For those not aware, I have been enjoying taking care of clients who are in the process of downsizing. Since I have been a buyer’s agent in this area for nearly 25 years, I find I am getting them as repeat clients. People who trusted me to help them buy years ago are now ready to downsize and are now trusting me again to help them. I find this heartening and enjoyable.
Last year I wrote this piece to help explain how the process works and am posting it again. You do not have to be a previous client to engage me again. I am happy to help anyone downsize.
Sell to Buy
The downsizing dance can be delicate as often the family home needs to be sold in coordination with buying the new residence. When your home is your biggest asset, it is crucial to do this well to finance the new purchase and hopefully leave a cash buffer to help maintain your quality of lifestyle in retirement.
Issues around financing, superannuation, timing the settlements, moving possessions, and preparing the property for sale need to be thought through. Many people are hesitant about making the move until they know where they are going. This is understandable, so speaking to an experienced buyer’s agent who knows the area is a great way to allay concerns about what the future can look like.
Where to Go?
Finding where to go next is not easy in the Northern Rivers as there is a serious shortage of suitable options for retirees wanting to remain in the same vicinity. This is one negative to being an anti-density area for a long time as we do have a lack of suitable townhouses and apartments. Also, if wanting to buy near the beach, it can mean that the buffer remaining from the sale is maybe not so buffeting. Beachside properties remain quite high, even after the recent downturn.
Advantages of downsizing:
- Reduce time spent on maintaining a large property.
- Have more free time for other activities.
- Freeing up finance to allow more options.
- Discarding a lot of unnecessary possessions often frees up the soul.
- Discover a new vicinity, a change is as good as a holiday.
- Do more walking and bike riding.
- Focus more on experiences, relationships, and pleasurable priorities.
Start Planning Now
Research suggests that it is best to start this process earlier than most people think. The mid-60s is the best time as the later you leave it the more difficult it can be. Byron Property Search can help you prepare the property for sale, advise on the best strategy for selling and engage the best agent to list your home. At the same time, we can be out searching for your new residence and arrange the sell/buy process to be easy and relatively stress-free. The cost for this service may be a lot less than you can imagine. Please contact us to schedule a complimentary one-hour consultation to see if this would be a good fit for you.