The kids are long gone, you’re tired of never ending cleaning and expensive utility bills, and your large property is now more of a hindrance to your lifestyle. Whether you want to simplify your life or start a new stress-free phase, downsizing your space offers many benefits. The only problem is, when most of us think of downsizing, we think of leaving behind the family home and moving into a smaller place, which can often mean saying goodbye to friends and family.
If that thought makes you anxious, don’t worry. Downsizing doesn’t mean you have to sell up and move out. If you want to stay put, in a smaller space, here are three things to consider:
Save stress with a knockdown rebuild
If you love where you live, but you don’t want to have such a big space anymore, a knockdown rebuild is a great way to build a new home, without having to leave your comfort zone. With a knockdown rebuild you have a blank canvas to work with, so you can design a home that you love from scratch, choosing the size and style to suit your later years. One of the biggest benefits of a knockdown rebuild is that it’s a lot more cost effective than renovating. It can even be less time consuming, and less stressful! If you live on a large block that has the potential to subdivide, you can even knock down your current home, build a smaller one on part of the land, and sell off the other part. This will help you to recoup some of the costs of the rebuild as well.
Split your home with dual occupancy
If you have too many bedrooms, and plenty of yard space, a dual occupancy home could be the solution. Rather than moving out into unit, why not split your home in two – and rent out the other half? By doing this, you’ll have less space to worry about yourself, and you’ll also be receiving income for the other half of your property. This allows you to pay off your mortgage faster – and there are a number of tax bonuses as well. It also gives the family some extra space should they ever need it, assuming you don’t have tenants living in there. Dual occupancy homes also have the added benefit that if you do choose to sell at any point, you can sell them separately, which could double your sales income!
Add a granny flat, rent the main house
If you have extra yard space on your property, you might consider adding a granny flat – and then moving into it! Granny flats have come a long way since the old tin sheds that had space for a bed, pots and pans and an outhouse. Today, they are gorgeous one, two and even three-bedroom homes that are small and versatile. With a full kitchen and bathroom, you could create a granny flat that’s the perfect size to suit your lifestyle. What do you then do with the main house? Rent it out! Live in the granny flat yourself and rent the main house out for extra income.
This is a sponsored article produced in partnership with Metricon.