The best home isn’t always the biggest one. At one point, homeowners realise that a large property can be too big to maintain, especially when you’re in the retiring boomer demographic. Today, the older generation favours low maintenance homes over large estates.
Sometimes, it pays to consider the knock down rebuild Melbourne contractors offer. There’s a lot of practicality in it, after all. For one, you get to enjoy the same neighbourhood you grew to love whilst living in a property that fits your preferences. Moreover, you earn some extra space in which you could perhaps build a rental property or at least a granny flat.
Crunching the numbers
You can even crunch the numbers to see how much you can save when you live in a smaller space.
The first aspect where you would earn savings is the overall home cost. When you have a smaller space, you tend to have fewer items. In most cases, you would stick only to what is necessary and to what is truly valuable to you. The best part about this is that you save some money on a regular basis.
Your air conditioning system will also thank you for downsizing. With less space to heat or cool depending on the season, you put less stress on the machine, lower the energy it consumes, and prolong its service life. This alone presents significant savings. Add the other light fixtures and appliances that would be gone come the time of downsizing and you would see how much you can save.
Last, you can make some money off the items you would have to let go. With the popularity of online e-commerce sites, you can easily get rid of your furniture and appliances whilst earning a few dollars for such items.
Finding the right time
So, when’s the right time to downsize?
You have to look at three things: your expenses, your physical condition, and your readiness. Especially when you’re approaching retirement age, you have to control your expenses. If some health problems prevent you from maintaining your current home in its best condition, it’s time to downsize (otherwise your property value can suffer). Finally, make sure you’re ready to embrace the changes this will bring.
Whilst it’s perfectly fine to manage a vast lot with expensive assets, there are just instances when you prefer to go low-key. Under the right circumstances, downsizing is your practical option.