Have you ever thought of wiping the slate clean to make a new fresh start in your life?
While many of us consider the possibility but back away from the inevitable upheaval. But it’s definitely possible to downsize your life. It starts with your property and possessions and it’s not overwhelming if you take it step by step.
As a real estate agent in our area, I can help you either downsize your property to find a new home that is lower in maintenance and has options that will improve your lifestyle, and we can look at ways to maximize the value of your existing home so you can start over.
Here are a handful of tips to successfully downsize your property and clean that slate.
Reset your priorities
Work can often throw the rest of life out of kilter. Focus on what gives your greatest satisfaction, whether it’s a hobby or a different career direction, and engineer everything in your life towards your new goals. Having something positive that you’re working towards can make the initial work of downsizing easier.
House maintenance blues
If you own a large, family-sized home, it comes with responsibilities. Your free time has to be surrendered to maintaining the property and keeping the garden in good shape. If this isn’t how you wish to spend your time, then it’s time to downsize. See your downsizing as a liberation away from chores and towards fun.
Does your plan add up?
There’s no avoiding the need to have money. So, make sure you can afford the lifestyle that you’re seeking and create a budget. Your family home is often your largest asset, so downsizing can free up your capital and give you money to live on.
Rent or sell?
If cash flow is an issue, another option may be to rent your existing home. This is a great idea if you’re thinking of moving to a completely new location but are not sure if it’s really right. It gives you the option to ‘try before you buy’ and make a more permanent move. Of course, you can also try out multiple locations with this plan until you’re confident you’re in the right place. There are always options in real estate.
New location
It’s tempting to believe a new location will make all the difference. Sometimes that’s true, but often the challenges of life follow you. So, ensure any new neighborhood meets your lifestyle needs, whether that’s a beach or an entertainment precinct and you don’t feel too isolated from family. And if you’re not sure, do consider trying the rental option first.
Sell your stuff
Reduce your possessions. It’s essential when downsizing. It will make it easier to live in a smaller place and create the hassle-free life you’re seeking.
Don’t ignore the future
With the money you’ll save from living in a smaller property, consider putting away any spare cash to secure your financial future and ensure you can be comfortable and have options long into your older age.