire or wanting to cut back on energy costs, particularly on a home that is way too big for you.
Energy Bills
Energy bills are increasing every year, and with a bigger house, that potentially means a bigger energy bill. For instance, according to Expatistan's Cost of Living Index, the average utility bill for two people in Melbourne was $266 a month. As bigger homes need more power, you could shave $100s off your utility bills by considering a downsize.
Save the stress
Residing in a bigger home means more stress with maintenance and cleaning. Don't even start about the costs of upkeep. Downsizing means a smaller work load and more time to do the things you want to do and gives you greater flexibility. Further, downsizing will mean you will be enjoying your house instead of stressing over it.
The Lifestyle Change
By downsizing this will potentially give you the opportunity to reduce your living costs as well as your mortgage. Having extra money in the bank account will not only enhance your lifestyle but give you more freedom. Maybe an option is to buy some new wheels or go on that holiday you have always wanted. Many use downsizing as an opportunity to move to the beach or go to the hills and away from the pressures of city life.
It can be tempting to hold onto your family home but in reality, it could be holding you back from a better lifestyle and financial situation.
When you’re ready to make the decision, make sure you seek some professional advice to get you started. There’s many experts out there who will guide you in the right direction and make the process a lot less stressful.
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Article by Andrew Nguyen
