Downsizing at the right time helped transform the lives of two former newsagency operators, who went from slaving to pay off a mortgage and debts to having hundreds of thousands in additional savings.

"It's just made a huge difference. We're not worrying about money anymore," Carole Chick told The Senior.

Carole and her husband Adrian Chick made the decision to downsize from their four-bedroom waterfront home on the Gold Coast to a three-bedder further north, in the Moreton Bay area.

While some homeowners may feel like they are losing out when downsizing, Carole said the decision was made easier as the move meant being closer to their daughter.

"We're not concerned about the day-to-day," she added.

"If we want to go out for dinner, we can go out for dinner. If we want to go on holiday, we can go on holiday.

"I don't think we ever felt we were going to be in the position with our original plan. We thought we'd be living from day to day."

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Downsizing before investing: How did they do it?

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After seeking out independent financial advice, Carole and Adrian began working to develope a plan to pay off the new home, clear their business debts, and use their accumulated UK pensions to buy an investment property, before hoping to grow their super to $1 million.

The couple settled on a strategy of downsizing to free up extra cash, before using their equity to buy their second property.

After selling their investment, the pair's super has jumped to $800,000, about $300,000 more than they had previously.

Adrian's advice to other retirees weighing up up whether to downsize or not should take time to consider what is most important to them about their home, he said.

"Is it the living space that you want? Is it the outside space that you want, or is it the location that you want?" Adrian said.

He suggested aiming to get "two out of three" of your checklist for a home.

"You can get a nice location, and have a nice indoor area," Adrian said. "That was the two out of three that we felt was enough."

While the pair admitted they missed the pool at their old home, their new house in Redcliffe is just two minutes walk from the water.

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The benefits of freeing up equity when downsizing

All homeowners beginning to think about retirement should consider if moving to a different home to suit their stage of life may work for them, said financial adviser Gareth Croy of Your Future Strategy, even if it doesn't end up being the best option.

"Part of the process is not just unlocking capital, but it's also recognising that the family home is not necessarily what's required for your lifestyle going forward," he said.

While many pre-retirees become fixated on paying off their mortgage, he said, those with the capacity to borrow and invest in a second property could be missing out on an untapped way to find a return.

Many homeowners struggle with moving out of a long-standing family home, hanging on to the "nostalgia" their home brings, Gareth said.

"Downsizing often has that connotation that you had to do it because you needed capital from the house," he said.

But those extra bedrooms which never get used could be "holding some capital that could be used to generate income".

He urged anyone concerned about their finances ahead of their retirement to visit a financial adviser, but said it's often better to do it sooner rather than later.

"There's things that can be done in the lead up, and you do not want to miss that window of opportunity," he said.

"It doesn't hurt to get a plan or a strategy in place early."

While many pre-retirees become fixated on paying off their mortgage, he said, those with the capacity to borrow and invest in a second property could be missing out on an untapped way to find a return.

Many homeowners struggle with moving out of a long-standing family home, hanging on to the "nostalgia" their home brings, Gareth said.

"Downsizing often has that connotation that you had to do it because you needed capital from the house," he said.

But those extra bedrooms which never get used could be "holding some capital that could be used to generate income".

He urged anyone concerned about their finances ahead of their retirement to visit a financial adviser, but said it's often better to do it sooner rather than later.

"There's things that can be done in the lead up, and you do not want to miss that window of opportunity," he said.

"It doesn't hurt to get a plan or a strategy in place early."

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This article was published in The Senior on Thursday 23rd April 2026