6 Tips to Downsizing to an Apartment

Thinking about downsizing? You’re not alone. According to the ATO, nearly 60,000 downsizers in Australia put their homes up for sale in the past five years alone. 

Apartment living can be a sophisticated and enticing option for many downsizers. In our experience, common motivations for downsizing to an apartment include: 

• Less concerns: Large homes and gardens can require endless upkeep and maintenance, costing time and money. Downsizing to a low-maintenance apartment means more time to do what makes you happy. And if travel is on that list, you can simply pull the door shut on your apartment and leave for weeks or months at a time.
   
• Increased security: Living within an apartment community offers a wonderful sense of security. It’s also easier to get to know your neighbours as you move through common areas.  

• A cosmopolitan address: High-density living (like apartment developments) is often located in sought-after, well-serviced locations.  

• Unlocked equity: Downsizing releases the capital within your current property. In addition to buying a new home that better suits your needs, downsizers who sell the family home may also be able to ‘cash in’ on a federal government superannuation initiative that allows empty nesters to top up their super (currently $300,000 for individuals and $600,000 for couples). More information about downsizer super contributions can be found here. 

6 Tips for Downsizing to an Apartment 

1. Upsize your idea of apartment living 

Downsizing to an apartment doesn’t mean you have to sacrifice on vital living space. Modern apartments offer a great variety of configurations in a range of styles. Select from 1, 2 or 3 bedroom apartments with Cedar Woods and a floorplan to suit your needs. You may want an extra room for when your kids or grandkids visit or a large balcony for entertaining your friends. 

2. Set small goals for decluttering 

Take a slow and gradual approach to downsizing. For example, don’t expect to ruthlessly cull half your wardrobe in one weekend. Start by eliminating the clothing items that are easiest to part with, then move onto another area of the home, like a kitchen cupboard. Each time you revisit a specific area, you’ll likely feel more ready to shed those items you were ‘on the fence’ about earlier.  

3. Make a ‘dream location’ list 

Apartment developments are often located in vibrant, sophisticated locations. Downsizing gives you more time to do what you love, so what does that look like? Walking through peaceful parklands? Unique cafes and restaurants just around the corner? Easy transport links? If you need to be near quality healthcare, apartment living can often tick that box, too.   

4. The downsizing process starts today 

Even if downsizing to an apartment feels like something on the ‘distant horizon’, give yourself the gift of time and keep exploring options and ideas now. Speak to family and friends, go to apartment openings and give yourself time to look into the financial aspects of downsizing to an apartment, such as whether you qualify for any stamp duty concessions.  

5. Buying off the plan can buy you time 

Selling and settling a home can take longer than you may think, especially if your current home requires some TLC before it can go on the market. Buying an apartment off the plan allows you to lock in the price of your future home and then go about selling your current home while your stylish new residence is being built. 

6. Be kind to yourself! 

Moving home at any stage of life is a significant event that brings with it a range of emotions. Change can be difficult, especially during the transition period. Allow time for new memories to take the place of old ones, and be gentle with yourself.   

Continue your downsizing journey with our free eBook. 

The Decision to Downsize guide is full of handy tips and ideas for downsizers, including additional benefits to downsizing, what downsizing options are available, the downsizing process and how to take the next steps.