If people have suggested downsizing your home but you are resistant to the idea, it may be because a few beliefs are holding you back from exploring the option of transitioning to a smaller home.

Take a look at some common downsizer myths and why they’re not necessarily true:

Myth 1: Downsizing is only for old people

Many believe that downsizing is only something to consider once they reach retirement or pension age. However, this move is an option as soon as you have reached a point where your home has empty bedrooms. Once your kids have ‘flown the coop’, you’re paying to maintain a big place that’s not being used. Finding somewhere smaller can free up time and money to enjoy your life.

Some families even decide to downsize while children are still living at home. Moving to a smaller home in a more central location may make life more convenient in terms of travel time and it can free mum and dad from constantly focusing on the house, not the kids.

Myth 2: I’ll never be happy anywhere else

The feeling that you’ll never be happy outside your current home is understandable, especially if you’ve lived there for many years. However, happiness isn’t tied to the size or location of your home but to how well it fits your current needs and lifestyle. A smaller home can provide a sense of cosiness, less upkeep and a new community.

Happiness comes from within, not from a home. If you’re a happy person, you’ll find a way to feel content anywhere. As a study published by the Australian Housing and Urban Research Institute found, overall levels of satisfaction among downsizers and other movers were very high (around 90%) and there was little variation with age.

The main regret expressed by most downsizers is that they wish they had taken action sooner! Life can feel more enjoyable, not less, when you have less stress about maintaining the family home.

Myth 3: Apartment living is restrictive and unappealing

The idea that apartment living is restrictive and unappealing is a common misconception among people who live in larger properties.

The good news is that downsizing often gives you a healthy budget to explore purchasing a relatively modern townhouse or apartment. These homes offer balconies, inbuilt storage, modern kitchens, secure parking and even resort-style facilities like gyms and swimming pools. Contemporary apartments and retirement village units are designed to give you a sense of security and privacy; you’ll usually have the option to interact with others as much or as little as you want.

If you really don’t like the idea of an apartment, your other option is to ‘rightsize’ and explore options such as purchasing a block with two homes on it; live in one and lease out the other, or simply buy a smaller home that is more suitable for your lifestyle needs.

Myth 4: Downsizing won’t save me any money

People talk about how selling is an expense and you need to commit funds to stamp duty when you buy, but it’s important to take a more long-term view. Add up what you’re spending on utilities, maintenance, transport, insurance and things like council rates where you are. A strategic move to downsize can drastically reduce these costs.

What’s more, downsizing when you have paid off your mortgage may put you in a position to buy and lease out a rental property, giving you a source of income. There is also the potential to downsize and contribute a significant amount of funds to your superannuation without being penalised. Speak with your real estate agent, financial planner and accountant to break down the numbers rather than simply looking at the expense of a move.

Myth 5: I won’t have room for anything

Yes, a smaller place can mean less room for ‘stuff,’ but this doesn’t have to be a bad thing. When you downsize, you’re forced to declutter and figure out which belongings are most important to you. It’s an opportunity to get rid of unnecessary items, and you may be surprised by what you can let go of once you start the process.

You will still have room for the things you treasure and you will probably find you are able to use and enjoy them more once you have reduced other clutter.

One more myth: Downsizing is too stressful

Selling a home doesn’t have to be an overwhelming experience, especially if you are not on a strict timeline. You could decide to downsize and give yourself six months to prepare so it’s not a high-pressure situation. An experienced real estate agent will provide patient guidance, helping you make decisions and take the right next steps so you achieve the maximum possible price.

To start the process of downsizing, take a look at some smaller homes, units and retirement village options in an area where you would like to buy. You’ll start to get excited about the possibilities and look forward to your new chapter.

Ready for a valuation? Reach out today at teresa@teresaberger.com.au .