Downsizing to a smaller property
Selling the home where your children were raised and leaving behind neighbors and friends can be difficult and stressful. However, downsizing to a smaller property not only frees up expendable income on a monthly basis, it can also provide a significant lump sum which can be invested in some financial products that will provide a lifelong monthly income. Selling a house to downsize can be a very practical solution to retirement living. Having fewer rooms to maintain will not only help you out physically, but a smaller house will also amount to smaller annual household bills.
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Downsizing to a new home
There are many benefits if you consider downsizing to a new home. First, it increases your home equity since by selling and downsizing to a smaller house, you can free up some money to fund your retirement. In most cases, it helps you get rid of your mortgage; downsizing may allow you to purchase a new home for cash without a mortgage. Also, selling your home gives you the flexibility to move to an area with lower property taxes and cost of living. Not to forget, downsizing reduces home maintenance hassle and costs since smaller home often mean fewer upkeep costs. Moving allows you the opportunity to be closer to family and the amenities that you use most often and therefore improve your quality of life.
If you decide to sell your property to help fund your retirement and downsize, the running and living costs of your new home will be much lower which leaves you with even more funds to enjoy your retirement with.
If your house has a high market value, you could potentially purchase a smaller home to live in with what remains after you have budgeted for your retirement. This is especially useful if you’d still like to own a place of your own. Every house is unique and is assessed on its own individual merit. If you have decided to downsize and make your life easy, contact I Buy Canberra Homes for a fast and hassle free sale.