Your Experts Guide on Downsizing your Home
Planning to Down-Size your Home?
Get the Best Down-Sizing Help Right Here!
Selling Your House
How do I get the Best
Sale Price for my Home?
There are lots of things that you can do to your existing home that can have a massive impact on your sale price without breaking the bank.
Downsizing… Guides & Tips
A Great Guide to Downsizing to a Smaller Home!
Perhaps you are thinking of downsizing for retirement, or you may be empty nesters now. Either way, the thought of downsizing to a smaller home, one that is more manageable in size than the family home, is both exciting and daunting at the same time!
Downsizing may not only simplify your life, it may even free up some funds to allow cash flow and depending on the decisions you make in your downsizing venture, you could end up debt free, or at the very least, it affords the opportunity to declutter years of accumulation of possessions, again simplifying your life!
Tips for Downsizing Your Home Before You Begin
Something to Think About… Your Finance
Let’s assume you have built up enough equity in your home. You could potentially achieve your downsizing venture without the need of a home loan and you could actually fund the purchase of your new home in the transition.
If this is not the case, you may be in the market for a home loan. As Banks tend to be more stringent when it comes to lending for more mature borrowers, in particular over 50’s, it would certainly be worth your while speaking with a qualified Mortgage Broker. A good Mortgage Broker knows the options and products available to you and this can save you having to wade through the mine field.
The banks will want you to show how you plan to pay off this new home loan, call it an Exit Strategy if you will. You may have shares, assets you could sell, perhaps an Investment Property or you may be able to access your Superannuation. All of this is a very good reason for working with a Mortgage Broker to make the job easier. They will be able to demonstrate on your behalf how you will repay the loan.
Timing is Everything with Home Downsizing
Should You Buy Before You Sell?
Something to consider when downsizing to a smaller home is when to buy your new home and when to sell you old home.
Depending on the current market, you may find that your old home may not sell as quickly as you anticipated, or it may sell for less than you expect.
The good thing is there are options and choices available for you to consider. In saying this, it is extremely important to consider these options well before making an informed decision.
One available option for you is a product called a Bridging Loan or Bridging Finance. This is solution is temporary in nature and allows you to buy a new home before you sell your old home. They are short-term home loans that, during the period that you are in between homes, will cover your cash flow shortfall. Once your old home is sold, your intention would be to pay off the bridging loan.
Keeping an Eye on The Market
While You Think About Your Current Needs and Into the Future
You could do this on your own, or you could get to know the great Real Estate Agents in the area, look for the ones who have integrity and knowledge about the suburbs and surrounding areas you are interested in. Things to consider are; your Social needs, Health Care, will you have family members move back in with you in the future, will this home possibly be the last home you purchase?
One Agent in particular who is open, honest and very knowledgeable in and around Brisbane is Paul Simpson. Paul is someone who listens well to your situation and has the experience and understanding to be able to suggest possibilities and solutions, and if he hasn’t already got a new home waiting for you, he will be able to find the perfect property for you.