Moving is a costly and stressful exercise and sellers looking to downsize are almost guaranteed to experience the seemingly unavoidable downside to downscaling. Moving from a much-loved family home into something smaller with less storage space may sound more like downgrading than downsizing, but many homeowners are choosing to sell their homes for the cost-saving benefits and convenience a lock-up-and-go property has to offer. South Africans lead extremely busy lifestyles which has fanned a desire for simple, hassle-free living.
Unfortunately in light of SA’s slow economic climate, rising household costs and an increase in inflationary pressures driving up interest rates - many homeowners have no viable alternative but to downscale, more out of necessity than convenience.
The long-term financial benefits to downsizing often outweigh the immediate disadvantages. These drawbacks include the high costs and emotions involved in selling and moving, which tend to run even higher than first anticipated. Making the decision to buy-down requires time, research and a level head – taking all potential selling and moving costs into account and weighing them against the expected income saved on a monthly basis from a lower bond repayment and lower utility bills.
Selling your family home for a smaller property is an opportunity to reduce day-to-day living expenses and increase the amount of income saved; improving your quality of living and giving yourself some much-needed "breathing room". Financial strain can take its toll both emotionally and physically, and reducing this burden will pave the way to a happier, healthier home. Less time spent belt-tightening and worrying over finances will free up time to spend doing the things you enjoy with the people you love. Not to mention, a smaller property with fewer rooms means less cleaning; saving on the monthly cost of a domestic helper and the time you spend tidying.
What's a Popular Downsizing Option?
Sectional title properties within a complex or estate are a popular choice amongst downsizers because they boast higher levels of security and the convenience of lock-up-and-go. The Body Corporate or Managing Agent oversee the general maintenance and repair of the complex, pool and gardens; one less responsibility for the owner to deal with.
Where to Begin:
Furnishing your new property is a daunting task and one that may be causing a downsizing decision-making delay! Simplify the process by selecting the appliances and furniture from your current home that suit the look and feel of your new home and lifestyle. Measure accordingly, taking into account the size and measurements of the rooms the items will be occupying. Donate or discard unnecessary items that you no longer use. Downsizing is a good opportunity to re-evaluate and reorganise your living space by decluttering and clearing away the old and unnecessary.
Selling your home for the cost-saving benefits and convenience of a lock-up-and-go property, provided all selling and moving costs are factored in beforehand, has many advantages that will improve your quality of living.