Will downsizing be an opportunity or necessity?
Financial strain can be emotionally and physically draining but so can moving and selling the family home. There are a lot of personal factors to take into account but with enough thought, planning, and the assistance of an experienced financial advisor, you can take a looming crisis and turn it into an opportunity that will leave you financially comfortable for years to come. While investing in your mortgage and your super could give you the freedom to enjoy your life as you are used to, living in a large house with empty rooms is not always practicable.
Pros of down sizing include lower mortgage repayments, less cleaning, lower maintenance costs, lower bills for utilities and can even include better security if you move into a block or complex. If you do move to an estate or complex then the Body Corporate will handle maintenance, gardening etc. Downsizing is also a good opportunity to reorganise your life, take stock and simplify and ultimately improve your quality of living.
There are few cons except perhaps sentimentality and memories. Trying to deal with these may seem more daunting than logic can conquer, especially because of all the love and time attached to the space. But if you put a plan in place to help you organise your thoughts, the bulging cupboards and long forgotten boxes in the attic will soon be sorted into what you need and what you don’t. Keep a to-do list and be methodical.
Three questions one needs to ask oneself when making the cull are, “Do you love it? Do you need it? Can you live without it?” If you love something because it reminds you of something, keep it but try to limit the number of them. For instance, if your daughter was a hockey star, perhaps keep medals and trophies but not kits and sticks. Do you need it? Like everyday or once in a blue moon? The thighmaster can probably go. Can you live without it? This can really be the crunch factor for whether you take something to your new home or you sell, donate or throw it away.
Once all the leg work is done you can kick back, relax and enjoy a better quality of life with more money to invest or perhaps even take a holiday!
Contact us on 1300 LYFEGROUP today – our team is ready to advise you.
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