Friday, July 20, 2012 5:04 PM

Now that my youngest son is nearing the end of his secondary education, my husband and I have been discussing where we will live once he has left home. We love our current property, my husband designed it and it has worked perfectly for our busy lifestyle. But with four bedrooms and three bathrooms it will be too big once our nest is empty.

Like many of my clients who are at a similar stage of their life, we would like to buy a smaller property and release some equity to invest in other properties or investments.


So what are our options?

Townhouses.
A townhouse is a great next step, most likely they will have a small amount of land, so you can continue to do a little gardening if you wish, or if you are like me and have animals, there will be room for them as well. Some of the townhouses are stand-alone; others are terraced with a common party wall. Older townhouses may have a cross lease title; newer properties will have a unit title and therefore a body corporate.
Look for well-constructed homes; we are all well aware of the issues with some homes built in the 90’s.

Warehouse conversion.
This type of property is becoming increasingly more popular. The ability to retain some generous open living space, combine a live and work option and have limited or no gardening is highly appealing.
While the locations of these properties are usually in commercial areas and it is not quite like having your own friendly neighbourhood. They are often centrally located in the city and you probably won’t have noisy parties to contend with. The added advantage is that you may be able to lease some of the space to a tenant, and therefore derive some nice income.

Apartments
Apartments are a very popular choice. The range of sizes appeals to a wide market including those who just want a small studio or one bedroom as a crash pad during the week and retreat to their beach house in the weekend. Others love the one level spacious living that a 200 square metre or more apartment provides. Many of the apartment buildings are centrally located in vibrant areas of the city. It is often a nice change from the suburban lifestyle of your family home. Dining out more, walking around the city and enjoying the variety of cultural events are highlights for many apartment dwellers. Many of my clients have raved about the new life that they love in their apartments. But for others apartments can be a lonely place, and I have had a couple of clients who have moved back to the suburbs, as they felt isolated from neighbours, family and friends.

Whichever choice you make, do your research and be prepared as it is amazing how suddenly the time to move becomes a priority in your life.