When is the right time to downsize your home?

For many people, downsizing is a gradual process. As they grow older and their family grows smaller, they gradually move from larger homes to smaller ones that better meet their needs. This looks different for everyone, and can be a caravan, a house by the coast, or a retirement community.


If you’re thinking about downsizing your home, read on for our guide of some things to consider.

When it’s best to downsize

As you get older, your needs and priorities change. There are many reasons why you may be looking to downsize your home, but one of the most common reasons amongst older people is that they have less energy and fewer resources than they used to. It’s also common for older people to move into retirement communities or assisted living facilities.

The best time to downsize your home is when maintaining your home or conducting daily activities becomes challenging for you or your family members. Some indicators include:

• Tasks that you are unable to perform by yourself anymore, such as heavy cleaning or repair work.

• You have trouble getting around the house, for example if stairs are more difficult than they used to be.

• You’re worried about safety issues, for example if mould is starting to grow.

• Your loved ones are doing more work than they should, for example if they’re helping out with things like cleaning or repairs.


Why should you downsize and move into a retirement community?

Once you’ve decided to downsize your home, the next step is choosing your new home. Many people opt for retirement communities as they not only offer great amenities and activities, but also enhanced security and convenience. Here are some great reasons to choose a retirement community:

• Less maintenance – You no longer have to worry about things like lawn care or repairs on your home. Your retirement village will take care of all those things for you.

• More time – You’ll have more time for yourself and your family when you don’t have to worry about maintaining your home anymore.

• Convenience – With all the amenities included with living in a Melbourne retirement village, you’re never too far away from your everyday essentials.

• Safety – Retirement communities offer peace of mind by providing 24/7 security services so residents can rest easy.  Health – A retirement village can offer you access to medical care in case of an emergency, which might not be available at home. It also provides access to a range of wellbeing and fitness classes, which some people find helpful for staying healthy and active when they get older.


Financial benefits of downsizing

In addition to all the great benefits mentioned above, downsizing your home comes with a host of financial benefits, including:

• Lower utility bills – A smaller space means lower heating and cooling bills, which can save you hundreds of dollars each year.

• Less clutter – Before moving into a retirement community, consider selling, donating or handing down your items to family or friends. Moving into a smaller space means less stuff, and less cleaning up after all that stuff.

• Better security – Living in a retirement village provides a level of security over and above living in a residential suburb. Centennial Living villages are gated, and the village residents and staff keep an eye out for everyone and any unusual activity. 

• Seniors downsizing grant – The Australian government provides an incentive for seniors looking to downsize their family home. This allows you to invest up to a certain amount of proceeds from the sale of your home into your superannuation.


Choose a Melbourne retirement village that looks after you

When you choose Centennial Living, you’ll experience all the benefits of downsizing your home and moving into a retirement community, plus more. We understand that downsizing your home is a huge decision to make, and we’re here to assist you every step of the way. Explore our Melbourne retirement villages to find the right one that meets your needs, or get in touch with us today for more information by calling 1300 098 000.