Get ready to rethink what downsizing looks like when you pick Potts Point and discover how you can step up the luxury and convenience factors.
The idea of “downsizing” can be intimidating, but it doesn’t need to be. In fact, downsizing is an opportunity to realign your property hunt with your shifting real estate needs. Start getting in the mindset to downsize by using our checklist
1. When is the right time?
For some, it’s when children move out or homes become too much to maintain, but ultimately there’s no definitive timeframe to downsize. While the fluctuations in the real estate market can vary, this is where experience counts when considering who you should partner with on your property search.
2. What is the right location for me?
You should consider a few factors when it comes to picking the perfect location, such as transport links, access to health and lifestyle services and activities. It also helps to have an insider’s guide to the best breakfast spots.
3. How much will you save and how much can you spend?
Every case is different, however, it’s likely you’ll see a drop in utility bills and the general cost of living once you downsize. Plus, with the changes made to super contribution restrictions in the 2017-18 Budget, there’s now the potential for a couple to add $600,000 to superannuation when selling a property to downsize.
While you’re setting your budget parameters, it’s also the perfect time to start seeing what the market has to offer.
4. What should I keep and donate?
Downsizing real estate essentially means reducing space, so take this chance to properly clean out the closet and think about what you really want to take with you. This is a great time to dig deep and think about how some of your less used possessions could be donated to a worthy cause.
5. How much space do I need?
Downsizing and starting over, whether it’s in a new suburb or type of dwelling, is your opportunity to really think about what kind of living space you need. Also, consider the type of surrounding spaces, such as waterfront living and proximity to parks, that could provide additional sanctuary to your new property.
6. What type of property is right for me?
While downsizing may traditionally be attached to the idea of a small home, this doesn’t necessarily mean a studio or one-bedroom apartment for everyone. In Potts Point, for example, you’ll find a variety of options if you need to accommodate a furry friend or are looking for the ideal luxury lock-up-and-leave apartment. Your chosen real estate expert can help to guide you through the sea of choices.
7. What items will I need to replace?
When thinking about the costs of downsizing, make note of the pricey items you may need to replace and should be factored into your budget if they don’t fit, such as refrigerators, washing machines, lounges, dining tables and beds.
8. How do you picture your life in your new place?
According to a survey conducted by the Australian Housing and Urban Research Institute, 37.9% of downsizers say “lifestyle preferences” contribute to their decision.
Downsizing represents your decision to set a new course for the years to come, so don’t forget you have the power to make that vision come to life. Plus, with the right advice and help in your property hunt, it won’t be hard to make that picture a reality.
9. What’s the community like?
Becoming part of a new community is one of the great benefits of downsizing. Enjoy dining out, the cafe culture, breakfast out and the amazing bars. Keep fit at a local gym like PE Dept, or take up yoga. Join the sailing club down at gorgeous Rushcutters Bay. Volunteer at the Wayside Chapel. Or take a wander through the markets on a weekend and meet the neighbours.
10. What are my must-have amenities?
Whether you’re looking for character, security, a gym or a community garden, it’s important to think about what conveniences are essential when picturing your new property. If your goal is to reduce the stress of maintaining a large garden but you still want to garden at your leisure, moving into an area with community gardens might prove the perfect alternative.
Are you ready to start the downsizing discussion? Get in touch with our experienced team today to talk through the different options in Potts Point and surrounds.