[PropTalk] We Are Retirees Considering Downsizing to A Smaller Property in Penang. Would This Be a Good Choice?

Living in a big house is suitable for big families, but once children leave the nest, the house might be too big for just the old folks. We will look at things to consider when you want to downsize to a smaller property.

Q: My husband and I currently live in a double-storey old bungalow in Penang and are looking to downsize to a smaller property. Our four children grew up here, but they now have their own families and have all moved out. They are also not interested in inheriting the house. The problem is that the house is too big for just the two of us, and maintaining it is exhausting.

We are thinking of selling this house and buying a condominium. We still want to be in Penang and seek somewhere suitable for retirees like us. My husband loves the sea, so we are considering areas such as Tanjung Bungah or Batu Feringghi.  
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Downsizing is a big decision to make and is not always easy because of all the memories and sentiments tied to the home. However, downsizing after retirement is quite common, especially for those whose children have moved out, so kudos for taking this big step. Maintaining a big house is time-consuming and incurs additional costs, especially if you have landed property with a garden.

5 Things You Need to Know Before Downsizing Your Property

1. Financial situation

Firstly, you need to determine the state of your finances and be realistic with what you can afford. Since you have decided to sell your current home, try to find out how much it is worth and how much of the proceeds you are willing to spend on your new home.

You can estimate how much your home is worth by looking up the prices of similar type of houses being sold on iProperty. You can also get your property valued by a professional property valuer. 

Downsizing your home does not mean that you must downgrade your lifestyle. Some retirees find it useful, or even necessary, to only use part of the proceeds from selling their current home so that they can save the extra money for their daily expenses and leisure spending (think beach vacations and cruises!).

Fortunately for you, landed properties in Penang typically fetch a high price due to the scarcity of land. You can upgrade to a higher-end condo by choosing a smaller unit.

2. Cost of moving

Don’t forget to factor in any incidentals that you will incur, including legal fees for your sales and purchase agreement, commission for the property agent (if you decide to engage one), renovation of your new home and even the cost of moving. If your current furniture is dated or worn out, you might also want to buy new furniture that matches the style of your new property.

3. Space

Be honest when deciding how much space you will need in your new home. Typically, a one-bedroom condo is sufficient for a retired couple. Still, you might want to have that extra bedroom or two in case your children and grandchildren visit, or you sometimes have to put up that second uncle and third aunt from KL who make regular trips to Penang for the nasi kandar.

Don’t forget that the bigger your property is, the more effort (and money) you need to put into cleaning and maintenance. Think of all the sweeping and mopping you need to do in a bigger home!

This will also be the time to get rid of things that have accumulated over the years and decide what is important enough to bring with you because having more things will mean needing more space to store them. In fact, now will be a good time to finally get rid of that plastic medal your youngest son won in the Standard Two gunny sack race.

4. Location

Your husband’s preference for a sea-view condo helps narrow your choices. As retirees, you should also consider the accessibility of the property, the location of the nearest hospital, and nearby amenities so you won’t have to travel far to grab lunch or a cup of coffee. Planning ahead, you might want to choose a property that is wheelchair- (and knees-) friendly, and you won’t have to climb stairs to get to your condo.

Some people prefer to stay in the same neighbourhood so that they can be close to friends and relatives, but considering Penang’s relative size as an island, travelling even to the other end of the island to visit friends is actually doable.

5. Manage emotional aspects

It’s important to consider how well you and your husband can adjust to a new property. While it might seem like a minor issue for younger people, it can be more challenging for retirees who have lived in the same home for years. To ease the transition, we’d recommend renting a condo for a trial period to see how comfortably you both adapt.

READ: What should I know when purchasing a new property?

7 Condos in Penang To Consider For Downsizing

The good thing about the booming Penang property market is that you have many options, including those with a sea view. It is not hard to find food wherever you are, and Penang also has several good-quality private hospitals around the island. You can consider several areas: Tanjung Tokong, Tanjung Bungah, Batu Feringghi and even Bayan Lepas (Queensbay).

1. The Suites @ Waterside (Straits Quay), Tanjung Tokong

The advantage of living in Tanjung Tokong is that you are still close to the city. The Penang General Hospital and some private hospitals, such as Penang Adventist Hospital, Island Hospital, Gleneagles Penang, and Loh Guan Lye Specialists Centre, are within a 5km radius.

The one- and two-bedroom units of varying sizes in The Suites @ Waterside are just right for retired couples.

2. Andaman Quayside, Tanjong Tokong

This luxury seafront condominium is a part of Eastern & Oriental’s Seri Tanjung Pinang development and offers units of various sizes.

3. Infinity Beachfront Condominium, Tanjung Bungah

Tanjung Bungah is slightly more laid back compared to Tanjung Tokong and Batu Feringghi, which attracts a lot more tourists.

Infinity Beachfront is a luxury low-density condominium with generous built-ups starting from 3,693sq ft and three bedrooms.

4. The Waterfront Condominium, Tanjung Bungah

This development has smaller built-ups compared to the Infinity Beachfront, with units starting at 1,475 sq ft and three bedrooms.

5. Ferringhi Residence 2, Batu Ferringhi

Located further inland in the Tanjung Bungah area, this hillside condo offers sea-view units within a resort-style development. 

6. The Marin, Batu Ferringhi

Completed in 2018, The Marin is a high-end low-density luxury development with sleek designs. With only four units on each floor, it offers views of the sea or the forested hills.

7. Queens Residences @ Queens Waterfront, Bayan Lepas

The Queensbay Mall area of Bayan Lepas is a bustling area that you can consider living in. It is closer to the Penang Airport and the Pantai Hospital Penang, which are about 6km away. There are a few phases of Queens Residences (Q1, Q2, and Q3) at the Queens Waterfront development, designed to emulate Spain’s laidback seaside lifestyle. The two—to four-bedroom units with a sleek and modern design are ideal for downsizing.

We hope the information we provided will help you reflect on your priorities and ultimately decide on the ideal property to downsize to so that you can live your desired lifestyle. All the best in your property hunt!