What to look for in a property when you’re downsizing
Looking for a new property when you're downsizing can be daunting. Do you try to find something you can move straight into or should you be planning to renovate? Is location more important than outdoor space? Will you need that extra bedroom just in case, or should you go for something more compact and have money leftover to refresh the interior? Not to worry, we've got some tips for what to look for when downsizing that can help you on your journey...
Renovation potential
If you're downsizing, look for something you can renovate to make it your own. This is the period of your life where you should be able to live in your ideal home and it's unlikely you'll be able to find a home that truly is your ideal home, so make it instead! Whether you manage to find an apartment that's a bit drab and dated or a neglected terrace that needs a spruce up, it doesn't really matter as long as it has the potential to be transformed into your dream home. This is where working with an architect comes in handy. Your architect can listen to your brief and help you narrow down options and advice on how much each potential property would take to renovate. This is exactly what our Pre-purchase Design Appraisal is for.
Renovating is the best way to realise your ideal home. Investigate the renovation potential before you commit with our pre-purchase design appraisal.
Lifestyle match
We get asked a lot by prospective downsizers whether they should find a place that has a courtyard or outdoor area or whether they should opt for a property with a better location and perhaps only a balcony. While we'd love to offer a hard and fast rule for this, it ultimately comes down to your lifestyle and which option would suit you better. If you're imagining you'll be out and about most days, soaking up the cafes, parks and galleries of the inner-west, then perhaps you're better off opting for a balcony overlooking a buzzing street. If, on the other hand, you love having friends over for a barbecue in the backyard and you don't mind a short wander to the shops, you should definitely look for a slice of outdoor space. Think about how you want to live your new inner-city life and match the property to your goals. Think about what you would like in your new home in terms of non-negotiables and nice-to-haves and that will help you narrow down your options.
Ditch the extra bedroom (or re-envision it)...
Think about how often you will use that spare bedroom. If it's less than every month or so, there's no real need for it. Instead, you can create a flexible guest space in another part of your home. Besides, the grandkids will have way more fun if they get to camp out in a nook in the living area than they would if they had a dedicated bedroom! Or, if you do go for the additional bedroom, think about how else it might be used. Could it become your luxurious robe and ensuite bathroom? Or perhaps a wine cellar with plush carpets and leather lounges to retire to in the evening. Remember, this move is about creating a better lifestyle for yourself, so put that bedroom to better use than a standby room for guests and a place to stash clutter! The money you save buying the property with one fewer bedrooms can be better spent on customising your home to suit you.
Remember to focus on what's possible, not what is available and you'll expand your options enormously. An architect's expert advice and guidance can really help in this area, giving you the confidence to purchase a property you know can one day become your dream home.