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Is it time to downsize your home?

By Heather Mellican

With the market in full swing, it can be a great time to consider downsizing your home. What are the most common reasons and advantages of downsizing?

No more kids: According to the Australia Bureau of Statistics, the median age of Australian’s currently sits at 37. As our nation becomes an ageing population, it essentially means more people are finding themselves in a situation where the kids have flown the coop. Although some may enjoy the luxuries of a spare room, it may be a great time to ask yourself whether all that space is necessary anymore.

Upkeep: Downsizing from a four bedroom house to a two bedroom unit can significantly decrease your maintenance around the home. Smaller properties generally provide a low maintenance lifestyle, with easier gardens to manage, less space to clean and can also reduce utility bills like water and power.

City living: The closer you get to the city, the more expensive property gets. If you thrive for the inner-city lifestyle, downsizing to an inner-city apartment or townhouse could be a great option for you.

Money, Money, Money: Figures from CoreLogic RP Data show the combined capital-city values in Australia increased 11 per cent over the 12 months to August 2015, with houses dominating the market. With the market at its current state, downsizers have the perfect opportunity to make a significant amount of money by selling their outgrown home.

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