Home Focus Edition #8🏡 Tis the season to downsize in Mosman....

As someone who's just recently helped my parents move from the family home of 30 years in Mosman to something more practical for their twilight years, the process of downsizing has been on my mind a lot these last few months.

It's safe to say it's not a simple process. Nothing really is when it comes to residential real estate because more often than not, emotions are involved.

Having years of professional experience as an agent helping clients move into the next phase of their life, I thought I knew a lot about downsizing - but now that I've personally done it too - it gives me a whole different perspective.

Downsizing is a BIG DEAL and emotions are, well, complicated. It can also be very physically and financially stressful for the whole family.

There's a deep attachment to the family home, not just for Mum and Dad, but the siblings, the grandkids, the neighbours, even the dog.

It's the end of an era and that's tough.

We had a big farewell party for our Lennox St home before Mum moved and invited everyone we'd shared great memories with at that house over the years to come and help us say goodbye.

So many old family friends came who we hadn't seen in years, mates from uni and school dropped in and we reminisced about the many (unauthorised) parties we'd had as teenagers, the 18th's, 21st's, weddings. It was a brilliant night, but it was bittersweet.  

Now, in hindsight, seeing Mum, a few months into her new life and thriving in her beautiful 2 bedroom apartment in the heart of Mosman Junction, I can't help but think....we should have done this years ago.

And, ironically, my own client's have been telling me that same story for years.

But the fact is, most people leave it too late.

Because aside from the emotional attachment to their home, let's face it, as you get older it's a pain in the ass to sell and buy and for many, the hardest thing you'll do after raising kids. And above all else, they like where they live.  Who can blame them!

Recent REA data shows the number one location Mosman residents relocate to when they sell is...somewhere else in Mosman.  

So, you see you can have your cake and eat it too...you just have take some simple steps now, even if you're not thinking of downsizing for the next 5 or 10 years, that will place you in good stead to make the process as seamless and stressfree as possible.

So, what are some of the signs you should look for that it's time to downsize?

When you stop going into certain rooms of the house because it takes too much effort - they might be up or down a flights of stairs to (now adult kids) old bedrooms or the laundry.  

When you realise you haven't gone up the stairs of your house to less-used rooms in 3 months or more, it's a sign that the home is no longer working for you.

You clean the swimming pool more often than you swim in it.

Same with the garden, it gets manicured more often than you're actually out there enjoying it.

You stop entertaining because having people over feels too hard.

You feel overwhelmed at cleaning it or keeping up the home maintenance.

If you said yes to any or all of the above, there are some easy, actionable small steps you can take long before your ready to move:

1. Don't be scared to talk to a real estate agent explain how you feel, if you have a 5 or 10 year plan, get advice on what your home is worth and what you can expect to get for a small or medium sized apartment.

Around 50% of my 'downsizer' clients I've known for at least 5 years.  It doesn't mean I talk to them every day or week or month, just once a year to check in and see how they're going, so they can stay in the loop with the market and I can keep them up to date with any changes they might want to know about.

2. Work out which agents you like and trust.  Don't start talking to agents when you're desperate to move.  This is a relationship that takes time to build up rapport and a good agent will understand, be patient and considerate and check in on you every now and again with no pressure.

3. Start looking around at what kind of stock is out there that's suitable for you to downsize to, to get a feel for what your options might be.

Keep in mind that key aspects like:

Is there level access or if not is there a lift access (ideally no stairs)

Close proximity to shops and services like banks, chemists, doctors, dentist and the post office.

A low maintenance outdoor area or garden

Sunshine/natural light

Secure parking

Potentially views - but convenience and proximity would normally take precedence (depending on budget of course!)

4. If you're closer to actually putting your home on the market consider how flexible your settlement terms could be?

If you can be flexible on your settlement terms when you're selling that means you've got a bigger pool of buyers and more negotiating power.  That's a good thing because downsizers normally want time.

It's interesting to note here that 3 years ago 95% of my sales were on 42 day (6 week) settlement terms, now it's just 20%.

5. Remember: Timing is key.  If you sold at the end of October and there was a 3 month settlement you'd be settling at the end of January, so if you're looking to move at the start of next year you'd be looking to sell in the next month and move by February.

Here's one more staggering statistic before I go.

I'd estimate around 95% of the clients I've helped downsize in Mosman in the last decade have come back to me after they've moved in and said:

"I'm so glad I don't have to clear those gutters/re-oil the deck/clean the pool/face those stairs ever again.  I should of done this 10 years ago!"

Until next time,

Anthony