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DOWNSIZINGYOUR HOMEFRASERS PROPERTYBUYER GUIDE

CONTENTSMAKING THE DECISION TO DOWNSIZE 4Timing 4Getting emotionally ready 5Weighing up the pros and cons 5LOCATION AND LIFESTYLE 6Community 7Convenience 7Security 7Transport 7CHOOSING THE RIGHT PROPERTY 8Apartment 8Townhome 9House and land 9CHOOSING THE RIGHT DEVELOPER 11MAKING THE MOVE 12Decluttering 12Selling your home 12Storage 13Finance 13WHY FRASERS PROPERTY? 14Customer Care and Rewards 152 Contents ContentsDownsizing your home

YOUR GUIDETO DOWNSIZINGMaking the decision to downsizeto a smaller home can be anemotional one. Often it meansleaving behind a home whereyou’ve spent many years growinga family and building a life. Butdownsizing your home is also anopportunity to upsize your lifestyle.Leaving behind a large home canhelp to not only free up capital, butalso reduce the time spent on homemaintenance, giving you more timeto do the things you enjoy.Roger and Jane, Discovery Point, NSWDownsizing your home This guide has been designedto give you all the essentialinformation you need to navigatethis exciting transitional periodwith confidence.Contents 3

MAKING THEDECISION TODOWNSIZETIMINGThere’s no perfect time to downsize. Some people choose todownsize their home as soon as the kids are out of home, whileothers never make the move to a smaller home. It’s a highlypersonal decision, but there are a few tell-tale signs that you mightbe ready to make the move:1. RetirementOn average, propertyowners hold ontohouses for 11.3 yearsand units for 9.6 years(CoreLogic 2019).Retirement is one of themost common reasons thathomeowners choose todownsize. As you prepare for ormove through retirement, mostpeople are looking to decreaseyearly living expenses in orderto make savings last longer.Trading your larger propertyfor a smaller one not only freesup capital but can also reduceadditional costs like insuranceand council rates.2. Lifestyle changeIf you’ve always dreamedof living by the sea but havestayed close to the CBD foremployment, downsizing couldbe just the vehicle to help yourealise your dream.4 Making the decision to downsize On the flip side, it’s alsoimportant to consider how yourneeds may change over thenext 10-15 years and whetheryour current property canaccommodate these changes.A double storey layout or rurallocation may not be ideal asyour lifestyle and physicalneeds evolve.3. Feeling burdened by homemaintenanceLarger homes generally meanmore maintenance. Andwhile you might have enjoyedspending hours tending to thegarden or pool earlier in life, alower maintenance home willallow you to spend less time onupkeep and more time doingthe things you love.Downsizing your home

We’ve worked hardrunning a business andraising our family. Nowwe’ve got some timeto get out and do thethings we really enjoy.KATRINA,COVA, QLDGETTING EMOTIONALLY READYIt’s normal to feel conflictedabout leaving your currenthome behind. Our homes holdsome of our most preciousmemories and letting gocan often feel like sayinggoodbye to a dear friend offamily member.And if you’re downsizing out offinancial or physical necessityrather than out of choice, it canbe even more difficult to cometo terms with the transition.It’s important to recognise thatthese feelings are normal andto be ready for them whenthey set in. Talking openlyabout your feelings with a closefamily member or a friendcan help you to process youremotions and find peace withyour decision.WEIGHING UP THE PROS AND CONSIf you’re still not sure whether downsizing is right for you, lets takea look at some of the most common pros and cons of making themove to a smaller home:ProsUnlock capital from yourhomeLower maintenance livingConsEmotionally difficultCosts involved with sellingand movingOpportunity to live closerto familyStreamlining possessionsImproved amenityGetting used to a new localeLess spaceLifestyle changeAccommodate changingneedsLower utility costsDownsizing your home Making the decision to downsize 5

LOCATIONAND LIFESTYLE6 Location and lifestyle Downsizing your home

Hamilton Reach, QLDThe location of your property can make or break its liveability.When inspecting any property, it’s a good idea to spend sometime exploring the surrounding area and asking the all-importantquestion; can I see myself living here?The key items you should be looking for when assessinga property’s location are:COMMUNITYTRANSPORTIt’s also important to get a feel forthe community you’ll be joining. Areneighbours social with one another ordo they keep to themselves? Whetheryou’re seeking a home as a quietretreat or hoping to build connectionsand stay social with neighbours, it’simportant to choose a community thataligns with your wants.A key part of transitioning to a lowermaintenance lifestyle is becomingless reliant on your car to get youwhere you need to go. Use GoogleMaps to explore the transportoptions to and from family andessential services.SECURITYCONVENIENCEDownsizing should make life easier,not harder. Your new home should bein close proximity to a supermarket,doctor, pharmacy and café as well asother services you might frequentlyneed. Access to these essentialamenities can be the differencebetween buying a home you like and alifestyle you love.Downsizing your home Downsizing to a townhome orapartment can offer greater peaceof mind when it comes to security.Most new apartment buildingsfeature secure access for tenantsand their vehicles; and beingcloser to your neighbours canhelp you to feel safer both in yourhome and when you’re away fromyour property.Location and lifestyle 7

