Relocation Relocation Australia hosts, Veronica and Bryce, have these tips for couples looking to downsize.
Buying the perfect weekender
Colin and Claire were keen to get away from it all in the perfect weekender.
Here are some things to keep in mind if you’re considering a weekender investment property
1 There is an old piece of property wisdom that says you should never buy more than 2.5 hours away from home or you won’t use it.
2 Look for properties close to infrastructure like cafes, shops and essential services
3 There are some real bargains to be had especially if you’re in to older style cottages.
4 However if you’re not likely to spend your weekends painting and gardening look for something low maintenance like a unit.
5 If the house is going to be empty over extended periods you might want to rent it out which provides some security and a revenue source. Keep in mind, that the peak periods for rentals are the holiday times when you prefer to be there yourself!
6 Houses, which are empty for longer than periods of 60 days, incur higher insurance levies.
So it’s important to consider how your weekender will fit in to your current lifestyle
And whether you have the time and energy to maintain and use your property to get most from it.
Downsizing from a house to an apartment – things to consider
Colin and Claire spent valuable time hunting for a house – so making the mental switch to purchase an apartment was a challenge for them.
If you’re thinking of downsizing from a house to an apartment here are some pointers to consider
1 Baby boomers in particular can struggle with the idea of apartment living as the “Great Australian Dream” has long been ingrained in the Australian psychi. Typically this “Dream” focused upon ownership of a detached house on suburban block, surrounded by a garden with a bbq and a hills hoist
2 If you’re coming from a house and you’re used to space, make sure your new apartment has plenty of storage, an internal laundry, a garage and even an outdoor area or balcony to accommodate your belongings
3 Weigh up the Pros and cons of a Big block vs Small block.
4 Think about Strata fees, noise, privacy and common areas.
5 Some hidden and costly extras to look out for are elevators and swimming pools.
6 Does it fit your lifestyle? Are you an entertainer and require outdoor space – balcony or courtyard? These spaces come at a premium so factor that in.
7 Pets may not be able to come with you
Downsizing to an apartment can have plenty of benefits and offer social and financial gains.
The convenience and low upkeep of apartment living is appealing but if you like your space be prepared to pay for it. It comes at a cost.