Guide to downsizing once the kids have left

If you're at the stage of life where the kids are out of the house leading their own lives, you may find that you and your spouse are rattling around a big house with living areas that aren't being utilized and bedrooms that are just gathering dust.

If that's you, you may wish to consider downsizing to something more compact so that you're not paying for something that you're not using as much.

Downsizing sounds like you're giving up space but it soon becomes pretty evident that when a house that used to have five or six people in it suddenly has just two, the place seems too big.

The issue of finding a smaller house or apartment has a number of benefits - not least of which is that depending on the state of your home, you could possibly make a profit and use it toward a nice vacation, investment property or other exciting endeavour.

If you're keen to stay in the area that you've become accustomed to and where all your friends are, start searching for smaller places around where you live.

Property for sale can be searched on the Ray White website for your postcode and surrounding areas where you can look for two or three bedroom homes or if you're tired of yard maintenance, try searching for units.

Another issue of downsizing is that you may have to give away or sell furniture, as a smaller home very possibly may not hold all your beloved end tables and chest of drawers.

However if your kids have their own homes, why not give them some pieces so that at least it stays in the family.

Alternatively if you're not ready to part with any of your pieces, storage facilities aren't hugely expensive and can house all your treasured family possessions which can't come with you to your new home.

If you're looking for apartments that have the luxuries such as a swimming pool or elevator to make life easier as you approach the twilight years, be prepared to pay a little more for the cost of the unit and even what's known as 'strata fees' - costs associated with maintenance of the lobby or pool in your brand new home.

Talk to Ray White about how they can facilitate your move from your large house to your new cosy home where the kids and grandkids can come and enjoy some family time.