Downsize ups: Why smaller homes can mean a bigger life

As an Aussie of a certain age, you may be contemplating a swap of the sprawling family home for something a bit more ‘lock-up-and-leave’.

It’s not easy to give up those height notches carved in the doorframe. Or the spaces where memories linger like apathetic teenagers.

But there are some significant upsides to a downsize.

So here’s our Jackson Jones guide to the benefits of letting go.

Living debt-free

If you’ve spent years paying off a mortgage, downsizing can present an opportunity to live debt-free.

Generally, a home will sell at a significantly higher price than it was bought for. And having paid off much of your mortgage, buying something more modest can allow you to own a new home outright.

Smaller spaces are less expensive to run, so you not only reduce debt, but free-up capital to spend on things you enjoy. Which brings us to:

More time for fun

If you’re buying an apartment or a villa in a complex, facilities can include gyms, sports courts, social clubs and swimming pools. Yes, there’s a space trade-off, but a downsize can give you more time to spend on activities outside the home.

Less chore time means more time spent on what you enjoy. Without the demands of industrial-scale housekeeping and gardening, you can form that book club, take up abseiling or simply spend more time with friends and loved ones.

Less clutter

It’s hard to relinquish possessions with a history, which is why we rarely give them up unless we have to.

But there’s a fine line between useful spares and clutter. A downsize makes us face up to the reality that three sets of junior golf clubs or Granny’s chaise longue might serve a new family better.

Parents often keep heirlooms because they believe their children will want them one day, only for those pieces to age badly and become intensely undesirable.

Letting go can present an opportunity for a positive change. Maybe its time to slough off the old, prioritise what’s important and start afresh with a simpler collection.

Choice of location

There’s no more planning your home around the school run and daily commute.

Being close to family and friends may still be a strong factor in deciding where to live, but lifestyle priorities also come into play.

If you’re used to living on acreage, finding a home close to lakes, oceans or national parks will allow you to dose up on fresh air - without the ties of maintaining those open spaces.

If proximity to shops and restaurants, medical facilities or neighbours is a must, you can prioritise according to those wants.

As our situations change, our list of what matters changes too. If a beloved family home becomes hard to maintain or navigate, finding somewhere less challenging can be a physical as well as a financial relief.

Easy take off

Whether your travel dreams feature a Winnebago in Woombye or a wigwam in Wichita, a ‘lock-up-and-leave’ home allows for greater freedom to get on the move.

Low-maintenance living means you don’t need to worry about who’s going to clean the pool or do the mowing while you’re away.

And homes in complexes offer added security, so you know someone is keeping a close eye on the place while you’re sipping sundowners in the Serengeti.