Buying Selling

Cycles In Real Estate

Many cycles happen in real estate that coincide with people’s lives.

The act of downsizing is quite common. People in their early years often start in a small home, with their family growing and the needs for a larger home arise. Fast forward, the children grow up and leave to start their own families and a big home is then left. If this is you start getting into the mindset of downsizing by using this checklist

1. When is the right time?

For some, it’s when children move out or yards become too much to maintain, but ultimately there’s no definitive time frame to downsize. Often some people wait too long which can lead to maintenance getting on top of them or the move being so much harder.

2. What is the right location for me?

You should consider a few factors when it comes to picking the perfect location, such as health, access to transport services and social activities. A big factor can also be how steep the suburb is and is walking either to and from facilities or for leisure.

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 changed made to super contribution restrictions in the 2017/2018 budget, there’s now the potential for a couple to add $600,000 to superannuation when selling a property to downsize. I

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. Often people go looking for a home that is the same size as what they have. Bear that in mind when you start searching how much space do we need for the next phase of our lives?

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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 the Illawarra, for example, you’ll find a variety of options from villas (no stairs), townhouses (double story) or smaller duplex arrangements. 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 factor 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 on the foreshore or a cycle along the blue mile. Keep fit at a local gym, or take up yoga.

10. What are my must-have amenities?

Whether you’re looking for character, security, a gym or a garden, it is important to think about what conveniences are essential when picturing your new property. If your goal is to reduce the maintenance then a villa may be an ideal alternative. If you wish to be in the city close to the action and see the water then an inner-city apartment might be for you.

Trever Molenaar
Trever has worked in the industry selling property for over two decades. This lifelong profession has enabled him to master the art of negotiation. Trever’s own personal values relate through to his professional life 
  • The client comes first every time 
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Molenaar x McNeice
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