April 09, 2018 by Rebecca Crommelin
Moving from your large family property to a more manageable home can allow for some more valuable leisure time. But choosing your downsized home should still be done carefully to ensure that it’s still a good investment.
If you’re an empty nester hoping to spend less time on home and garden maintenance, or if you’re one of Australia’s 5.5 million baby boomers1 – then downsizing might be a great option for you.
Fortunately, there’s a bunch of property options you can choose from if you are looking to downsize, and no, downsizing doesn’t have to mean the local aged care village. You may find comfort in a new apartment development, a townhouse or villa, or even just a smaller, lower maintenance house.
The key to making the choice is to consider what is right for you – and this will likely depend on your life stage. For example, a 50-something year old is likely to have significantly different needs for a home compared to a septuagenarian.
Features to weigh up
As a guide for what downsizers should look for in their home, the Australian Housing and Urban Research Institute2 (AHURI) conducted a study regarding the home features that are most important to retirees, empty nesters and baby boomers.
The study revealed that one of the main factors for downsizing is less maintenance. If that appeals to you then an apartment could be the right option for you. Even if you’re an avid gardener, you could opt for a small veggie garden or plants on your apartment balcony, or you could join the ‘community garden’ to satisfy your gardening needs.
Location and lifestyle
The AHURI study also found that location and lifestyle are important features too. Downsizers place importance on being close to their friends and family, but they also want to be near shops, restaurants and cafes.
Another key factor to add to your list is proximity to quality medical facilities. Even though you may be in good health right now, it makes sense to be close-by to hospitals and specialist clinics as you get older.
In addition, transport facilities is another thing to consider. As we get older, public transport can be a more convenient option for getting around. Even if your downsized home is nearby to shopping precincts, it’s wise to consider whether a short stroll today will still be possible in your older age.
Single level with security and storage
Unsurprisingly, the AHURI study found that downsizers have a high preference for a single level property with no stairs. However, downsizers are still looking for room to have guests, or to entertain. With 2- and 3-bedroom properties being far more popular among empty nesters than single bedroom houses. This is a significant factor, as choosing a property with more bedrooms and space can help to increase your property’s resale value down the track.
The internal layout of your home is important too. So be sure to seek floorplans that opt for ease of movement, plenty of ventilation and natural lighting, and lots of storage. Many often underestimate just how much personal belongings they own, and downsizing shouldn’t have to mean stuffing personal documents and possessions into every nook and cranny.
Another important feature that AHURI’s study found was good security. This can include window locks or well-lit pathways for a stand-alone house, or a concierge service or intercom system in an apartment. For many, security helps us feel comfortable and safe in a new home, and it’s a crucial factor to consider as we get older and spend more time at home.
Deciding to downsize is an exciting time – the start of a new chapter, and an opportunity to spend more time on you, and less time on household chores.
Give our team a call today at Mortgage Choice in Joondalup & Clarkson on (08) 9485 0090 – to find out what you can comfortably afford to spend on your next home.
1ABS Cat 3235.0 - Population by Age and Sex, Regions of Australia, 2014
2Downsizing amongst older Australians, Australian Housing and Urban Research Institute at The University of New South Wales, 2014
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