Is your nest at home feeling a little empty, or is your home now just too big? So where to next?
We meet many clients every day who are considering a change. It is never an easy move, the family home contains many glorious memories. Sometimes it is hardest for the children, they have already left home, but the thought of it being sold is emotionally difficult for them. In our experience, the parents never look back. The purchase of a smaller, or different type of property, brings with it a change of lifestyle and also more freedom. Now they can spend more time away at their beach house or travelling without worrying about the garden or security or maintenance. Dining out becomes easy as they walk to local restaurants & cafes, or enjoy more cultural events. Buying a smaller property can free up some capital to invest in other income producing properties or investments for the future. So what is on offer?
A townhouse is a great next step. Most likely, they will have a small amount of land, so you can continue to do a little gardening if you wish, and if you have animals, there will be room for them as well. Some of the townhouses are stand-alone; others are terraced with a common party wall. Older townhouses may have a cross lease title; newer properties will have a unit title and therefore a body corporate.
Look for well-constructed homes, with a good outdoor space, either decks or a courtyard, and generous living areas.
This type of property is becoming increasingly popular. The ability to retain some generous open living space, combine a live and work option and have limited, or no gardening, is highly appealing.
While the locations of these properties are usually in commercial areas, and it is not quite like having your own friendly neighbourhood, they are often centrally located in the city, and you probably won’t have noisy neighbours having parties to contend with. The added advantage is, you may be able to lease some of the space to a tenant, and therefore derive some useful income.
Apartments are a very popular choice. The range of sizes appeals to a wide market, including those who just want a small studio or one bedroom as a crash pad during the week, and retreat to their beach house in the weekend. Others love the one level spacious living that a 200 square metre, or more, apartment provides. Many of the apartment buildings are centrally located in vibrant areas of the city. It is often a nice change from the suburban lifestyle of your family home. Dining out more, walking around the city, and enjoying the variety of cultural events, are highlights for many apartment dwellers. Many of our clients have raved about the new life they love in their apartments. Ensure that you purchase an apartment in a well-designed and constructed building with an active and efficient Body Corporate. If you have pets, ensure you are legally able to keep them in your apartment.
Whichever choice you make, do your research now and be ready to buy, as it is amazing how suddenly the time to move becomes a priority in your life.
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