People downsize for various reasons. You could be an empty nester, a single person, a couple or someone simply looking to downsize or rightsize to free up capital and shift to a more manageable or sustainable lifestyle.
Whatever your motivation for downsizing from your Inner West home to apartment living, the thought of moving to your new place is sure to be an exciting venture. However, once you’ve found your prospective new home, we advise you to take these five steps:
1. Do your due diligence with the strata manager
Before finalising the sale and signing on the dotted line, make an appointment with the strata manager or email them. Make sure the building is up to date in terms of the current fire code, safety and other crucial property guidelines. Also, secure your own copies of strata documents so you have access to all pertinent information concerning your soon-to-be new home. Scrutinise the documents and ask questions so you won’t find any costly surprises later.
2. Confirm strata fees
When it comes to strata property, strata fees are among the most common sources of contention. Therefore, familiarising yourself with these now is crucial.
How do the strata manager and owners’ corporation manage levies? Find out what your financial commitments are as an apartment owner, paying special attention to the strata scheme. Compulsory works for building compliance can be expensive, and some strata managers and owners corporations impose special levies that can put a dent in your cash flow. Check that the strata scheme has a healthy operational budget buffer for emergencies and necessary upgrades. If the levies are too low, your strata scheme won’t have the money on hand to cope with unforeseen events.
3. Measure the rooms
Once you’ve made an offer or bought your new home, you need to know what furniture you can take with you and what to sell or donate. So, now’s the time to take room measurements, as this will help you determine what you can (and cannot) fit into your new place.
During your decision making, you’ll have to distinguish items you can live without from those that you want to keep at all costs. Try to be as dispassionate as possible, and be ruthless in deciding which items must go – but take care to avoid regrets.
4. Sell your home
Here is where Belle Property Balmain can help. You can depend on us for professional advice on renovations, maintenance, why kerb appeal matters, styling, professional photography and more – anything that’ll make your property more saleable. And there’s no better time than now for sellers, as prices for detached homes remain elevated due to high demand. (However, this gap between house prices and unit prices is narrowing as investors come back into the market.)
Once the work is done, you can set your selling price. With our expertise and deep understanding of the market, we can help you arrive at a price we know that potential buyers will be prepared to pay. And if you need assistance with decluttering and cleaning (if you haven’t done so yet), we can find professionals to do this for you.
5. Make your move
Moving is both exciting and stressful, so planning is key. If you thrive under pressure, you can start planning for your move last minute. But if you want a seamless relocation, then plan as early as possible.
Not sure how and where to start? We can provide you with a moving checklist that’s designed to keep stress to a minimum and ensure you have a smooth, organised move.
Can we help with your Balmain Peninsula home?
Whether you’re ready to sell or need help to rent your investment property, we have the experience and local knowledge to make your property journey easier. So, if you’re all set to downsize, let us know so we can help.
Looking for help selling your home or renting your investment property? Our team at Belle Property Balmain support homeowners across Balmain, Balmain East, Birchgrove, Rozelle and Lilyfield. Feel free to get in touch for a no-obligation discussion or property appraisal.
