Remax-Profile-Ryan-Smith-When-is-it-the-Right-Time-to-Downsize-feature-image-1200x628

When is it the Right Time to Downsize?

When is it the Right Time to Downsize?

Written by Ryan Smith.

I am often asked “Ryan, when is it the right time to downsize?” The short answer is now! Now is the perfect time to downsize and simplify your life.

Need a little more convincing? Well, when you downsize you get less of the not-so-great stuff and more time for living. Here are just

 

1. Less time spent cleaning

An average 79-year-old person would have spent 9,636 hours cleaning in their lifetime. That number rises for women (sorry ladies) at 12,896 hours or decreases (no surprise here) for men at 6,448 hours.

It goes without saying that less space = less time spent cleaning it. That sounds like a win to me! Even if you can reduce your cleaning time by just 30 minutes a week. That is 30 minutes that you could better spend with a book in one hand and a Chardonnay in another.

 

2. Less expensive bills

A smaller home means:

  • Lower insurance costs
  • Lower maintenance costs
  • Lower electricity bills
  • Lower upkeep costs

Imagine the potential thousands you could save by downsizing.

 

3. Less debt and less risk

The great Australian dream is to own a home, not be stuck paying a mortgage forever. The quickest way to repay your mortgage? Downsize to an affordable property.

Let’s have a quick look at Brisbane residents. For argument’s sake, let’s say you have $500,000 remaining on your mortgage with $403,000 of equity in your home. Your current home would be worth $903,000 – which is the average price of a Bardon home.

Now imagine if you downsized into a Bardon unit of the same high standard. You would be able to put the $403,000 of existing equity into your new unit and downsize your mortgage to $188,983 (total value of the unit = $591,983, Bardon’s average).

You have automatically decreased your repayments from $611 to $232, a whopping difference of $379 A WEEK (assuming 4% for 25 years).

However, if you were happily paying $611 a week on repayments, you could downsize and pay your home off and be debt free in just 6 years and 10 months!

The math adds up; downsizing is truly life-changing.

 

4. Less space (and yard) to maintain

I don’t know about you, but I would prefer to go down to the local park (maintained by horticulturists) than pour hundreds and thousands of my hard earned dollars into a garden and grass space that I can’t even enjoy because I am too busy looking after it.

 

5. Less decorating required

Downsizing to a smaller home or an apartment means that you need to have clean, uncluttered spaces to make it feel spacious. This means there is less decorating and for those budding interior designers, it means you can invest in beautiful pieces as you won’t need as many.

 

6. Less mental stress

Do you feel like life admin is ruling your life and you are struggling to keep up with all the things to do? It sounds like you could really benefit from simplifying your life.

 

7. More time to spend with loved ones

Because you will be dramatically reducing the time you spend caring for your house, you now have more time to spend with the people you love, doing the things you love.

 

8. More time to take up that hobby

Ever thought that you would really like to do that thing “if you just had time.” Downsizing gives you your time back!

 

9. More disposable income to take a holiday

With a smaller property, there is less debt, less risk, fewer bills and fewer maintenance costs which means… more income for you! Fancy a margarita in the Maldives?

 

10. More room for family bonding

In a home with one living room, one level and shared rooms you can “foster family communication and cultivate bonding between siblings” according to Brett Graff.

 

11. More appreciation for your possessions

Because you have less room, you naturally have to bring less things into your home. This forces you to consciously evaluate every purchase you make, creating a deeper appreciation for the possessions that do make the cut and come home with you.

 

12. More living…

If you are ready to downsize your home and make more room for living, contact the Ryan Smith team today on 07 3510 5229! We will be there for you every step of the way.! We will be there for you every step of the way.

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of RE/MAX Profile Real Estate, the Global RE/MAX network or it’s agents.

Written by Ryan Smith, Licensed Real Estate Agent.

Give him a call today: 0403 609 235.

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of RE/MAX Profile Real Estate, the Global RE/MAX network or it’s agents.