Your downsizing checklist

Before you can start ticking off your bucket list, there’s another list you might need to tick off first – your downsizing checklist! Downsizing to a Land Lease Community offers a range of financial benefits which will allow you to take the next step toward ticking off everything on your bucket list. If you’re thinking about downsizing but don’t know where to start, we’ve produced a comprehensive checklist just for you. 

Decide if it’s the right time 

When you make the decision to downsize, you’ll be able to enjoy greater freedoms. Making the move to a Downsizing Community allows you to minimise your living costs and gives you the opportunity to live in a community of like-minded people at a similar stage of life to you. If the following apply to your current situation, downsizing could benefit you: 

• Are you ready to cut back on home maintenance? 
• Are your living costs too high? 
• Are you asset rich and cash poor? 

Discover the different options 

Downsizing is not a one size fits all process, everyone has their own journey and it’s important to evaluate your options in order to determine the right fit for you. Downsizing can look like any of the following: 

• Buying into a Downsizing Community 
• Buying a smaller home 
• Buying a unit or apartment 

Determine the benefits 

If you’re ready to reap a slew of financial benefits and unlock a richer, safer and more exciting lifestyle, downsizing can help you do just that. Some of the bonuses that come with downsizing include: 

• Freeing up equity tied up in your current home 
• Living in a lower maintenance home 
• Reduced living costs 
• Living in a secure community 
• Relishing resort-style amenities 

Understand the process and ask questions 

Before making the decision to downsize to a Land Lease Community, it’s important that you know all the information and understand exactly how the process works. Visit our blog for a complete guide on questions you may want to ask before downsizing. 

Assess your finances 

Recent data from financial institution MLC also shows that one-third of 60 to 65-year-olds are retiring with a mortgage, and an increasing number of these retirees are downsizing to free up equity in their homes and pay off some of this debt. It’s always a good idea to assess your financial situation before deciding whether downsizing is feasible for you. 

Check your eligibility for the Downsizer Contribution Scheme 

Since July 2018 the Federal Government has provided assistance to downsizers through the Downsizer Contribution Scheme. To learn more about the benefits and your eligibility for this scheme, click here.  

Find the right location 

With Downsizing Communities in a variety of picturesque pockets around Australia the opportunities to live in a seaside or tree side locale are boundless. You can explore our affiliated Downsizing Community locations here. 

Know what you’re looking for 

Our homes are our sanctuary and it’s important to make a list of features you would like your new home and community to have in order to be happy and comfortable. Downsizing Communities offer homes to suit every desire, budget and lifestyle. Take a look at the following list and think about which features you would love the most: 

• A space for two cars 
• A home office or study space 
• Multiple bedrooms and bathrooms for visitors 
• A luxury kitchen 
• Access to a gym 
• Community amenities like a pool and spa 

Visit a community 

When you’re assessing your downsizing options the best way to get the full experience of community life is to visit one! Call up a few communities you have your eye on and ask to book in a tour so you can decide which one is best for you. 

Photo by Green Chameleon on Unsplash