Kevin Dodd of Abel Property discusses downsizing, how to do it successfully, and why North Fremantle is a great option.
What is downsizing and why do people do it?
In real estate terms to downsize is to reduce the size of one's dwelling space.
There are numerous reasons why people choose to move to a smaller home - they may have decided that a large home is uneconomical, the existing mortgage is too high, they may want a smaller home in a more prestigious suburb, environmental factors, aging and one of the most common reasons - reduction in the size of the family.
A large family home on a block capable of sustaining a backyard and garden is often the ideal for families, but as the children grow and eventually leave home or relationships break down and circumstances change, people may find themselves in a situation that requires a smaller home.
How to successfully downsize
In an ideal situation, downsizing may reduce your mortgage or eliminate it completely, and this can be a very attractive reason for change.
To successfully downsize it is very important that you market your existing property in the best light possible and to as many prospective buyers as possible.
This is where having the right agent is very important, in setting you up to receive the maximum price possible for your home.
It is also essential to research the property you wish to buy; will it suit your future needs? Does it work with your long-term budget?
Ensuring you have completed your due diligence is essential.
There are many different factors to consider in the choice of your next home.
One of the most daunting factors for potential downsizers is storage.
Leaving the family home can have emotional resistance because of all the memories and accumulation of household goods and chattels.
Therefore, when downsizing it is a good idea to check that the new home has good storage, and it can help to enlist a family member or friend to help you to de-clutter items that you may not need anymore.
Other things to consider are:
Lifestyle - will your lifestyle be the same or improved by the move?
Community - is the home you are choosing within an area that you enjoy and close to the people that are important to you?
Convenience and flexibility - is the property you are buying low maintenance? Are you close to the amenities that you enjoy such as your favorite coffee shop or the local park that you like?
Future needs - if you are choosing a home to retire in are you able to navigate the space easily? Will stairs be a problem for you in the future?
It is good to be flexible and to think seriously about your future needs when considering your new smaller home.
Why North Fremantle is an ideal option
North Fremantle is an excellent choice for downsizing, there is a wide variety of accommodation available to the astute buyer and having a smaller space does not mean you have to give up the things that you love.
The thing that sets North Fremantle apart from its surrounding suburbs is not the new stylish and roomy apartment complexes – which in themselves are a great investment, it is
the availability of manageable green title blocks of different sizes.
Smaller green titled land allows you to still have a home with a manageable garden, space, privacy and ample storage.
Being in North Fremantle allows you to enjoy the amenities that the western suburbs are best known for, such as the beach, river, CBD, parks and transport.
It makes for a wonderful lifestyle choice at a reasonable price.
Related reading:
"Now is the time to be strategic and secure that location you've always wanted" in Perth