Neometro’s Guide To Downsizing.
Architecture, Design - by Open Journal
22nd June, 2022
Considering a downsize? Whether you’re an empty nester, want to reduce your time spent on maintenance, or are ready to realise the capital in your current home, there are many great reasons to consider an apartment or townhouse.
Considering Downsizing
Selling your family home is a big decision. Sitting down with your loved ones to discuss it can be an excellent place to start. Talk through things like why you want to downsize? Where you see yourself living next, and what type of home is right for you? Once you’ve decided to move ahead with the decision, create clear priorities for your next property. This will help you find the living arrangement that will maximise your quality of life.
Community Benefits
Buying into a Neometro development allows you to retain the benefits of inner- city living; parks, cafes, boutiques and being surrounded by people of all ages.
At Neometro, we proactively cultivate community within our developments. For example, by running gardening workshops on our building’s rooftop gardens.
Neometro apartments and townhouses require little maintenance and are very secure. They are true ‘lock and leave’ properties for those wanting to travel more and have less home-related responsibility.
“I have lovely neighbours who’ll water my plants and pick up my post. I just
love the diversity and excitement of the neighbourhood” — Rosaleen, Jewell Station
Buying & Selling
The cost of downsizing can feel unknown, but it shouldn’t.
We recommend looking into some of the new superannuation incentives the government has put in place to encourage downsizing, as well as establishing what your budget will be for your new home. Some costs to consider include:
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Real estate agent fees and commissions
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Legal costs to sell your old home and purchase a new home. For example, conveyancing and contract preparation and review
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Pre-purchase financial advice concerning pension implications and utilising superannuation incentives
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Removalists
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Purchase price of new property
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Stamp duty to purchase a new home, if not buying off the plan
Reentering the real estate market often feels much smoother with a clear idea of where you want to buy and your ‘must-haves’ and ‘dealbreakers.’ Giving a sales agent a clear picture of what you’re looking for will help them find your new home.
Take your time and talk to a few different agents before you decide. Ask them about the state of the property market, an indication of what your property might be worth and the best strategies for marketing and selling your home.
Buying a new home, over moving into a retirement village, means buying the full land title over the property. This is often not an option in retirement villages. Your new home will become another asset and hopefully continue to appreciate over the years, providing you capital gains.
Consideration of community is important when investigating your downsizing property options. If buying a new home, your neighbours will likely consist of a diverse range of people, at different stages of life, rather than a more tailored community like you may find in retirement villages.
Packing & Moving
While packing up your home can be emotional, it also signifies the start of an exciting new chapter of life. Before you begin preparing to move, remember to:
- Start early and make a plan
- Sort things out
- Sell things yourself
- Donate to charity
Living In Your New Space
Your new apartment or townhouse will likely have room for fewer things than your previous home. While this might require adjusting, it is an excellent opportunity to embrace a lower-maintenance lifestyle, buying less but better and truly celebrating the things you love most.
To find out more about the process of downsizing, download a copy of Neometro’s Guid To Downsizing here.
The guide covers all of the above with comprehensive information about each step along the way to downsizing.
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