Downsizing Home - Who's been there and done this?

[scarpsD40]

Whilst not directly about camping, bear with me as there is a link called 'possible new man cave'.
If you've already done downsizing, what were the advantages and what were the regrets?

Our situation is that one adult son (24) and nephew (22 & boarding with us) both have one year left at uni, and the other adult son (builder) has already moved out with GF and about to start building their first home.
The current home was designed and built to support teenagers growing up and it has served it's purpose well, but swmbo and I won't now need the extra house space, would rather hitch up and travel. Plus we've worked out there's minimum $50k in potential upgrades needed in the next 5years to carpet, kitchen and bathrooms.
We're still looking at a house but on smaller land, and instead of the current garden area, vegie garden and cricket pitch, 4th & 5th bedroom/office etc, the new home could include a larger garage and man cave, while swmbo gets to design and build a new home, kitchen, guest rooms etc.

Also did you sell your existing home or rent it out (which in our case we would do the $50k of upgrades to bathrooms/kitchen etc).

As always, the thread is worthless without pics so here's our front footpath with just 2 adults (at that time the Jeep was in for repairs hence no 4by) and 2nd when everyone was at home.

[BaseCamp]

We are in this process ourselves..

We have sold the townhouse we called home - and have moved into the investment property..
Pros:  Fortunate to have another dwelling to 'instantly' move in to
Cons: Loss on income from tenants' rent; this temporary home is quite dilapidated and"rustic"..

We are in the process of going through a DA with the Council to be able to build under the house mentioned above..
Pros: This will provide a "free roof"; and "free land"; all up design and built costs should hopefully come in at $300+K; can't live in a house and land 3klms from the CBD for those dollars any other way; we will still have friends (neighbours) from our previous area where we lived for 25yrs - because we have only moved one suburb...; the plan will be to rent out the new downstairs area to student accommodation - which may yield approx $36K passive income
Cons: Growing; chocking costs with 'Council bureaucracy gone mad'; (our DA has been with the Council for 18 months with still no resolution in sight...; once all done and dusted; our home will be subject to "others" living "on top of us" (the students); this 'forever home - till its off to the nursing home' - is on a main road with heavy traffic...

[UIZ733]

We have investigated it. Current place has a large (and very nice today!!) pool which is a pain when going away and even in Brisbane probably poor value for money. Land block is around 700m². House itself is about 40 yrs old and reasonable/manageable in size.
By the time selling, legal, stamp duty and buying and other incidenta costs are taken into account it is an expensive venture. Additionally properties (freehold) that fit the bill for downsizing to, are drastically over-priced here in SEQ, in my opinion.
Conclusion is to stay put and rent out if travelling for an extended period.

[lino6]

Could always set up the spare rooms as "labs" and become a supplier/dealer. Pay for any of the renos, all travel and have enough left over to run another Jeep??

[briann532]

I'm not sure which way is best for you, but I do know, I wouldn't spend 50 k on it to have a tenant not care for it as much as you would.....

I also think that since your home is an appreciable asset that is not taxed, why not hold onto a higher priced asset that will continue to appreciate?
Smaller house, smaller price, smaller capital growth, less borrowing potential etc etc.
Just my 2c worth.

[gphcald]

We did this a couple of years cago, moving from an extended family in a 70sq house on 1500 sq mtr block to a 20 sq housae on a 300 sq mtr block.
The main issues were getting rid of a lot of gear that would not fit in the new house, even now after three years we cannot use our garages as wife and daughter wont throw stuff out (I threw out over 2 tonne of stuff of my stuff)
Pros less house to clean, easier to keep tidy etc
Cons very limited storage but once you got used to the smaller size it was a good choice
the gardens take me 15 mins or 30 if i trim the hedges
Hope this helps

[plusnq]

Could always set up the spare rooms as "labs" and become a supplier/dealer. Pay for any of the renos, all travel and have enough left over to run another Jeep??

If you do this make sure to tap the neighbours electricity supply 

[BaseCamp]

... speaking from experience, hu                     

[lino6]

If you do this make sure to tap the neighbours electricity supply 

Using 6b&s

tappa tappa tappa

[plusnq]

Using 6b&s

tappa tappa tappa

Do I need to put an isolator or diode in ?

[lino6]

Do I need to put an isolator or diode in ?

Only if you intend on using a DC-DC charger

tappa tappa tappa

[scarpsD40]

We did this a couple of years ago

Pros less house to clean, easier to keep tidy etc
Cons very limited storage but once you got used to the smaller size it was a good choice
the gardens take me 15 mins or 30 if i trim the hedges
Hope this helps

thnx, yes, this is what I want to hear.

