How to downsize without leaving the suburb you love
If you find yourself rattling around in a home that now has too many rooms to clean, and you’d prefer to spend more time doing things you love rather than household chores, it might be time to downsize. Not only can downsizing your property simplify your lifestyle, it has the potential to free up some funds as well. If you manage your ‘empty nester’ status well, it can become a profitable nest egg!
But downsizing to a smaller home can be a daunting process. You may not be ready for the close proximity of a retirement village, nor are you keen to leave the neighbourhood you love. You have great neighbours, you’re close to family, and you have all the amenities you want nearby, but your house just doesn’t suit your lifestyle anymore.
So, what are your options? There are in fact a couple of great alternatives to packing up and leaving everything you’ve known behind: building a dual occupancy home or a knockdown rebuild on your existing block of land.
What is a dual occupancy development?
A dual occupancy home design, also known as a ‘duplex’ or ‘multi-dwelling’, can come in a variety of layouts: either two attached dwellings side by side, where both properties have street frontage, or one behind the other, where there’s a driveway down one side of the property. A dual occupancy home is a great consideration for those who:
- Want to remain in the same area but don’t need as big a house.
- Want a low maintenance lifestyle.
- Have a large block in an area where land prices are increasing.
- Want to realise some of the equity in the land.
- Want to create an ongoing income stream through an investment property.
Unlocking wealth with a dual occupancy home design
The Australian property boom has made many people many millions. But the fact is that the wealth lies in the land not in the dwellings themselves. Many people who have owned a slice of the Aussie Dream for more than 10-15 years are sitting on potential gold, however all their equity is tied up in the land beneath their house. For empty nesters that are ready to downsize, this offers enormous opportunity.
It’s no surprise that dual occupancy house designs are increasing in popularity. There are a number of ways you can capitalise on this opportunity:
- Live in one house and sell the other.
- Live in one house, then rent the other one. This provides a potential income stream and is particularly great if your property is in an area where rental supply is low.
- Sell both houses and live somewhere else. This option works well in areas where housing stock is low and demand is high – and when you’re prepared to find somewhere else to live!
There are some design limitations when it comes to building a dual occupancy home due to the somewhat restricted footprint, and a number of things to consider such as the size of your block, street frontage, driveways and council approvals. Thankfully however, experienced homebuilders such as Metricon have the expertise and know-how to provide you the guidance you need to make the most of your asset.
Knockdown rebuild – build a brand-new home, wherever suits your lifestyle
“Don’t move your life, improve your life!” is a fitting motto for those looking to take advantage of their great location by building a more suitable home for their life stage. If you really love where you live but your home just isn’t right for you any more, then there are two likely options: a renovation or a knockdown rebuild.
A knockdown rebuild is especially a great option when you are looking to downsize – such as replacing your double storey home with a more suitable single storey option. Perhaps you are weighing up the option of moving but also hoping to build new. Let’s explore your options.
To renovate or rebuild?
Before jumping on the renovation bandwagon, assuming it is an easier option, there are a few factors to consider that may ultimately influence your decision. These can include: the extent of your renovation, the comparable costs between renovating and rebuilding, and the expected increase in value of your property. Other factors such as the condition of your home (some old homes can’t cope with structural changes), and ongoing expense (a new home is typically cheaper to maintain than an older home), may preclude you from renovating.
Renovating can often result in unforeseen cost blowouts and uncover previously hidden or undiscovered faults. There’s also the hassle of shifting furniture, isolating rooms, living in only part of your home or moving out completely during the renovation. A knockdown rebuild however, may be easier and deliver a more satisfying result than you think: a brand-new home where everything is clean and reliable, in a floorplan that matches your desired lifestyle perfectly.
Re-locating and building new
If you’re looking for a complete lifestyle change when downsizing, perhaps weighing up the options of a sea or tree change, you can have the best of both worlds and build your dream home to perfectly suit your new location.
Images: Getty