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Over time, the cost of running a large home can increase, especially when it is a family home. If you have the opportunity to move or must move due to a particular circumstance, you would likely want a home that is more financially and mentally suited to you than your current home.
At this point, knowing how to downsize before moving in Australia can be useful. This guide helps explain downsizing and the types of downsizing options that are available. You can also learn steps to downsize before moving and the available financial incentives.
What Does Downsizing Your Home Mean?
In Australia, downsizing your home goes beyond merely moving into a smaller home. It connotes the freedom of being more financially independent. In addition, you get to enjoy the home of your dreams or a neighbourhood you prefer. Typically, downsizing involves moving from your family home into a new home. In Australia, up to one in four persons of 55 years and above have downsized.
How to Downsize Before You Move in Australia
You may only realise the large number of accumulated possessions you have once it is time to move house. You may then wish to take measures to downsize before moving. Here are steps to downsize your home before a move in Australia.
Step One: Discuss downsizing options with loved ones
Consider that you may have to give your loved ones the opportunity to decide and the time to familiarise themselves with moving. Remember that the quality of in-home care services and available assisted living services can matter in your choices.
Step Two: Choose a moving date
Since you already know your options, you can set a moving date and start working towards it.
Step Three: Get help from moving specialists
Downsizing your home before a move in Australia need not feel overwhelming. You can get help from professional removalists. Certainly, it would be best to invite them right from the planning stages. They can help you with packing, loading, moving, and storage.
Step Four: Match your furniture to the floor plans
You can sort the furniture you want to take to your new home. Use a tape measure and a pen to accurately measure your furniture and decide if it will fit in your new space.
Map out the furniture on the floor plans to see if it'll fit in your new home.
This includes the bed, bedside tables, couch, dining table, and hall tables. Ultimately, you may purchase new furniture that is useful but smaller.
Step Five: Declutter personal items
Using the want vs. need criterion is key to your decluttering process. This can be difficult as some items are of great sentimental value. However, an easier way to begin is to start with rooms with items of less sentimental value. For example, you may begin with your kitchen or bathroom.
Alternatively, ask yourself when you last used an item or if you really need it. It is possible to hire a professional organiser as an impartial third party to help loved ones let certain belongings go.
Step Six: Get rid of unwanted items
If you doubt certain items will fit into your new home, you can do away with them. Your process of getting rid of unwanted items can begin with a plan. Great options include gifting such items to friends, selling them, or donating them to charity shops.
Step Seven: Sort out your paperwork
This guide to downsizing your home before a move would be incomplete without a step to sort out all paperwork. For example, you may need to register at the retirement home or update your bank and credit card information.
Likewise, planning out your utilities and insurance would be best. This includes making calls to providers and sorting out the following before moving day:
- Utilities such as power, gas, air conditioning, internet, and water.
- Home insurance
Step Eight: Make the actual move
Finally, the moving day is here. Remember, this day should be a breeze if you have planned properly. Of course, proper planning includes planning for the unexpected.
Step Nine: Put in the finishing touches
Even if you have moved into a smaller space, you can still do a lot to bring in life, light, and breathing space. Hiring interior designers to design awesome interior styles and make the room comfortable and attractive is clearly not out of place.
Options for Downsizing Before a Move
You have different choices of downsizing options in Australia. You may downsize to retirement villages, granny flats, or even small apartments.
Aged care when downsizing
When downsizing before a move, you can get short-term or long-term aged care for seniors. There are care facilities that cater fully to the needs of seniors.
Downsizing to retirement villages
Retirement living communities are becoming more popular for people 55 years and above. Living in a community of people with similar ideas and priorities is appealing. You can network actively and participate in as few or many activities as possible. Some retirement communities even provide awesome rural retreats and aged care options.
Downsizing to granny flats and tiny homes
A common reason for downsizing family homes in Australia is to improve financial independence. You may want to sell your family home to move into a less expensive home. Today, you can choose to downsize to granny flats and tiny houses. They offer low-cost downsizing solutions.
The Role of Real Estate Agents When Downsizing
As you consider your move, it can be of great help to seek out real estate agents experienced in downsizing solutions. They can offer great advice on how to nail down a downsized home option that suits your budget.
In addition, experienced real estate agents can help with home value assessment and current market pricing. Besides, you may not need to over-stress calculating home loans and term deposit values.
Real estate agents can help you estimate how much you owe and what your budget can afford. For example, they may look at your projected retirement income and preferences for independent living and advise you.
Government Incentives that Support Downsizing
The benefits of downsizing positively affect the broader community. Thus, the Australian Government put the following incentives in place to support downsizing:
Downsizing superannuation incentive
The downsizing superannuation incentive allows you to top up a specific amount from the net proceeds of your family home sale on your super. This is for people over 65 and can be an attractive incentive if you're a self-funded retiree. It allows you to top-up your retirement income without worrying about reduced access to the age pension.
Stamp duty incentives
Some state governments provide stamp duty incentives with particular advantages for downsizers.
Tax incentives
Tax incentives also apply to land lease communities and certain leasehold retirement villages. In particular, you can enjoy a waiver on stamp duty and county rates. You can also benefit from commonwealth rental assistance.
Top Downsizing Tips for Interstate Moving
You can make use of the following downsizing tips for moving interstate:
- Book well in advance to save on costs and for flexible moving dates.
- You can start your budgeting process by carefully eying the property market for the best deal for your family home.
- Do proper research on how to take advantage of stamp duty exemptions and government grants for downsizing.
- Be sure to understand the tax implications of selling and its impact on age pensions and any government benefits.
- Be sure to research the new location's property types and financial implications.
- Get the space calculation for your move accurately. This is because the moving costs can be based on the cubic metres you need to move.
Downsizing Tips for Family Homes in Australia
- It is wise to mark up power outlets on your floor plans. This way, you can create good access to electricity and properly position electrical appliances.
- One of the top tips for downsizing to an apartment is to research the big lifestyle changes you may have to make. Remember to identify all associated costs.
- Likewise, determine if the new neighbourhood has amenities like shopping, medical, and transport facilities.
- According to real estate advisers, you can snap and collate pictures of the old home to retain good memories for seniors.
- Be sure to seek out professional legal and financial advice while considering land title and contract options.
- Hiring a decluttering expert can help you move into a smaller home more seamlessly.
- Finally, you can start your moving process by creating a moving checklist.
Get Help for Downsizing and Moving in Australia
You may have a real headache if you want to downsize and provide respite care for yourself or your loved one. However, this guide on downsizing before a move in Australia should have cleared things up for you.
Besides, you do not have to do it alone. You can call on experienced and qualified removalists who can give you needed advice and professional help with downsizing and moving in Australia.
