Is Downsizing Really Worth It?
Kathryn Fantov
Vendor Advocate Sydney | Sellers Advocate | 30 years experience | Helping You Choose the Right Agent | Deceased Estates, Divorce & Downsizing Specialist
As our population continues to age, Downsizing has become a very hot topic and one that some would prefer to ignore. If you find the thought of packing up and moving to a smaller home a little overwhelming you are not alone.
From our experience, those who have made the move say they are very happy they did so. They feel more empowered and have more freedom to live life on their own terms. But is Downsizing REALLY worth it?
When it comes to Downsizing, there are actually two types. Deciding which category you fall into is the first step:
A combination of the above is also quite common, however it is important to note that depending on the type of property and location you would like to move to, it’s not always possible to release equity. We often see retirees downsize from a physical aspect, however financially, the changeover may be a similar price point or sometimes even more!
This is why we highly recommend careful consideration be given to your next move. If the cost is like for like then the move is most likely more of a lifestyle or comfort choice. If releasing equity is important, then perhaps moving to a regional area or an apartment might be the best option.
If socialising is your thing and you enjoy spending time with like-minded people and sharing in activities and social events, then a retirement village would be ideal. Regardless of where you move to, don’t forget to investigate the ease of accessing care and support to stay independent for as long as possible.
The Australian Government sees the importance of downsizing as a way to use housing stock more efficiently, with downsizers reducing the number of bedrooms in their dwelling and freeing up larger dwellings for young families. By way of encouragement, they have introduced the?Downsizer Contribution Scheme . This allows you to deposit up to $600,000 for a couple ($300,000 for a single) as a non concessional contribution to your Super
annuation from the sale. There are a few pre-requisites such as a minimum of 10 years ownership of the home and minimum age is 55 years. Click Here to find out more –?Downsizer Contribution Scheme
There is much to consider and understand when it comes to downsizing which is why it is not uncommon for people to start planning a number of years in advance before making the final move. Speaking to a qualified financial planner is always a good idea so you have a clear understanding of how it will affect your own personal financial position.
If you’ve had enough of the ‘rat race’ and looking for a more relaxed lifestyle or if your home is simply to much work to maintain and you’d like to live closer to the grandchildren, then perhaps downsizing really is worth the effort. After all, they’re not called our “golden years” for nothing!
If you would like help with preparing your home for sale, choosing the best real estate agent or some general advice around downsizing, please?BOOK A CALL ?with our Sydney Vendor Advocates by clicking this link.
This Week’s Market Wrap Up
An impressive 1,176 properties were scheduled for Auction in Sydney last week with a 76% clearance rate. This is the highest number of properties we have seen listed for auction since April 2022!
The upcoming Easter weekend may have played a role as sellers rush to beat the departure of holiday makers from the city. Will next weekend see another Super Saturday as school holidays approach?
Stay tuned to find out…
I hope you enjoy this month’s Newsletter!
As the Easter long weekend approaches, we would like to take this opportunity to wish you a safe and very happy Easter. We hope you are able to take some time to enjoy the company of family and friends during this special time.
Downsizing Seminar Highlights
领英推荐
What an amazing turnout we had at our Downsizing With Ease Seminar last week! With a 90% attendance rate, it was heart warming to meet so many who are planning for this next life phase.
Our post event survey has revealed that attendees rated the event as Excellent and would have no hesitation recommending the event to a friend.
If you missed it, don’t worry as we are planning to hold more of these throughout the year - both online and in person.
If you’d like to be the first to know about our next Downsizing seminar, please register your interest via the link below.
FEATURE PROPERTY
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Experience the epitome of refined living in this idyllic family sanctuary, where every detail has been meticulously crafted to elevate your lifestyle to new heights - a tranquil lifestyle for families of all ages. Elevated amidst the picturesque foliage of Woronora, this exquisite four-bedroom architectural masterpiece showcases a flexible floorplan basking in sunlight all day, and overlooking the sweeping views of the valley below. Ideally located within walking distance to the Woronora River, boat ramp, and our local favourite The Boatshed Café, this home offers the ultimate family lifestyle.
Step by Step Checklist for Selling Your Home For The Highest Price
If you’re planning to sell in 2024, you’ll find everything you need to know in our Ultimate Checklist for Selling your Home.
Click the link below for instant download. I've included lots of inside tips from 30+ years in the property industry to help you sell your home for more money with less stress.
It’s my gift to you - I hope you enjoy it!
I love using the knowledge I've gained during my time as a real estate agent, to help others safely and successfully navigate the selling process. If you'd like some expert advice from a Vendor Advocate who genuinely has your best interests at heart, I'd love to hear from you.
Simply reply to this email or find a suitable time to book a call.
Until next time...
Sincerely,
Kathryn