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

Strategies to get the most out of an investment property

Strategies to get the most out of an investment property   Maximise Depreciation Deductions: Maximising depreciation deductions is essential for property investors to significantly reduce taxable income, thereby lowering tax liabilities and increasing cash flow. Depreciation allows investors to deduct the cost of their property over its useful life, providing substantial tax benefits. By accurately assessing and maximising depreciation deductions,

Market Update | May 2024 Edition

Your May monthly update from Noel Jones, including the latest property market statistics and news from our team. Melbourne saw a relatively stable month during April, with many people taking time off during the Easter long weekend, school holidays and ANZAC Day break. Property prices remained stable for houses and units throughout the month, while industry-wide auction clearance rates held

Government Grants and Incentives for Melbourne’s Property Market in 2024

The Australian property market, particularly in major cities like Melbourne, has seen significant changes in recent years. While some government initiatives remain in place, new programs are less frequent. Let’s delve into the current landscape of government grants and incentives relevant to Melbourne’s property market. Existing Federal Government Initiatives: Home Guarantee Scheme (HGS): This ongoing program offers various guarantees for

Why Noel Jones Could Be Your Best Career Move

Are you passionate about the real estate industry and looking for a dynamic, supportive work environment? At Noel Jones we offer a unique blend of industry-leading training, cutting-edge technology, and a strong support system that sets us apart from the competition. Fuel Your Growth with Continuous Learning: At Noel Jones, we believe in empowering our team members to reach their

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