Downsizing can be a very good option to improve your housing or financial situation, as long as you are aware of certain points you need to address first:
Understand your reason for downsizing, just because your friends are doing it, or you see this on telly or in paper, it doesn’t mean this is the best strategy for you.
Most reasons for downsizing are:
Home is too big and we just don’t need all that space,
Cost or time of maintenance,
Health deterioration and difficulty to keep up with work around the house, or stairs are just too much to handle,
Financial reasons, selling a big family home, downsizing to something smaller and keeping the difference to either create a new income stream or have more enjoyable retirement or improve your lifestyle.
Sometimes we hear that the reason is a “tree-change” or “sea-change” or moving closer to children and grandchildren.
Now is the time to figure out where you wish to move to, as this change is not only the geographical move, but it will impact on your finances, your social life, type of your lifestyle.
Once you have chosen your place, now please pay attention to all legal and financial forms you are being asked to sign. You have to understand the contract.
And now the important part of understanding your affordability, do the numbers
VIDEO MENTIONED:
downsizer contributions to super Part 1 https://youtu.be/9L9lLfFEpR0?si=hhQdiBFOF9twoZtX
downsizer contributions to super Part 2 https://youtu.be/AD5XoG_DuIA?si=7xutxjWr8STx7A9a
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