Are you at the stage where you are thinking of downsizing from your home to an apartment? Especially when people are at an age when they are thinking of retirement, downsizing is often a great way to cut costs and increase their quality of life. If the children have left “the nest” and you’re finding the garden and maintenance of the house too much, looking at how to buy an investment property or moving to a convenient and smaller property could be right for you.
Let’s look at some of the factors you should consider:
- Your pets: According to recent data almost a third of people looking to own apartments own pets. Recently there has been a move to soften the strata rules of pet ownership within apartment developments, with new properties taking a “default” stand of allowing pets in the building. The best thing to do before either buying or renting a property is to find out about the rules relating to pets – you can contact the strata committee within the building to view the current regulations.
- Gardens: Are you a keen gardener but find your garden is too much, but would still like to have some flowers, herbs and shrubs? Balconies in many apartment buildings are often large enough to maintain a small garden without having the ongoing costs and effort of a larger garden. Entertaining balconies and terraces are also often large enough to host outdoor parties and other events.
- Storage: Downsizing can be an emotional roller coaster, simply because you often have to choose between what you can take and what you have to give away or even throw out. Luckily, most apartments have a large storage cage in which some of those valuable items can be stored. Remember you are downsizing because not only do you want to play more golf, sing in a choir or go fishing; you also don’t want the sort of maintenance that has kept you from enjoying those hobbies.
- Location: This is probably the most important of all your decisions. Where do you want to live? Inner city living certainly has many positives, including easy access to superb shopping, great entertainment and transport hubs. Many people who are retired or thinking of downsizing may want to get rid of their car altogether – as an example, people are increasingly moving to suburbs such as Brisbane’s Southbank because it is within walking distance to the art gallery, state library, ballet and performing arts. Apartments within inner city locations can mean being closer to all the things you love without having the expense of a car.
One of the main reasons people want to find out how to buy an investment property is that they want to have somewhere to move to when they retire or for their children later on. An apartment can be a fantastic way to have the lifestyle you want without having the costs associated with a larger property. For many people downsizing can be a little challenging – especially if they’ve never lived in an apartment before – but they should remember that there are many benefits, and they can always think about buying a holiday house along the coast or a little cottage in the mountains as well as having a city pad.