If you are looking to downsize, now is definitely the time to do it, with big properties being snapped up and multiple smaller properties on the market giving ample choice to those downsizing, with far less competition from your main rivals - first home buyers - than there was a year ago.

There’s a time in life to buy a property, a time to move up to a bigger property to suit your growing needs, and a time to downsize back to simple, easy maintenance and comfortable living. Luckily all this moving around and changing demands for different age groups across Australia means there are plenty of flexible offers on the market and ways you can match your next home purchase to your current lifestyle.

Another thing that is constantly changing is family values about space and living arrangements. It used to be that a family home was just enough space for everyone to fit in, however, modern families are looking for extra space to give everyone more room to be themselves, especially in a digital world where family members are more likely to be home for recreation and entertainment activities.

That means bigger homes with multiple spaces, like two bathrooms, outdoor decking, two living areas or open plan dining are all in seriously high demand. If you are looking to downsize, now is definitely the time to do it, with big properties being snapped up and multiple smaller properties on the market giving ample choice to those downsizing, with far less competition from your main rivals - first home buyers -  than there was a year ago.

How Do You Choose The Right Downsize Property?

With all properties, no matter what stage you are up to in life, the very best investments are those you hold onto for the long term. Having to sell after five years is going to increase your costs and create a lot of unnecessary stress so it pays in multiple ways to look for a property you’ll want to hold onto, not just now, but for your future needs too.

Here are seven things to keep in mind while looking for the perfect downsizing property to suit.

1.  Choose a property that will work long-term

There are two important parts to consider. The first is buying a more manageable home, the second is finding a place that will suit your lifestyle now as well as in the years to come.

When you know your needs and how to meet them it will help narrow down your property selection and make a decision with absolute confidence for immediate livability that will still be rewarding, comfortable, and useful over the next few decades.

You might also like to consider a property with larger than normal hallways and doorways to make moving around easier if you need to introduce mobility aids, also consider higher energy ratings, so your home will stay comfortable all year round for less effort and energy.

2. Avoid high maintenance features that might become difficult with time

Older properties have a lot of character and charm which might be appealing but they also come with a lot of hard work. Life after downsizing is meant to be relaxed, so keep this in mind when you're looking at gutters that need cleaning, lawns that need mowing, or elevated homes that will need restumping.

Other big maintenance issues to avoid include:

• Stairs
• Street parking
• Large lawn areas
• Multiple bathrooms
• Large deciduous trees
• Older style homes
• Private pool

Brand-new developments that are specifically designed for retirement are appealing because there is less care and maintenance involved, modern features and are comfortable and ready to move straight into. 

3. Target homes with five-star amenities

It’s important not to just aim for amenities that are globally desirable. Make sure you get a good match for your lifestyle, both now and in the years to come.

Make a list of the things you love doing or are looking forward to as you move further into retirement.

While a private pool isn’t going to be the relaxing, low-maintenance home you had in mind, a heated pool on the property that is served and maintained for you might be just what you are looking for, especially when you'll be able to meet with other residents to swim laps or do water exercise together for more motivation and fun.

Some new complexes offer other amenities as part of their communal spaces such as gardens, outdoor barbecue areas, and rumpus-style areas that are perfect for use when family members come for a visit.

4. Stress location more than ever

The pairing of location and property might have been done to death, but it’s for a very good reason. The right location gives you access to the right facilities. Without it, you’re stuck in a land of inconvenience, higher expenses, and potential trouble if you need help but can’t get to it easily.

Think about what your needs are now and in the future so you can stay close to the services you need most:

• Shops
• Cafe’s
• Supermarkets
• Restaurants
• Medical services/chemist/GP
• Parks or gardens if you want to walk or take the dog out

If you will be relying on public transport, choose something with frequent transport close to your door, especially if you plan on heading into the city to see a show at the theatre, catch up with friends or view a feature exhibit at the gallery.

5. Understand the terms of purchase

There are lots of advantages and opportunities to buying custom-designed development properties for those over-55s. They are brand new, well priced, and come with everything you need for ultimate comfort, however, it’s not always as perfect as it looks. It’s important to read the fine print.

With development offers a typical part of the deal is the operator retains part ownership of the residence, as well as receiving regular money from you through agreed set fees and charges.

That means that if a property increases in value during your time there, you won’t get any of the benefits as the operator will keep between 30 to 40% of the sale. It’s a big profit to them for absolutely no risk or effort.

Ultimately you want to hold 100% property ownership with reasonable ongoing fees for maintenance and care of communal areas. Make sure you have a conveyancer check over the paperwork carefully and explain all the details with you before you sign on.

6. Think about an established community

While you can downsize to anywhere, in a neighbourhood property you’ll be surrounded by a mix of neighbours from single professionals, families, and couples. While you can get a good idea of a neighbourhood feel by visiting at various times of day and walking past neighbouring homes, you can’t control who your neighbours are. Kids can be noisy, especially if the trampoline is set close to your property fence, dogs can bark, particularly if they are left home alone when their owner goes to work. 

For social and outgoing people this might be a very good thing, you’ll have plenty of opportunity to get to know different people from different backgrounds and mingle with people of all ages. The other option you can consider is a retirement community. In this situation you’ll only be surrounded by people like you, with the added advantage that there will be a greater chance of meeting people who like the same things you do, are home when you are home and share your values about quiet, relaxed living.

Retirement communities can also come with organised social activities to help bring people together such as art classes, dog walking groups, gallery visits, dinners or just grabbing a coffee in town.

The togetherness and knowing the people around you can offer a real sense of safety and security that can be especially appealing to singles.

7. Look after your wellbeing

Your health and well-being need to be taken care of. Natural light can make a space feel open and welcoming as well as lift a mood. It’s important that you have areas you can look out for and enjoy. Some views might have to be of neighbours' fences, but look to have at least one window or outdoor space like a patio or balcony that gives you an excellent view that will clear your mind and have you feeling free and relaxed.

• Garden
• River
• Beach
• Hills
• Sunsets
• Bush
• City skyline

Downsizing can be an overwhelming project to take on, especially if you have lived in your family home for a long time and have sentimental value attached as well as belongings you want to keep with you. 

Although difficult to begin with, cutting back the clutter will make you feel more at ease and give you the flexibility and space you need for the newest chapter in your life.

As with all property purchases and sales, take your time, make sure you research what you need and whether the property you are viewing can meet your expectations. If you have any doubts, make sure you use professionals to help with the decision-making and answer your questions with their skills and experience. It’s a small extra cost for ultimate peace of mind and solid property purchase.