DOWNSIZING MIGHT BE THE SOLUTION TO PROLONGING LIFESTYLE EXPECTANCY

Downsizing can often be met with a general sadness as one leaves behind their beloved family house to live in a more manageable smaller sized home. Though, the move is not without its positives as the influences that downsizing can have on retirees’ lifestyles has persuaded many - with our lifetime expectancy increasing, the prolonging of our lifestyles is becoming an all-time high priority. Downsizing is a solution which means that for many a change in lifestyle isn’t a decrease in life quality. Here are some key lifestyle benefits of downsizing.

Location

Downsizing can give you the opportunity to live in a suburb which is closer to amenities which you can spend your time in. Think of museums, parks, cafes, shops – all with easy access for you and your family. In fact, the top end residential properties in Brisbane gained 3.6% in March quarter for the year earlier to place the 19^th position in the Knight Frank Prime Global Cities Index as a result of downsizer’s demand in Brisbane’s well-located and easy-to-maintain homes in sought-after locations.

Increase outings

Downsizing can give you the momentum to venture outside of your home more often to explore your local area, attend more events and travel. This is an opportunity to shift your priorities from caring for your home to caring for your lifestyle.

Financial benefits

From July 1^st 2018, the Australian Government are introducing the Downsizing Contribution into Superannuation measure. To those eligible, this measure applies to the sale of you home where the exchange of contracts for the sale occurs on or after 1 July 2018. If you meet the eligibility requirements, you may make a downsizer contribution into your superannuation of up to $300,000 from the proceeds of selling your home. If you sell your home, there is no requirement that you purchase another home. Though if you do decide to another bonus to downsizing is that with smaller homes, come smaller bills and maintenance costs – all which can help add some extra weekly spending money.

Ultimately, what you make of a downsize is up to you. Whether you use it as an opportunity to make lifestyle more comfortable and achievable or use it as a means to achieve a lifelong dream, that’s your decision.