Property ownership like life can have multiple stages, depending on needs. Many couples buy a larger house when they decide to settle down and start a family. But decades later when their children have grown up, become independent and ‘flown the coop’, they find themselves empty nesters with a too-big house and garden that no longer meets their needs.

This provides elderly owners with the opportunity to sell and release the equity tied up in a large family home to ensure funds are available for a comfortable and more fulfilling retirement. It can also be the catalyst to embark on a new chapter of life for which a change of accommodation is necessary.

This could be moving closer to family and friends, returning to hometown roots or shifting nearer to amenities such as healthcare providers or the beach. For the more adventurous it could be taking the opportunity to transition to a home they can lock and leave while they embark on global travels. However, for most downsizing is for a mixture of practical and budgetary reasons.

Smaller properties often mean reduced maintenance and lower utility, insurance, heating and cooling costs that improve cash flow. They can also have more convenient lay outs and be in more convenient locations for those entering their golden years. Not only can downsizing improve financial freedom, but it can also allow for increased leisure time as less maintenance, cleaning and general housework mean more time to spend on things you enjoy doing.

Deciding how best to downsize involves considering a range of factors and working through a range of steps. Rather than do it alone homeowners should seek the views of expert advisers and reach out to their local Raine & Horne real estate professionals who are deeply knowledgeable about the downsizing process.

Most importantly, at Raine & Horne we understand your home is more than bricks and mortar – it’s filled with memories. Downsizing can feel like leaving a big part of yourself behind. It means saying goodbye to familiar surroundings and a neighbourhood you’ve known for years. You need advisers who get this and can work with you closely to:

• Research the property market, monitor property values in your area and identify potential locations for your downsized home.
• Explore alternative housing options such as different types of properties as well as retirement living options that may meet your needs.
• Obtain an independent valuation of your current home to estimate its sale price while also helping you accurately estimate fees, moving costs, and other associated expenses.
• Prepare your home for sale by decluttering, cleaning and upgrading. A good real estate agent can help you stage your property by installing additional furniture to demonstrate alternative possibilities.
• Market your property to attract potential buyers.
• Negotiate the sale and obtain the best possible price for your home.
• Finalise the purchase by working with your solicitor to complete the legal paperwork and transfer ownership.
• Make your downsizing journey a pleasant one.

Whether you want to buy, sell or rent a property, don’t hesitate to contact your local Raine & Horne office.