[Fathom]

Do it.
No real regrets.
Use 6B&S
Don't do the upgrades on your old/ current place till it's a rental. Thank you tax man.
Always use as many fuses and diodes as you can fit on the cable.
Buy a new smaller Aussie made house from someone on the forum.
Smaller house doesn't mean less sheds.
Get many beer fridges in said sheds.
Use solar to run them.


If pigs could fly... Imagine how good their wings would taste.

[Hewy54]

We had a large old house (built in 1899) on an acre of land. We were lucky in that our daughter wanted to buy it so saved some money on fees and a lot of hassle. Downsized yard to 600 sqm and modern house (still 4 bedrooms). Before we moved in I built my shed (15m x 5 m) so still have room for 4wd, camper and workshop.
Great move as we came out with some cash, easier to manage yard and house, and now can go away for small or long trips without the worry of who is going to look after the house. Just lock up and go.

[cruiser 91]

We had 2 kids that left home a fews back, one still at home but i'm guess will go in the next year or so.

Looking to downsize our 2 story 4 bedroom, 3 bathroom home on 800sqm to a single story 3 bedroom without the formal rooms and just 1 bathroom on acreage with more sheds, stand alone solar, 100,000L of water tanks, septic.........basically I don't want to deal with the likes of electricity, gas or water providers ever again. 

One major catch though which keeps us hear...................free power and approx $1200 per year in our pocket from solar which offsets our total gas bill with a few $$$ left to go towards rates.

We purchased our existing home in 2000 and spent a few bob in 2005 on reno's. Could throw in another $40k worth to prepare it for sale.

[scarpsD40]

Thnx all, good info. Keen to hear if anyone one has a situation of;

Yes did it, but wish we'd added, or done, or not done this "............insert text here............."


 

[Kangaron]

Not far off for us.
Some time ago we purchased some acreage within the golden triangle, on gold bearing land.
It has a very large shed which over time we have converted.
Has a wood heater, power, a/c, dunny/shower,tanks , kitchen etc and is very livable.
Come the right time we get rid of our home [about 850K] and build a smaller home on the block [about $160k]
then loose then difference on the pokies, get the pension and continue detecting for gold, which we
both love to do.
The shed will be great for visitors, kids and grandkids.

[scarpsD40]

Not far off for us.
Some time ago we purchased some acreage within the golden triangle, on gold bearing land.
It has a very large shed which over time we have converted.
Has a wood heater, power, a/c, dunny/shower,tanks , kitchen etc and is very livable.
Come the right time we get rid of our home [about 850K] and build a smaller home on the block [about $160k]
then loose then difference on the pokies, get the pension and continue detecting for gold, which we
both love to do.
The shed will be great for visitors, kids and grandkids.

myswag camp weekend at your place;D

[xcvator]

myswag camp weekend at your place;D

x 10 

[grafy82]

Not far off for us.
Some time ago we purchased some acreage within the golden triangle, on gold bearing land.
It has a very large shed.
The shed will be great for free-camping for MYSWAGGERS.

Fixed it for you 

[scarpsD40]

Thnx for all the feedback. We've spent the last 2 weekends checking out land and estates in the surrounding area. Swmbo even had the current house appraised, so looks like 'it's on'.

Watch this space.......man cave in design stage.

[Bad Scott]

Thnx for all the feedback. We've spent the last 2 weekends checking out land and estates in the surrounding area. Swmbo even had the current house appraised, so looks like 'it's on'.

Watch this space.......man cave in design stage.

Rule 1. Man cave is to be bigger than house
Rule 2. Must have a hoist
Rule 3. Refer to Rule 1

[scarpsD40]

Rule 1. Man cave is to be bigger than house - you assume I have a say here. I've got the ok for a 3 to 4 car solution tbd.
Rule 2. Must have a hoist - doubtfull. The days of me tinkering with cars over. I tend to break things these days and cost more than the local mechanic. Plus I live on the same side of town as GeoffA;D
Rule 3. Refer to Rule 1 - swmbo rules and to think otherwise is dreaming

fixed it

[speewa158]

                        How Much for the house 
Will the locks be changed so your kids cant return  . 
Can grass be grown out front after all the 4WD oil dripped on the nature strip   
You will have to soppily a big sign that says that you don't live here anymore , that to slow the conga line dodges that have been there before 

[D4D]

A couple of thoughts:
- The $100K+ in changeover costs (real estate agents, removalists, stamp duty etc.), would go a long way to updating your current place to suit your new mode of living.
- My folks moved to a smaller place and the issue is there is now not enough room for us to stay there.
- See a retirement advisor re asset base to cash base, it may not pay to have less capital in a house and more cash in the bank