What you need to know before you downsize

What you need to know before you downsize

If the kids have flown the nest, and you’ve decided it’s time to cash in on the equity in your home, there are so many reasons why an off-the-plan apartment will be the perfect fit. But before you make the move to improve your lifestyle, here are our tips for making all the right moves.

Define your dealbreakers

Do you know what kind of lifestyle you want to have in your new home? If you have pets or want pets, then you’ll need to look for apartments with adequate outdoor space. Or, maybe you love to cook, in which case a residence with a butler’s pantry and breakfast bar in the kitchen will give you the additional benchtop space to whip up feasts for your family and friends. No matter what you decide, you can be sure you will need plenty of storage, so keep an eye out for apartments with concealed and open storage solutions.

Alara kitchen storage space

Image: Alara

Where to live

It’s also essential to work out which area you’d like to live in. Are your children and grandchildren spread out? If so, who is it most important to be close to, or is there a location that is easiest for them to travel to? Alternately, an inner-city lifestyle is convenient and connected — perfect if you’re downsizing and have more time to explore and experience new things.

If you live in the city itself, you can walk everywhere you need to go — or catch public transport. This has the added benefit of increasing your incidental exercise so you can spend less time on your fitness and more time visiting local theatres and art galleries. There are a variety of luxurious and high-quality apartments in the major CBDs around Australia so you have plenty to choose from.

Magnolia Residences city view

Image: Magnolia Residences

Amenities explained

Are you excited about the idea of an on-site swimming pool, spa and sauna amongst other fabulous-sounding residents’ amenities? If so, make sure you understand the requisite costs of maintaining these shared areas. If you’re looking to live in a high-rise building with many neighbours and a strong community, then the costs can be quite low when compared to a low-density apartment building with similar amenities.

Park Ave spa retreat

Image: Park Ave

Declutter

It’s likely you’ve collected quite a few things over the years and downsizing presents the perfect opportunity to overhaul your possessions. Invite your children around to pick up any sentimental items they’ve left in your care (such as school books, awards, treasured childhood toys) and then sort out the rest of your things into piles to either keep, donate or throw away.

Think about the things you’ll no longer need. If you move to a place with landscaped outdoor areas, you won’t need your heavy-duty gardening tools. Similarly, if your new apartment building has an on-site gym and swimming pool, you won’t need your treadmill or inflatable pool. You may about to take up that exciting new hobby you’ve been planning for years, so look at this as a great opportunity to make space for it.

If you know the answers to these questions, congratulations! You’re ready to search for your new home — start looking here.