Why downsizing is a move you'll never regret

Don’t be daunted by downsizing – as these Queenslanders report, the rewards are greater than you might think.

Halycon firepit gathering

Don’t be daunted by downsizing – as these Queenslanders report, the rewards are greater than you might think.

Many Australians dream of downsizing to a smaller, low-maintenance home, but when the time comes to make the move, it can be daunting.

For some, even the thought of leaving the family home where they raised their children and forged lifelong friendships sends a shiver up their spine. Add to this the job of packing, unpacking and moving to a new area, and it’s little wonder the decision to downsize can seem overwhelming.

But is it really as stressful as we’re led to believe? For example, it might seem like a mammoth task to go through a lifetime of memories and possessions in order to move, but surely this task is best done by choice, not under duress.

There is pleasure to be had in exploring the options and finding a community that suits. Choosing a new home while you are fit and well means you are making a positive choice - waiting until illness or the demands of an older home force it, is altogether a more negative experience.

As for relocating, maybe it’s smart to move to a suburb that has all of the essential services close by. Downsizing can also release homeowners from the shackles of pool cleaning, lawn mowing, and endless housework.

Chief executive at the Grattan Institute, John Daley, says when mature Australians downsize, their decision is dominated by non-financial considerations, such as the preference for a different style of house and living, or the concern that it is getting too hard to maintain the house and garden.

Interestingly, these emotional factors typically dwarf financial considerations. Mr Daley says that surveys show no more than 15 per cent of downsizers are motivated by financial gain. Stamp duty costs were a barrier for only about 5 per cent and only 1 per cent of seniors listed the impact on their pension as their main reason for not downsizing.

When Queenslanders Peter and Penny Costello became empty-nesters, the desire for a change in lifestyle motivated their decision to move from an acreage property in Samford, in Brisbane’s west.

Put off by the small homes, high density and onerous financial model of traditional retirement villages, the Costellos then came across lifestyle community Halcyon Glades at Caboolture North. They were  impressed with its clean and well-kept communal areas and were happy to find a home big enough for their family and five grandchildren to visit and stay.

Mrs Costello enjoys the community’s location in the heart of a thriving area and loves getting involved in bowls, Pilates and yoga. She’s also happy to live in a place with a diverse range of onsite amenities and nearby walking paths and parks for the couple’s dog Toby.

“We love living in the type of place that our children and grandchildren go to for holidays,” says Mr Costello.

“And it’s funny, my son-in-law said to me that it was only eight years until he could move to Halcyon; he said there’s just so much amenity here.”

For former Brisbane residents Peter and Lynn Brennan, concerns about the financial models associated with many retirement villages initially put them off downsizing.

Mr Brennan says he would have laughed at anyone who told him 18-months-ago that he’d be living at Halcyon Greens, a luxury lifestyle community in Pimpama. He says that after spending 41 years living in Brisbane’s south side he always thought the only way he’d be leaving the family home was ‘in a box’.

Mr Brennan says the Halcyon model is different to anything else he has come across; the couple get to keep their capital gain if they decide to leave, and they believe Australia’s ageing demographic can only add value to the model.

“I wasn’t going to be interested in anything where they took your capital at the end of it and whoever’s left doesn’t get it,” says Mr Brennan.

“Your money’s yours so why should a retirement village take half your money when you sell it, and you get nothing?”

The Brennans also enjoy their large home, the security, CCTV cameras, quiet streets, the golf course nearby as well as meeting like-minded neighbours who have also downsized so they can enjoy life ‘without any hassles’.

Originally published as Why downsizing is a move you'll never regret