Small living spaces are great as they offer more affordability and you’ll save on utilities and home maintenance. And it will be easier to make the capital investments that will save you even more in the long run, like a solar system. Going small will allow you to buy in a better area. And if you are downscaling, you’ll have more for little luxuries like travelling, and to put towards other investments.
Another great benefit is that small spaces require less furniture – a few great statement pieces allow for simple, minimalist decor and a beautiful, welcoming home at a fraction of the cost of furnishing a big house.
Location, location, location
You want to remain close to your family and friends and have ease of access to stores and other amenities such as doctors, hospitals, etc. Narrow your search to areas that tick these boxes.
What are your deal breakers?
Does the home offer the main assets that are important to you, for example, a good kitchen, a nice family space, a shower, etc?
Current wants vs future needs
If you are downsizing because the children have moved out and you are getting older, consider a single story with the ease of access rather than a property with stairs that may cause a problem later.
Growing pains
Will you be able to handle the upkeep of a big garden, or is it time for something smaller that is more manageable? Will your pets cope with a smaller space; is there somewhere nearby where you could walk them?
Fit for purpose
Will your favourite furniture fit in the new space? Make a list of every piece with which you can’t part. Take measurements. Then take a tape measure with you when you start narrowing down your list of potential new homes.
Storage wars
Is there enough cupboard space in the bedrooms and in the kitchen? Do you need outside storage too?
Peace of mind
Check the security features of each property you visit. Find out how safe the area is and what security is available. Ask the neighbours, chat to the local police, and phone a security company that focuses on the neighbourhood.
Guest appeal
Consider how many bedrooms you will need going forward – if your kids have all moved out of home, you may only need one spare room for when they or your friends come to stay.
Paper trails
Remember to ask for compliance certificates, even those that aren’t required in your province (for example, gas installations and solar geysers should come with a compliance certificate – if something goes wrong and you don’t have one, your insurers may refuse to replace the geyser or cover damage caused by a gas issue).
Complex questions
If you are moving into a complex or an apartment, be aware that there may be the added expense of levies, clubhouse fees, and/or security. Ask about historical escalation rates and request a copy of the body corporate rules (if applicable.) Ask your neighbours if there are any noise issues, does sound travel through the walls and ceiling? How old is the plumbing, the lifts, etc – upgrading such items is very expensive and you’ll have to contribute. What parking is available for guests?
If you are downsizing, it’s important to be sure that you are mentally prepared to move from a large house into a smaller space. The stress of selling a family home, getting rid of much-loved pieces of furniture and dealing with movers, etc can take its toll even on younger adults. Add empty-nest syndrome to the equation, and one can experience a deep sense of loss.
For more information on Just Property, please visit www.just.property or call (087) 583 3333.
