3 signs that the time is right to downsize

Without the security of a weekly or monthly salary to assist with household expenses, many Australians aged 65 or over look to downsize as a way of stretching out their retirement savings. And it makes sense.

A smaller and more affordable property can help to decrease your annual spending by reducing the amount you have to pay for property tax, rates, insurances and mortgage payments.

Others are motivated to purchase a smaller or more affordable place to live as it frees up capital or resources to spend more time with our loved ones or indulging in our favourite hobby.

But retirement is not the sole reason many of us look to exchange our family home for a more manageable property - there are also a number of signs that may signal it is time to rethink where you live.

Maintenance becomes an issue

No matter what year you were born or how much money you have in the bank, part of the responsibility that lies with being a home owner is ensuring that the place you call home is well-maintained.

Neglecting broken tiles on a roof or allowing your backyard to become overgrown just invites more maintenance issues down the track.

But clambering on and off ladders or pushing a lawn mower around each week can prove exhausting.

If you find maintaining your home is becoming too taxing financially or you are feeling overwhelmed by the amount of work that needs to be done physically, it may be time to consider moving into a smaller home.

Incompatible lifestyle

Often when we first move into our family homes we wonder how we will ever fill them.

Yet all too soon we find our families expanding and our living space shrinking as children and pets start fighting for space.

But as we get older and our offspring move out or we simplify our lives, the rooms that were once filled with sullen teenagers and their clutter, transition to become rarely opened store rooms.

Our formal living spaces that once housed second televisions and stereos begin gathering dust, and the guest bathroom - formerly the scene of around the clock chaos - now becomes just another unused space for which we are responsible for.

If you find yourself getting frustrated at the amount of resources, financial or physical, that you have to outlay for space that gets little use, it may be time to investigate moving somewhere that better suits your needs.

Mobility issues

Unless you purposely picked a family home that allows you to age in place, there is a good chance it will have features that may cause issues as your mobility decreases.

Your calming two-storey retreat may start posing a threat to your physical safety as you are forced to navigate stairs on your way to bed each night, while your beautiful stand-alone bath may soon come to represent a point of contention as you’re forced to balance on one leg to access your bath each evening.

To get rid of any fall hazards while also managing your own and your loved one’s anxiety levels, downsizing to a single-storey home, or at least one that has been purpose-built to help you feel safe, may be your best option.