Downsizing: A Lifestyle Choice For a New Generation

white apartment

When we think of downsizing retirees are most likely to come to mind. While the sixty plus group are undoubtedly the forerunners of those in the market to downsize, choosing to downsize at a younger age is not unheard of.

Those in the older age group are likely to consider downsizing for one or more of the following reasons:

  • children have left home
  • want to reduce the amount of maintenance and upkeep required
  • want to reduce household expenses
  • want to pay off mortgage
  • current property may not be suitable as ageing progresses i.e sloping block, stairs, busy roads, proximity to amenities
  • want the support/security of a lifestyle village or assisted living centre.

But what about the rest of us? If you haven’t heard, there’s a movement that’s taken hold of the USA that also has a small, but dedicated following in Australia. It’s most recognisable in the form of the ‘tiny house’ but behind it lies a set of core values that resonates with a rising number of people—living a simpler, more economical life that relies on what you ‘need’ to survive rather than what you ‘want’.

Recent subdivision of larger blocks in the outer eastern suburbs of Melbourne has given rise to options for people interested in smaller living quarters. You can now find smaller single level homes sharing the one block, multi storey apartments and townhouses.

Younger people may downsize for the following reasons:

Live a minimalist lifestyle
There are a rising number of people who are opting out of consumerism and excessive waste and choosing to live a simpler life that has a reduced impact on our environment. If you have a smaller home you’re likely to choose your possessions carefully and be less inclined to buy more ‘stuff’ to fill it with.

Maintain a work/life balance
Instead of working overtime to pay for a larger mortgage or spending the entire weekend cleaning and maintaining a property some are choosing to prioritise time spent pursuing things they enjoy such as regular holidays, sporting and outdoor activities and catching up with family and friends.

Relationship breakdown
For some, downsizing comes out of necessity such as when a relationship or marriage breaks down and the family home must be sold. Living in a smaller home can be more manageable when you’re relying on one income.

Loss of job/inability to work
Job loss or the sudden inability to work can be unexpected and devastating and may result in an unplanned move to a more affordable property.

Reduce living expenses
A smaller home often equates to a smaller mortgage and ongoing expenses such as gas, electricity, rates, insurance and so on. For some this will mean money is available for other things such as holidays, school expenses or social pursuits.

If you’d like to discuss your options for downsizing talk to one of our agents today.

Share:

More Posts

Meet Our March CSP Grant Winner

Congratulations to Warekila Pre School for receiving the March 2024 Noel Jones Community Support Program Grant. Warekila Pre School, located in Nunawading, has a strong focus on play based learning where they provide a rich and varied learning environment which allows long periods of uninterrupted play for both indoor and outdoor settings. One of the schools other strong focuses is

Home Staging Tips for Maximum Impact

Selling your home can be a stressful process, but there’s one strategy that can significantly boost your chances of a quick sale and a top dollar offer: home staging. Home staging involves strategically arranging furniture, decluttering spaces, and creating a warm, inviting atmosphere that appeals to a broad range of buyers. Here’s how to stage your home for maximum impact:

15 Activities To Keep Your Kids Entertained These Autumn School Holidays

The sound of the school bell ringing can be a double-edged sword for parents. It signifies freedom for the kids, but for you, it might mean weeks of scrambling to keep them entertained. Fear not! This list of 15 fun activities from Melbourne’s east and beyond is here to save the day (and your sanity) during the school holidays. Explore

6 Questions To Ask Before Appointing A Property Manager

Appointing the right property manager is critical to the success of your property investment journey. Here are 6 questions that will determine whether a property manager is the right fit for you.   1. How many years of experience do you have in property management? Inquire about their years of experience, types of properties managed, and their track record of

Send Us A Message

Good Job!

Thanks for taking the time to let me know about your needs.

I look forward to helping you find your new home.​

Buyer Requirements

Thank you!

I’ll be in touch soon with information on the suburb you’re buying in.

Find Out More