How to downsize without leaving your suburb
Image: Readers Digest
The kids are long gone, you’re tired of never ending cleaning and expensive utility bills, and your large property is now more of a hindrance to your lifestyle. Whether you want to simplify your life or start a new stress-free phase, downsizing your space offers many benefits. The only problem is, when most of us think of downsizing, we think of leaving behind the family home and moving into a smaller place, which can often mean saying goodbye to friends and family.
If that thought makes you anxious, don’t worry. Downsizing doesn’t mean you have to sell up and move out. If you want to stay put, in a home that better meets your lifestyle needs, here are two things to consider:
Save stress with a knockdown rebuild
If you love where you live, but you don’t want to have such a big space anymore, a knockdown rebuild is a great way to build a new home, without having to leave your comfort zone. With a knockdown rebuild you have a blank canvas to work with, so you can design a home that you love from scratch, choosing the size and style to suit your later years. One of the biggest benefits of a knockdown rebuild is that it may be a lot more cost effective than renovating. It can even be less time consuming, and less stressful! If you live on a large block that has the potential to subdivide, you can even knock down your current home, build a smaller one on part of the land, and sell off the other part. This might help you to recoup some of the costs of the rebuild as well.
Split your home with dual occupancy
If you’re living in an outdated home with plenty of yard space, a dual occupancy home could be the solution. Why not knock your home down and build two homes, live in one and rent out the other? By doing this, you’ll have less space to worry about, and you’ll also be receiving income for the other half of your property. This might also free up some of the equity you have in your current home, and there are a number of tax bonuses as well. If renting the other home isn’t your goal, you might choose to keep family members close, using the second dwelling for them. Many Dual occupancy homes also have the added benefit that if you do choose to sell at any point, you can sell them separately, which could double your sales income!
Do your research and find out what’s possible on your block and keep an open mind. Talk to a professional builder and do what’s right for you, and your future.
This is a sponsored article produced in partnership with Metricon. This article first appeared in Reader’s Digest. For more of what you love from the world’s best-loved magazine, here’s our best subscription offer.