Downsizing:
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How to get it right the first time.
Kids flown the nest and stuck in a home too big for you to maintain? Planning on downsizing for your next move? Here's how to downsize and do it with ease, says Seeff:
Downsizing is a trend that is not necessarily confined to retirees. Many younger people and fifty-plussers are now opting for the downsizing trend. Often, it comes with notable benefits such as a more secure lifestyle, but especially offers lower maintenance and hassle free living.
Downscaling could also be the realisation of a lifelong dream by moving to a seaside apartment for example. It also does not necessarily mean moving to a flat, but you could move to a smaller townhouse or house in a lifestyle estate or retirement estate that still offers the opportunity for your own house with a small garden. Some apartments and townhouses even have their own splash pools or Jacuzzis.
Many complexes and estates also have added lifestyle benefits such as a clubhouse with a swimming pool and gymnasium and a concierge service. A downgrade in the size of your property could well mean a lifestyle upgrade!
A few things to consider include:
Location – the location of choice will depend entirely on your lifestyle needs. While some may decide to relocate to the coast, many in fact prefer an inland destination where they can be close to family and friends. Especially when there are grandchildren involved, granny and grandpa may well want to live close to them and go to the coast for their annual holidays, perhaps with their family
Facilities and amenities – consider access to facilities as you would not necessarily want to be cooped up in a flat. Look for a complex with grounds or a nearby park. Amenities on offer such as a gymnasium or swimming pool is a great added value. Other infrastructure such as medical care and transport should also be taken into account. Check also what the complex offers in terms of security and maintenance.
Property choice – there are a range of options and downgrading does not have to mean moving into a flat. There are many estates and gated complexes that offer smaller, compact living options with plenty of extras. The choice of property will depend on your lifestyle preferences, but be sure to think about future needs. You do not necessarily want to invest in a property that might not be suitable for your golden years.
Additional costs – while you will be saving plenty, complexes and estates these days come with added levy costs, but these tend to be minimal when compared to the upkeep of a large home and garden. Do not be caught off guard though, be sure to get the information on monthly levies and costs upfront.
Price – prices vary depending on the type of property, what is on offer and the location. It is therefore best to first consider your lifestyle needs. The next step is to consult with an area agent to discuss your needs and options available in the area.
By downgrading from a big home, you may well end up with plenty of cash left for a wonderful holiday.
Author: Seeff
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