Downsizing can be a significant life event for all of us, especially for homeowners in Brisbane who are looking to transition into more suitable accommodation. Whether it’s empty nesters, retirees or seniors seeking a change in lifestyle, the process of moving from a family home to a smaller home requires careful planning and consideration. In this guide to downsizing in Brisbane, we’ll share some valuable tips and strategies that we hope will help ensure a smooth downsizing transition for those looking to move to a new home in Brisbane.
Guide to Downsizing in Brisbane:
Assess Your Current Needs and Future Goals
Before starting the downsizing process, take the time to think about your current lifestyle and needs. Consider factors such as proximity to family, amenities, medical facilities and social activities. Identify what features are essential in your new home to align with your long-term goals and ensure that the transition will support your desired lifestyle.
Declutter and Organize
Downsizing often requires letting go of possessions accumulated over many years. Begin the decluttering process well in advance to avoid feeling overwhelmed. Sort through your belongings and consider donating, selling, or gifting items that you no longer need or use to family or friends. This step not only streamlines the moving process but also helps you start afresh in your new home.
Plan the Logistics
To ensure a seamless downsizing transition, it’s essential to plan the logistics carefully. Create a rough timeline that may include the steps involved in selling your family home, finding a new place, and organising the move. Hire a reputable moving company to assist with the moving process, and they can often help with packing (for a fee) if required.
Explore Suitable Accommodation Options
Brisbane offers a wide range of housing options for downsizers, catering to various lifestyles, preferences and budgets. Consider exploring retirement communities, apartments or smaller houses that meet your needs. Visit potential accommodation to get a feel for the spaces and amenities available. It’s crucial to find a new home that not only suits your needs but also enhances your overall quality of life. A professional Buyer’s Agent can assist you with this and can be your personal guide to downsizing in Brisbane.
Rightsizing Your New Home
When downsizing, it’s essential to choose a property that fits your current and future needs. Ensure that the new home is accessible and accommodates any mobility requirements. Think about the space needed for visitors, hobbies or activities you enjoy, while maintaining a manageable living space that doesn’t feel cramped.
Downsizing can potentially free up equity, but it’s vital to consider the financial implications carefully. Consult with a financial advisor to understand how the downsizing decision will impact your finances, including your superannuation, pension etc. Plan for the costs associated with the purchase of your new home and consider investment options for any additional funds gained through the downsizing process.
Seek Professional Legal Advice
Navigating the legal aspects of selling your family home and purchasing a new property requires professional guidance. Engage with a solicitor experienced in conveying to ensure all legal documents are thoroughly reviewed and understood before signing. Their expertise will safeguard your interests throughout the downsizing journey.
Downsizing can be emotionally challenging as it can often involve saying goodbye to a family home full of memories. Talk to friends and family and seek their support to navigate through this journey. Focus on the positive aspects of downsizing, such as a simplified lifestyle, reduced maintenance and the opportunity to create new memories in your new home.
Speak to a Professional Brisbane Buyer’s Agent
Partnering with a reputable Brisbane Buyer’s Agent who specialises in assisting with downsizing in Brisbane can make a significant difference. A knowledgeable Buyer’s Agent can provide valuable insights into the current market trends, property valuations and suitable suburbs, estates and complexes that would suit your requirements and budget. They will also be your personal guide to downsizing in Brisbane, by undertaking all the inspections, due diligence and negotiations on your behalf. They can help you find the perfect new home that meets your requirements and budget.
Downsizing clients we have helped:
Joan and Jim’s Downsizing Journey
Our clients Joan and Jim had recently sold their family home in Ashgrove where they had raised their children and were looking for a new home near to where they had lived for the last 30 odd years. They wanted a low-set property with a small yard for their dog and to continue their love of gardening.
They were now searching for a home within 4 kilometres of the Brisbane CBD, ideally near Ashgrove, that would fulfil their key requirements, including three bedrooms, two bathrooms, a garage and a small yard for their beloved dog and gardening. Additionally, they sought a low-set property with minimal stairs, located within walking distance of public transport and shops. Their budget was set at $900,000.
How we helped
Quality inner city low set townhouses and ground floor units with courtyards are very rare and the task challenging, though nothing is more rewarding that finding the right property for our clients. A healthy sinking fund balance and low body corporate fees is also an essential requirement. With low stock levels, contacting key agents to learn about premarket and off market listings was essential to this acquisition, as was searching through properties online to determine if they were low set and the number of stairs and steps within the property.
After 2 months of searching, Sam Price was successful in securing Joan and Jim a modern low set townhouse in a complex of only 3, which provided 3 bedroom, 2 bathrooms, single garage and a private courtyard. The property is located nearby their family home and 5 minutes’ walk from their favourite neighbourhood shopping centre and public transport, and it was a condition of the contract that their pet dog Doofa was welcome to live there too.
Mary’s Downsizing Journey
Mary was in the process of selling her spacious family home, but she felt uncertain about her next steps and where she should purchase her new home. Her desire was to find a low-maintenance unit in the heart of Brisbane, where she could enjoy easy access to the Brisbane River and South Bank.
Mary sought a two bedroom, two bathroom unit with a garage, ideally in the Brisbane CBD. She emphasised the importance of low-maintenance living with the convenience of a lift. Being close to public transport, shops, Brisbane River, and South Bank were also vital aspects of her ideal property. While her budget was flexible, finding a quality residence was her priority.
How we helped
Initially, we focused our search on CBD located units, but we soon expanded it to include South Brisbane. We targeted complexes with a high proportion of owner occupiers rather than short term or tenanted accommodation, ensuring a more stable and community oriented environment. Evaluating the sinking fund balance and reasonable body corporate fees was crucial in identifying suitable properties. Eventually, we discovered a particular unit complex that checked all the boxes, even offering Friday afternoon drinks in the piano bar for its residents!
After six weeks of dedicated search efforts, we successfully secured a large, modern and well located unit for Mary. The property met all her key requirements, providing two bedrooms, two bathrooms and a single garage. It also fostered a strong social environment with occupants of a similar age and furthermore, the property’s proximity to The State Library, Museum, and Art Gallery perfectly complemented Mary’s interests.
If you are considering downsizing in Brisbane or South East Queensland and would like the assistance of an experienced Brisbane Buyer’s Agent that can help you find the perfect property, that meets all your requirements for the right price, please don’t hesitate to contact us.
We look forward to hearing from you.
Sam Price, Buyer’s Agent and Director – Templeton Property.