What you should know before deciding to downsize

Moving from house to apartment can be a challenge, especially trying to fit your belongings into a smaller space. But with a bit of planning and some tips on how to downsize, moving to your stylish new home doesn’t have to be stressful.

Planning your downsizing journey

Leaving a family home or learning to live with a lot less space can be fraught with emotion and conflict, particularly when family is involved. It’s important to discuss why you’re downsizing and how moving from a house to an apartment will enable you to live the lifestyle you want.

Making a list together of what everyone would like in your new home and talking about priorities is a good way to kickstart this conversation. Aim to come to an agreement on what your new lifestyle will be like and what your new home needs to have to keep everyone happy.

When you have a clear idea of what’s important for this next phase of your life, you can start looking for the apartment that fits your needs. You should also weigh up the pros and cons of apartment living, so you’ll know what to expect.

Take time with your research

Upmarket apartments near the city can cost more than a four-bedroom house in an outer suburb, so be aware that downsizing may not always leave you with extra cash. Before you make any decisions, take time to research the total costs involved.

Consider consulting two or three real estate agents to get a realistic idea of how much you could get for your house. Research apartment prices to get a better idea of what you can afford. Remember to include agent’s fees, stamp duty and other costs of buying property.

You might want to consider how moving may affect your cost of living and factor owner’s corporation fees into your budget. Also consider if any pension entitlements might be affected.

If you’re downsizing before retirement, you may be able to access the downsizer contribution measure, which lets you boost your super before retirement.

If you’re thinking about buying an off the plan apartment, making sure the developer has a good track record is critical. Check whether the developer has been in business for many years and has been trading under the same name. Visit other properties that the developer has worked on and make sure the construction is of good quality.

Get to know your new community

A big difference between living in a house and living in an apartment is sharing communal areas with your neighbors, such as gardens, lifts and parking garages, as well as coming under an owner’s corporation.

Review the owner’s corporation rules and fees and consider having a strata report drawn up so you don’t run into issues down the track.

Talk to residents living in the building, get to know them and get a sense of what the community is like. Make sure your neighbours are the kind of people you’d like to share space with. Ask them how the building is and what their experience of the owner’s corporation is. Most people would be happy to talk to you and share what they know.

Will your belongings fit?

Downsizing from a larger space to a smaller one means less storage, so a lot of your belongings will have to be pared back.

If you have sentimental pieces of furniture that you must bring with you, keep them in mind when inspecting properties. Think about where those pieces will fit in the new place. Before you move, measure your furniture and draw out where you’ll place them on your floor plan. Double check access such as the size of the lift and main door to make sure your furniture can fit. Or consider engaging an interior designer to help you work it all out.

Give yourself lots of time to sort through your possessions. As it can be an emotional process, tackle a small task at a time, so it doesn’t become overwhelming. Start with one bathroom cabinet or one kitchen drawer a day and leave more sentimental items until later.

Sort your items into ‘keep’, ‘sell’ and ‘charity’. Sell items you don’t need as you go. The extra cash is always welcome when you’re moving and it’ll give you an added incentive to keep decluttering. When you’ve gone through everything, come back to your ‘keep’ pile and edit again to ensure you’re only taking essential items with you.

When you’re all packed up, go through our moving checklist to make sure you’re all set to move.

Ready to take the plunge?

If you think downsizing might be the right decision for you, get more tips on how to buy your next home.