Thinking about downsizing? Here are four factors to consider
Michael Cox and Casey DeMichele from Raine and Horne Murraylands offer their advice about a common situation in real estate.
This sponsored story is brought to you by Raine and Horne Murraylands.
Selling the family home, and moving into something more manageable, is one of the biggest and bravest decisions you’ll ever make.
Whether you’re moving off the farm and into town, or from a three-bedroom into a retirement community, it’s likely to be an emotional time.
What practical considerations should you keep in mind?
Here with some helpful advice are your local real estate experts: Michael Cox and Casey DeMichele from Raine and Horne Murraylands.
Make the move on your terms
The most important thing to consider, Michael suggests, is timing.
While you may be reluctant to downsize, it’s important to consider that your ability to maintain a larger property may change over time.
“The worst-case scenario is something changing in your life that leaves the burden on one person,” Michael says.
“While you’re thinking about it and you’ve got complete control over the situation, it’s a great time to do what you want to do, not what other people think you need to do.
“That can even mean an interim downsize, like farmers going into something residential but on a half-acre block, before you go into something really small.”
It’s a good idea to have conversations with a professional sooner than later, Michael suggests: someone outside your immediate family circle, who can offer independent advice.
Get your ducks in a row before you commit
In today’s real estate market, it’s wise to get organised before you advertise your home for sale, Casey says.
These days, properties in the Murraylands typically sell within days, and at prices that would have seemed crazy 10 years ago.
Casey suggests you start talking to a real estate agent, get photos of your property taken, clear out the shed and do any tidying up so you’ll be ready to go when an opportunity arises.
“Then when either A) you find something else to purchase or B) you get a phone call from the retirement village saying they’ve got an opening, it’s not anywhere near as stressful a process,” she says.
“Sometimes it can take a couple of years for something to come up in a retirement village.
“If they know a client has things ready to go in the background, you often go to the top of the list.”
The relationships local real estate agents have with the managers of villages like the Lutheran Homes and Waterford Estate help smooth the process, Michael says.
Likewise, agents can reassure vendors that they’re confident about achieving a certain price for your old home within a certain time frame, and that everything will work out well.
Focus on your goal
A common trap for people thinking about downsizing, Michael says, is that they don’t actually end up downsizing at all.
You’ve accumulated a lot of stuff over the years – where will you put it all?
You might not use that third bedroom very often, but what about when cousin Bob comes to visit every other Christmas?
But remember: the reason you’re thinking about downsizing is to make life easier.
You want to end up somewhere you’ll be able to spend less time worrying about housework or gardening, and more time enjoying life.
Just make sure you allow enough time for family members to come and collect any furniture or other items you will no longer need, or to sell, give away or donate those things.
The more organised you are, the less anxious you’ll be, Michael says.
Get some sound advice
Finally, given how much the market has changed since you may last have bought or sold a home, don’t be afraid to lean on advice from the professionals: your financial adviser, a retirement village manager and, yes, even the real estate agents.
The higher the sale price you can achieve, the better it will be for everyone.
“One of the things I hear a lot from people downsizing is … financially they are challenged, and they need to maximise their sale to be able to afford what they’re going to go into,” Michael says.
“If you’re not working any more and this is your big asset, this may be your one time to set yourself up (for the future).”
If you’re thinking about downsizing, don’t be afraid to start having those conversations with friends, family members and your local real estate experts.
You might decide now is not the time, and you’d rather stay where you are.
Or you might find you’re ready for life’s next chapter.
Whenever you reach that point, Michael, Casey and the team at Raine and Horne Murraylands will be happy to help.
- More information: Visit www.raineandhorne.com.au/murraylands, call 8532 3833 or drop into Raine and Horne Murraylands’ office at 4 Seventh Street, Murray Bridge.
Advertising to more than 20,000 highly engaged locals can do wonders for your business. Call Jane Intini on 0418 835 768 or email jane@murraybridge.news.
Peri Strathearn
