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Thinking of Downsizing? Our Top Tips

By Therese Bolin

Ray White Turramurra I Wahroonga recently hosted over one hundred guests for our “Downsizer Symposium” at the Pymble Golf Club. A range of experts in the field spoke about the psychological, financial and legal aspects of downsizing.

According to Associate Professor Joanne Earl, research shows that while moving is stressful at any age, the benefits far outweigh the short-term inconvenience. Her research found that 80% of downsizers were very happy they made the move, with many wishing they did so many years earlier.  Professor Earl recommends deciding what the non-negotiables of your new home are, such as still having a garden or no stairs, and try to tick them off in order of importance to you. There are always going to be compromises when you move but if you find a home that has these main requirements, it will be a far happier and successful transition.

Nick Lloyd, Principal of ITL Financial Planning, spoke about financial considerations and the new rules and incentives for downsizers, which were introduced on the 1st July this year. His key message was that each case may be different, based on your financial position, so it is imperative to get expert advice before you make the move.

One of the most overwhelming factors of downsizing, from a practical and emotional sense, is what to do with a lifetime of possessions. The most common lament we hear is “How can I fit my beautiful furniture in an apartment?”.  Jo Carmichael is a Professional organiser and owner of All Sorted Out, she understands wholeheartedly the dilemma most downsizers face.  Jo helps clients start at the very beginning and take you step by step through the decluttering process to make your move as simple as possible. Her message is you don’t have to leave your special treasures behind or do it alone!

Finally, we heard from David Gordon, Director and Head of Property, Commercial & Estates at Fox & Staniland, who gave a very informative presentation about the intricacies of the legal side of downsizing. Many of our guests had questions about the benefit of testamentary trusts and enduring powers of attorney.

The feedback from the day was overwhelmingly positive. Our guests told us the key learnings they will take away from the day –

  • The importance of planning ahead
  • Don’t leave moving so late that the decision is taken out of your hands
  • Prioritise three main things you want in the new property
  • While decluttering seems overwhelming there is help available to make it easier

If you would like any further information on downsizing or would like to get in touch with any of our speakers, please don’t hesitate to give us a call, we’d be happy to help.

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