Thinking about downsizing? Debunking 5 moving myths
There’s a number of reasons home owners are reluctant to move, but downsizing can present owner-occupiers with an array of benefits.
In a blog post, real estate network Professionals Real Estate has sought to dispel the myths around downsizing, stating that these falsehoods are holding property owners back from the advantages that come with transitioning to a smaller home.
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These downsizing myths are:
1. Downsizing causes too much stress
Despite the stresses commonly associated with downsizing, Professionals stated that adhering to a realistic schedule could make the process entirely more manageable.
The network suggested that allocating six months to prepare before downsizing could help to streamline the process, and shared that an experienced real estate agent could provide patient guidance and help owners to achieve the maximum possible price while preparing to relocate.
2. Only older people downsize
Although downsizing is widely considered to only be an option for those who have retired or arrived at pension age, Professionals stated that downsizing is viable “as soon as you have reached a point where your home has empty bedrooms”.
“Once your kids have ‘flown the coop’, you’re paying to maintain a big place that’s not being used,” said Professionals.
“Finding somewhere smaller can free up time and money to enjoy your life.”
The network further relayed that families still living with children at home can also benefit from downsizing, with a smaller house enabling parents to spend more time with their kids, rather than tending to the upkeep demands of a larger house.
3. Downsizing won’t save any money
In addressing the financial misconceptions around downsizing, Professionals encouraged owner-occupiers to adopt a “long-term view” on the benefits of moving to a smaller home in a more central location.
Through adding up costs such as utilities, maintenance, transport, insurance and council rates, the network stated that strategically downsizing to a more central location can “drastically reduce these costs”.
Moreover, the funds gained from downsizing when mortgage-free can also help in purchasing and leasing out a rental property, offering a valuable source of supplementary income.
4. Relocation is too difficult
While the thought of moving away from an established home and area can seem like a foreboding prospect, Professionals emphasised that true “house happiness” is derived from how well a house fits your “current needs and lifestyle”.
Citing a study published by the Australian Housing and Urban Research Institute which found that “around 90 per cent” of downsizers and other movers were satisfied with their choice, they reported high-satisfaction varied little depending on respondents’ age.
5. A smaller home will be too cramped
Even though a smaller living space will result in less room for personal belongings, Professionals expressed that downsizing can present a valuable opportunity for decluttering.
“It’s an opportunity to get rid of unnecessary items, and you may be surprised by what you can let go of once you start the process,” the network said.
“You will still have room for the things you treasure and you will probably find you are able to use and enjoy them more once you have reduced other clutter,” it concluded.