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Downsizing Property? Here Are Some Tips For You

Downsizing Property? Here Are Some Tips For You

Downsizing Property? Here Are Some Tips For You
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After the marriage of his two children, Suneel Khatri, a 62-year-old retired banker who owns a 4BHK duplex home in south Delhi felt that a smaller home would be easier to manage. With just the aged couple at home, downsizing would mean easier living and better maintenance. 

Khatri is now looking for a 2BHK apartment. However, there are certain things that he must follow to ensure that he finds a property suitable for him. Here are some tips for Khatri and buyers like him who are planning to downsize:

Pick a lower storey

In case you are a senior citizen, we suggest you invest in a home in lower floors. While ground floor must be a preference, going beyond second floor could be just too much. Even if you are looking for an apartment society equipped with elevators, on days when this service is not available you must not be stuck inside your apartment. This is only possible if you are on the lower floors. It ensures you can be as mobile as you wish to be. 

Offers ease of maintenance

A property that is easy to maintain and go around is what you should be looking at. With rooms demarcated, having a home that is easy to maintain and move around could be a saviour in old age. Even though domestic help is available, maintaining a home is more than just cleaning.

Spacious enough to accommodate visitors

Although small, you should be looking for a home that has a spacious living room or balcony. Why? Even when you two are living alone, you must have friends and family visiting. When many pour in, you don’t want your home to feel congested. So, a home that could accommodate visitors from time to time and also, has room for a guest or two to stay the night is what you must be looking for.  

Provides space to accommodate your belongings

It is going to get difficult to fit your furniture and decorative in the smaller home. While you had designed and placed everything for a spacious home, all of these put together could eat up a lot of space of your smaller home. Invest in a property that has enough internal space and storage, too – in case you want to store some extra decorative.  

A location you are familiar with

After living in the same locality for decades, it is difficult to move to a new locality altogether. Looking for services and other daily needs in a familiar location is easier than finding them in a new locality. So, try to look for a new home in an area close to your existing property. Also, selling a bigger one to buy a smaller property in an area with similar price points can be financially profitable, too. While you sell for more, you could buy for a lesser price tag.

Last Updated: Thu Aug 09 2018

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