Key factors to ponder when shrinking house size for retirement years
As retirement approaches, many homeowners in Victoria are considering downsizing to a smaller home. However, there are several alternatives to downsizing that offer a unique blend of privacy, community, and convenience.
Exploring Alternatives to Downsizing
For those who value personal space, renting out a spare bedroom, sharing a home with another retiree, or choosing duplexes can be viable options. Another popular choice is living as a grey nomad, a term used to describe retirees who travel Australia in caravans or motorhomes.
When considering these alternatives, it's essential to think about how much personal space is needed. Factors such as an ensuite, walk-in robe, study nook, or small sitting room should be taken into account.
The Process of Downsizing
Downsizing your home also means downsizing your possessions. A heavy-handed cull may be necessary, and professional services like Homesuite can guide you through the streamlining process. If you're downsizing to a modern apartment, you might want to consider whether your antique furniture would fit well in the new space.
Building a Granny Flat
Before building a new granny flat, it's crucial to obtain a building permit and, in some cases, a planning permit as well. It's advisable to check your local council's guidelines for any further restrictions and guidelines. The small second home must be on the same lot as an existing home, be the only small second home on the lot, not be subdivided from the main home, have a floor area of 60m2 or less, and have a kitchen, bathroom, and toilet. It cannot be connected to a reticulated natural gas supply.
Moving to an Apartment
Moving to an apartment can involve sharing a party wall with strangers, which may require consideration of privacy and neighbour noise, particularly if soundproofing is inadequate.
Expanding Social Networks
Many modern high-spec apartment developments aimed at downsizing owner-occupiers offer communal facilities such as rooftop gardens, outdoor barbecue areas, and wine cellars, which can help expand social networks. Additionally, a lifestyle club can be a way to meet like-minded people, enjoy new hobbies, and attend food, arts, and sporting events.
Insurance Considerations
It's worth noting that small second dwellings are considered 'home improvements' for insurance purposes and should be included in your regular building and contents insurance sum insured amount.
Finding the Right Real Estate Agent
There are no specific search results identifying the main real estate agencies in Victoria specializing in smaller property sales. However, expertise in niche markets like small residential properties is often offered by local boutique agencies and specialists within larger firms. For precise recommendations, checking local Victoria real estate websites or directories focused on small property sales would be advisable.
