In the recent Federal Budget, older Australians who are planning to downsize from a larger home were given a welcome tax break.
New rules allow people over the age of 65 to make a non-concessional contribution of up to $300,000 to their superannuation from the sale of their main home.
Both members of a couple are eligible to make the same level of contribution, equalling a combined amount of $600,000.
With many older and retired Australians looking to downsize from their large family homes into a more appropriate option, this new rule will allow them to make the most of the profits from the sale of those larger homes.
That’s the good news. But for some, the thought of downsizing can be a daunting one. Let’s take a look at how simple it can be with our top tips.
Self storage for downsizers
If you’ve collected a whole three or four bedroom house full of furniture and possessions, deciding what to lose when packing for the move is not going to be easy.
That’s why many people decide to move some of their possessions into a storage unit. It’s the easiest and quickest way to get ready for making the move into your downsized new home.
At Wilson Storage, we’ll guide you through every step of the process, from delivering boxes to your home to arranging the transportation of your possessions into your clean and secure storage unit.
Go room by room
Moving from your beloved family home after many years can be stressful enough. Don’t make the clearing process any more stressful than it need be. Tackle your home one room at a time so that the time and effort don’t get too much for you.
Speaking of time, going through your entire home is not something you should rush. Allow yourself plenty of time to do it calmly and methodically, ensuring you label clearly things that are to be moved into secure storage for safe keeping, and things that are to be thrown away or given to charity.
Consider your new home
If you have a good mental image of the kind of smaller home you’re moving too, or you have already purchased or have a particular home in mind, this will greatly help to visualise just how much you will need to move into storage. If you can actually measure your new home, all the better.
Sorting out the right amount of furniture and so on to fill the new space will mean you don’t have to make multiple trips to your storage unit or move too much to your new downsized home only to have to move it out again.
To be or not to be sentimental
The age old tip for clearing out your closet – if you haven’t worn it in over a year, throw it out – can be equally effective when clearing out your home. But when it comes to sentimental items, allow yourself some slack.
Anything that has genuine sentimental value to you should be with you – after all, you’ve spent years collecting all of those memories. Anything that is meant to be handed down but the recipient doesn’t quite have the space for, can go into your secure storage unit until needed.
Downsizing should be a positive and liberating move, freeing you from clutter and freeing up some hard-earned cash to enjoy yourself. Talk to Wilson Storage today to discover just how easy it is.