CHOOSINGTHE RIGHTPROPERTYAPARTMENTGenerally speaking, apartmentsare more affordable thanhouses, which can leave extracapital free to invest elsewhereor help extend your retirementsavings. The smaller spaceand lack of garden also meansless maintenance, lower utilitycosts, and the opportunityto get rid of any excesspossessions you’re no longerattached to.Newer apartment buildingsoften include additionalresident amenities like pools,gyms and shared entertainingspaces, and higher densityliving can also mean easieraccess to parks, cafes, shoppingand other essential amenities.On the flip side, there’s alwaysa risk that apartment livingcould leave you stuck withnoisy or unfriendly neighbours.Transitioning into a smallerspace will also force you to takestock of your possessions andlet go of the things that won’tfit into your new space, even ifthey carry sentimental value.If you do opt for apartmentliving, you will need to beprepared for the ongoing costof Body Corporate Fees. Thesefees are paid by all owners inthe building and cover the costof maintenance and ongoingcosts of communal areas,insurance, administrationand any major repairs or legalcosts that might pop up. BodyCorporate fees can vary widelyfrom property to property, soit’s a good idea to find out whatthey will be before buying.Artist impression indicative only8 Choosing the right property for you Downsizing your home

TOWNHOMEOpting for a townhome isstill a cheaper option than ahouse but affords a little moreflexibility when it comes tospace such as private outdoorareas for entertaining or anextra bedroom for friends andfamily to use when visiting.It’s also an opportunity toenjoy being close with yourneighbours without being ontop of one another.Like apartments, townhomesalso require less maintenancethan houses and can meanlower ongoing utility costs. Butunlike apartments, townhomefloorplans are typically spreadacross two or three floors,which can become difficult tonavigate later in life.As with apartments, owninga townhome will incurongoing Body Corporate feesto cover the maintenance ofthe property’s shared areas,insurance and administration.Nesmi, Leah and Mary, Berwick Waters, VICHOUSE AND LANDMany downsizers choose tomove into a pre-built, lowmaintenance home like anapartment or townhome. Butbuilding a new home can bea great opportunity to workclosely with your builder ordeveloper to create a homethat meets your specific needs.It’s far easier to work in safetyand convenience features likewheelchair access or havingall bedrooms on the groundfloor when you’re starting fromscratch rather than retrofittingthem into a pre-built home.A great developer can not onlyhelp you find the perfect blockof land for your new home, butcan also help you find the righthome builder and design to suityour needs, as well as walk youthrough the settlement andconstruction process if you’venever built before.Townhomes, Ed.Square, NSWDownsizing your home Choosing the right property for you 9

Discovery Point, NSW10 Choosing the right developer Downsizing your home

CHOOSINGTHE RIGHTDEVELOPERThere are countless propertydevelopers operating inAustralia and it can difficult todetermine which one is rightfor you. Some focus on standalone apartment buildings,while others deliver entirecommunities with homes,parks and amenities.It’s so important to do yourresearch before buying withany developer. Start by takinga look at their existing projects.Do they have a track recordof completing them on time?Do you like the style of thehomes? Were there any issueswith quality? If you can, try tofind someone in your networkDownsizing your home who has purchased with thedeveloper and chat to themabout their experience.It’s also a good idea to visitthe display centres of anydevelopers you’re considering.Chatting to a consultantin-person can help you get afeel for the type of developeryou’re dealing with, as wellas important informationabout the company’shistory and approach tocommunity building.Choosing the right developer 11

MAKINGTHE MOVERod and Katrina, Cova, QLDDECLUTTERINGAs you prepare to move intoa smaller space, you’ll needto take inventory of yourpossessions and make somedifficult decisions about whatto take to your new home andwhat to let go of.This process can besurprisingly difficult andemotional, so it’s a good ideato give yourself more timethan you think you’ll need. Gothrough your home room byroom starting with bulky itemslike furniture and workingyour way down to smallerknick-knacks.River Homes, Hamilton Reach, QLDSELLING YOUR HOMEYou should start the process ofselling your existing home wellin advance. Give yourself plentyof time to find a real estateagent that you’re comfortableworking with, facilitateinspections and negotiate acontract of sale that will allowyou to make your next move.12 Making the move Downsizing your home

Michelle and Michael, Tailor’s Walk, NSWSTORAGEUnless you’re able to perfectlytime the sale of your existinghome with your move inday, you may need to makearrangements to hold someof your possessions in storagewhile living in temporaryaccommodation.FINANCEFairwater, NSWIdeally the sale of your existinghome will cover the purchaseof your new property in itsentirety, meaning you won’tneed to worry about finance.It is highly recommended thatyou sell your home beforepurchasing a new home, as itcan be difficult for over 50’s tosecure external finance.However, if you do find yourdream home before selling yourcurrent one there is an optionto help manage the transitionDownsizing your home financially. Bridging loansprovide a line of credit to coverthe period between purchasingthe new property and receivingfunds from the sale of yourold home. To obtain bridgingfinance you’ll need to showevidence that you can afford topay the interest costs duringthe period between buyingand selling. After selling yourexisting home, you’ll typicallyhave 12 months to repay thecost of the ‘bridge’.Making the move 13