The decision to downsize is often not an easy one due to not only the emotional attachment to your home, but also the social attachment.
Common myths to bust:
Downsizing means moving to a small or less desirable property – WRONG.
The move to a property that is more suited to your needs and lifestyle will be more desirable. The move will often be into a modern, recently built property without the headache of maintenance.
Downsizing means giving up your independence – WRONG.
You can still maintain your independence by choosing a property that has fewer stairs and is easier to maintain. A smaller property will also free up time and resources that you can use to follow your hobbies and other interests.
Downsizing means losing money – WRONG.
Downsizing can actually save you money in the long run. Smaller properties are often less expensive to maintain and also have lower utility bills. You can also free up cash from selling your larger property. Leasehold properties also have no ongoing land tax/rates.
Downsizing means that you have to sell your current property before you purchase your new retirement home – WRONG.
This is the most important and not to mention incorrect myth to bust. There are options for you to buy your dream property and then sell your existing property later without the pressure of a fire sale – allowing you to buy your dream property now and sell your existing property later.
Downsizing means sacrificing your social life – WRONG.
Moving into a smaller property will allow you to live closer to friends and family and to also be part of a community of like-minded individuals. Downsizing can also free up time and resources that you can use to socialize and pursue your interests.
Courtesy Aussie Tewantin