Is Downsizing to a CBD Apartment Right For You? 5 Considerations

Is Downsizing to a CBD Apartment Right For You? 5 Considerations

Choosing to move out of your current house and downsize into a CBD apartment in a city like New York, Sydney or London is a major decision which should not be taken lightly.

Not only does it involve a significant change in lifestyle, but it could also result in you needing to secure a mortgage, potentially through a mortgage broker such as Get a Better Rate, given how expensive they can be.

However, in recent times, this kind of move has become increasingly popular, with many people wanting to do it for various reasons.

If you are serious about downsizing, it is worth considering some salient factors to ensure that moving from a three-bedroom semi in suburbia to an apartment in the heart of downtown is right for you.

Here are 5 of the most important things to bear in mind.

Why downsize?

Long gone are the days when downsizing was just something older people did. Indeed, today an increasing number of couples and younger families are choosing to enjoy the freedom that apartment living brings.

Overall, there are several benefits associated with downsizing. They include:

  • Reducing your utility costs

  • Spending less time on maintenance and cleaning

  • More choice of properties available

  • Better access to public transport and amenities

5 Aspects to Weigh up

While you might be attracted to the potential benefits of downsizing to a CBD apartment, you should take the time to weigh up the following aspects before firmly committing to a decision to proceed.

1. Find the right location

We’ve all heard that adage, ‘location, location, location’. But this is particularly true if you are planning to downsize to an apartment within the CBD.

Location is very important when you are looking for new digs in the city. Not least because you may want to live close to family and friends or within walking distance of major transport hubs, restaurants or shopping plazas.

Alternatively, you might want to trade country living to be in the heart of the city, close to its nightlife and cultural attractions like theatres and museums.

Subsequently, when choosing the right location, you need to be mindful of how you want to live the next phase of your life.

2. Thoroughly inspect the building

When downsizing to an apartment, it is a good idea to thoroughly investigate the building you are interested in moving into. 

One of the first things you should do is establish who else lives there. After all, you don’t want to live next door to undesirable neighbours.

You should also establish how accessible your apartment is and if you will have any issues when, for instance, bringing heavy bags of shopping home.

Additionally, it is a good idea to determine what the parking facilities are like.

3. Ascertain its functionality

By definition, downsizing means reducing the size of your living space. Therefore, you may not have enough room in your new home to fit the furniture pieces that decorated your previous home.

For this reason, you will need to make decisions about your current possessions in terms of what you can keep and what you should sell, donate to charity or take to the rubbish tip.

You should also determine whether the apartment has enough space for you to comfortably live and entertain in for the length of time you intend to stay there.

4. Plan for the future

When moving to a CBD apartment, it is worth formulating an idea of how long you want to stay there, because if you intend it to be the home you want to live in for the rest of your life, you won’t want to move again.

That said, you will need to be aware of your needs as you get older and if the apartment will still be practical for you to live in as you age.

Your ability to manage going up and down the stairs regularly and if you can easily install features like handrails to the apartment, are just two of the questions that need addressing.

5. Body Corporate Fees

Before moving into a CBD apartment, it is worth investigating whether there will be any body corporate fees and if so, how much are they and what do they cover.

This will result in extra costs for you year-on-in. Though it might also result in your receiving some favourable benefits, for example, all repairs and maintenance automatically done for you.

Is Downsizing to a CBD Apartment Right For You? 5 Considerations
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