Should you Downsize?
It eventually happens to everyone – we need a change for a variety of reasons. Many of us have struggled to buy our first house, raised families that have grown and moved away, and amassed far more belongings than we could ever need. It’s not unusual in your advanced years to come to a loose end and be forced to ask yourself ‘what’s next!?’. Here are some reasons on why you should consider Downsizing:
When your children depart, perhaps it’s time to consider downsizing. You might find yourself curious to what else is currently on the market. However, selling the family home may be just as nerve-wracking as it once was to initially purchase your home.
Whether parents like to acknowledge it or not, children grow, and they grow quickly. Your children will be up and out the front door before you realise it. It’s easy to fall into the trap of clinging to your huge family home in the hopes that your children will return to your loving arms. That’s not to say once they leave it is for good. But the truth is once children leave their parental home, they are unlikely to return. Children only really tend to return for special occasions and get-togethers. Sadly, it is time to be realistic and to ask yourself the hard truths – do you if you find yourself with too much space? Vacant rooms that are never used? Or more maintenance work than you can keep on top of? If yes, then it could be time to seriously consider downsizing!
The Benefit of Downsizing
One of the most compelling reasons to downsize is the possible financial advantage. Let’s look at the recent rise in house prices. Over the last 10 years house prices in Auckland have grown by 9.74% annually, with a recent surge of 26.4% in August 2021.
It’s not unrealistic to believe that all that excess space you’re occupying may be converted into a nice profit. For many families, their children will begin to leave the nest in their late teens or early 20s. So, let’s look at the difference in New Zealand’s median house prices over the last 20 years.
The average price in 2001 was $257,621. Fast forward to 2021 – Real Estate Institute of New Zealand reported that the average property price in August was $1,200,000. That’s a significant difference, and if you’re downsizing from a huge family home to a 1–2-bedroom townhouse or apartment unit, then most certainly some of that extra cash will end up lining your pockets.
What will you decide?
It’s not an easy decision as a family home may hold a lot of sentimental value. However, the case for downsizing is very clear. At the end of the day, it’s the happiness of the people within those home that counts and not the home itself. Is it time for you to make the move and consider downsizing from your massive family home?
Check out our wide range of projects for sale on our Selling page of our website to see if we can help you on your latest journey of downsizing!
Thanks for reading! Want to see more of news for the Housing Market? Then check out more on the DDL Homes Blog.