Our Guide to Downsizing

Practical steps to start your downsizing journey

Welcome!

Downsizing and selling your family home is a significant life event and one that should be carefully planned.

Downsizing can seem like a daunting and stressful task, particularly if you have lived in the same home for many decades.

We've created this guide to help you understand the process and make it easy to take the first steps towards downsizing.

We have had the privilege of helping hundreds of Hills locals downsize and have seen first hand the benefits our clients enjoy when they take this crucial step. We are here to help you and invite you to contact us when you are ready to begin.

Chris De Celis
Director
The Avenue Real Estate
M 0430 119 600

Your Downsizing Timeline

1. What are the benefits to Downsizing?
Let's look at the main reasons people want to downsize...
2. The importance of financial planning
Creating or updating your financial plan to work with this stage of your life is crucial
3. Finding the right home for you
One of the hardest parts of downsizing is finding the right home to suit your needs and how we can help
4. Preparing your current home for sale
Time to make a move! Tips to help you prepare your home for sale
5. Buying & Selling
Buy first and then sell? Or sell and then buy? Let's look at your options

What are the benefits to Downsizing?

For many of us the equity held in the family home is the biggest investment we own

Downsizing can be a financial lifeline and open up a whole new lifestyle and banish the worry of paying a mortgage or the upkeep of a larger home. A lot of our clients are asset-rich and by selling their large family-sized homes and buying a smaller, more manageable-sized home gives them financial freedom to pursue an active retirement.

Downsizing can help you by:

  • Creating or increasing your cash flow
  • Allowing you to move closer to family and friends
  • Reducing or eliminating a mortgage
  • Allowing you to move closer to amenities
  • Reducing home insurance payments
  • Increasing retirement savings
  • Having less home maintenance to do

The Importance of Financial Planning

Understanding the steps and financial options available allows you to make informed decisions and successfully downsize to a home that suits your lifestyle and needs better

Before deciding to downsize, it’s essential to assess your financial situation thoroughly. Understanding your current income, expenses, savings, debts, and overall financial capacity will help determine how much you can spend on a new, smaller home.

It is also likely to have been some time since you last bought or sold property and there are expenses involved in this process you will need to account for like stamp duty, legal fees, agent fees, marketing expenses and moving/relocation costs.

Some financing options available to Downsizers include:

  • Bridging loans, a short-term financing solution that helps cover the gap between buying a new property and selling your current one
  • Home equity loans, if you have significant equity in your current home, you can use a home equity loan to finance the purchase of a smaller property
  • Refinancing your existing mortgage can provide the funds needed to downsize your property
Always consult with a financial expert to determine the best loan type and terms for your unique situation, and remember, this guide is for educational purposes only and not financial or legal advice.

Finding the right home for you

Finding a suitable home to buy is the #1 challenge for downsizers

Start by identifying what you need and want in a smaller home. Consider the number of bedrooms and bathrooms, living space, outdoor areas, and location. Prioritising your requirements will help you focus on properties that best meet your needs.

As Downsizing experts in The Hills District we are able to match our clients needs with properties we have available or know are about to come on the market. A quick discussion with our team can help you identify your needs in your future property search and we are able to match you with the right properties seamlessly.

Downsizing property options:

  • Apartments
  • Villas
  • Townhouse or Duplex
  • Single level house
  • Retirement Villages or Communities
  • Off-the-plan properties

Preparing your current home for sale

While you may not be ready to make a move straight away, its best to start preparing your home for sale for when the right home comes along

We've have found that our clients who prepare well in advance to sell their home, including de-cluttering and organising your belongings, make the move to a new home seamless and stress-free. By design, downsizing homes are smaller in size so you will need to rationalise what items you can physically fit in your new home. Facebook Marketplace or Gumtree can be great options to sell and re-home some of your household items or donating to your favourite local charity are also options that are good for your conscience and the environment.

It's also time to complete any outstanding jobs around the house and give the front and back gardens a tidy up. We have a range of qualified tradespeople that we can connect you with to make these jobs manageable for you.

Buying & Selling

Before selling your home, get a professional property valuation to understand its market value

Deciding whether to sell your current home before or after buying a new one is crucial. Selling first can provide a clear budget for your new purchase, but buying first with a bridging loan can secure your desired property in a competitive market.

We are here to guide you through the buying and selling process and can offer practical solutions to help make this stress-free for you.

"

Chris was fantastic and handled everything quickly and efficiently. Chris was very knowledgeable about the current market and properties in the area, and made me feel very confident with the entire process. I barely needed to do a thing - he was brilliant in ensuring everything that was needed to get the property ready for sale was done, and ensured an easy sale was completed for a good price. Thank you Chris!

"

If the idea of downsizing is something you want to make into a reality, give our team a call. We are experts in Downsizing in The Hills and have helped hundreds of people just like you enjoy their downsizing journey.

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