Downsizing is a normal part of life in Melbourne. It is often a consideration which many make once their children have moved out or as they grow older and they realise that a large home isn’t necessary and/or requires too much maintenance. On top of this typically all individuals who look to downsize are guaranteed to make money from the deal. Regardless of age or reasons to downsize, it is crucial to look at the new living options that are available to downsize to. Some of these options are highlighted here:
Granny flats have become extremely popular in recent years both for young adults who are embracing a minimalist and eco-friendly lifestyle, as well as amongst those who are looking to downsize their property. Granny flats are small in nature which means it is important to make the most of the space available. There is a lot you can do with a granny flat and many custom home builders will be able to design a place for you which fits your individual needs/requirements. The cost of running a granny flat is typically quite low and there are a lot of scope for improvements. The only downside is that these properties rarely hold their value very well.
An apartment is the perfect option if you are looking to downsize and remain in a central location. Cities are packed with apartment blocks and some of the more high end options have a large amount of space inside. In many cases apartments also include a host of amenities such as a pool, gym or communal areas to meet other apartment tenants.
Retirement villages are a very popular choice amongst those who are in their twilight years and offer more than just a property to live in. These villages are purpose built for those who want an easy life, living within a community of like-minded people along with a huge range of amenities and a network of support around. Contrary to what many believe, in these villages you have your own property, your own space and you can do whatever you like. The idea of these villages is simply for the elder generation to live on their own terms, in a neighbourhood of people of a similar age and with similar interests.
A housing unit is another option for those looking to downsize. These types of properties are especially popular in Australia and usually involve a group of small houses (units) all on one piece of land with a single entrance/exit. A great benefit of living in a housing unit is that you have close neighbours which can help you to still feel a part of a community, although some may see this as a disadvantage if they have become used to a more private lifestyle.
To find the best option for you, it is worthwhile visiting many property types before making a final decision. This also includes looking at display properties to gain a better understanding of the benefits of building a smaller property to live in. In terms of display villages Melbourne has many which you can visit to really get an understanding of what the property looks like and how you may feel within it. Happy House Hunting!