What does downsizing mean for Seniors?

Buyer's Agent | October 31, 2019
What does downsizing mean?

Whilst many seniors who own their own home wish to remain living in their home for as long as possible, there are also a large number of seniors that decide to ‘downsize’ for a variety of reasons ranging from upkeep, financial liquidity, proximity to loved ones and so on. Downsizing gives these seniors an opportunity to remain in their local area, move closer to family and friends or even take this opportunity for a ‘tree’ or ‘sea’ change.

For our purposes here, we’ll refer to downsizing as a decrease in the size of their dwelling, for example – reducing the number of bedrooms, living area, yard area and in many instances, the value of the home. We’ll also exclude seniors moving into Retirement Living Communities or Aged Care Homes, as we can discuss that more at another time.

By working as a Buyer’s Agent in Brisbane, we work with seniors to assist them with ‘downsizing’. What this means is that we help our clients identify and negotiate the purchase of a suitable new home (we do all the leg work and the negotiations). This allows them to move into a more suitable home and quite often allows them to invest or live off surplus funds from the sale of their home.

Examples of properties purchased for ‘downsizers’ include:

  • Low set townhouses;
  • Ground floor units;
  • Detached houses on small blocks of land;
  • Apartments with lifts and views etc.

Also, if you have a question in relation to ‘downsizing’ as you’re reading the posts or are wondering how a Brisbane Buyer’s Agent can assist you, please don’t hesitate to leave a comment, call or private message us at any time.

Written by Sam Price – Director at Templeton Property.

At Templeton Property we go above and beyond to secure the best outcomes for our clients. Discover more about we can assist you by calling us today on 07 3368 1988 or Sam Price directly on 0418 159 993 to discuss your needs.