Now that the kids have moved on and retirement is on the horizon, you may have started to wonder if the family home – complete with media room, pool and guest wing – may be just a tad big for the two of you.
Making the decision to downsize and sell the family home is always an emotional decision, but it can have many benefits if you’re ready to take that next step.
Reduce the cost of energy
A large home usually goes hand in hand with higher energy bills. From heating and cooling costs to water consumption, there are significant costs to run a large home. Smaller homes have the benefit of reducing your carbon footprint and lower energy bills.
Freedom to travel
A large house requires a lot of upkeep, even more so when you leave to go on holiday. Security is important, especially if you are away for a few weeks at a time. The grounds and pool will still need to be attended to and pets will need to be looked after. With a larger home, travel can often feel more like a burden. Downsizing to an apartment or a smaller home can give you the freedom to lock up the property and head off on your next adventure.
Fund your retirement lifestyle
For many of us, the family home represents the biggest investment we own and the equity tied up in the property could help fund your ideal retirement lifestyle. Selling your property could provide an additional source of funds, when superannuation and the like aren’t able to support the retirement lifestyle you desire.
Move closer to amenities
Suburban life may have been perfect when the kids were little, but now could be the right time to move closer to the amenities you love. A home closer to the city can give you access to restaurants, cinemas, the theatre and shopping, allowing you to embrace the lifestyle that’s best suited for you now.