How do you know when it's time to downsize

Do you think it’s time to sell your property? Seeff shares what you need to know about downsizing.

Downsizing is an appealing option for many people, as compact living is one of the fastest-growing housing trends today. Downsizing can be the best decision you make for your future as there is a lot to love about a smaller, low-maintenance property.

Why Downsizing Is A Good Decision 

• There are fewer rooms to clean in a smaller property. 
• You will save on household bills. 
• Profit generated from the sale of your big home could be a welcome cash injection to improve your quality of life in a new location. 

To help you decide whether you’re ready to downsize, Seeff offers the following advice.

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Why You Should Downsize When You’re In Retirement

A big house can feel empty once your children have left home or have gone to varsity. If you decide to downsize, you will have less maintenance and household chores to worry about, which gives you time to enjoy your hobbies.

Seeff gives you four good reasons to downsize below.

1. Security: Security can be a concern in a big property compared to a smaller property, and the benefit of smaller apartments is that they often have a strong focus on security.
2. Lifestyle: Lifestyle is a big consideration as you have the opportunity to move to a location which you might not otherwise consider (for example: a beautiful beach suburb like Camps Bay). 
3. Size > Lifestyle: What you lose in size, you gain in lifestyle. Downsizing is also an opportunity to declutter and clean out your property. Due to demand, smaller homes often enjoy higher capital value appreciation.
4. Change: Changing your property and lifestyle offers the same benefit as a holiday. If you’re feeling overwhelmed and drained, maybe it’s time to sell your property and downsize. It could be your solution to feel re-energised during your retirement.

When Is The Right Time To Sell And Downsize

A big house costs time and money, which could be better spent. If you are eager to downsize but concerned about losing your garden, take comfort in the below: 

• You now have the opportunity to explore more nature reserves and parks where you can enjoy greenery without the burden of maintaining a garden. Most smaller homes do offer smaller gardens too, or you could take the opportunity to enjoy container gardening.

Downsizing When You’re In Retirement

Downsizing is often triggered by a life event, such as retirement. There are many reasons why it might be time to sell your property and downsize:

• The need for a slower pace or more leisure time.
• Finances. A big property can be a financial strain. When that happens, it is time to re-evaluate and downsize, rather than risk financial distress. The benefits of downsizing extend beyond just the price of a smaller home - there are many household costs that you could also save on. 
• Security concerns. If you are concerned about security in your big property, then it is time to sell and look for an alternative. 
• Health and lifestyle needs. These reasons are often why people choose more compact living spaces.

What Type Of Property And Location Should You Choose After Downsizing

The property type and its location will depend on your personal preference and lifestyle needs. For some couples, an apartment offers the ideal lock-up-and-go solution. For others, a townhouse with a small garden is preferable. 

• Cost will be a deciding factor in terms of the area. Determine how much of your profit you want to put into an alternative investment vehicle and how much you want to spend on a smaller property.
• Do your research in terms of property types and locations. Visit property portals to see which areas offer a good choice of compact and smaller housing, and take the time to drive around to different locations and physically view the property. Chat to a local area agent for more insight into the property choices on offer.

Downsize And Choose A New Home With Seeff

Downsizing should be a smooth process. It shouldn’t be stressful. Downsizing should ease you into retirement or your small cosy new apartment. 

 today for guidance and to find the perfect smaller property for the next chapter of your life.