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Is now a good time to sell your home?

Given recent changes in the real estate market and the resulting dip in house prices, we asked financial advisor and retirement specialist Geoff Whiddon, Principle of Dome Financial in Charlestown, is now a good time to sell your home?

“House prices are not as hot as they were, but they’re still strong, so yes, this is a good time to sell.” Geoff works with clients looking to downsize to identify how they can best use their assets to fund the retirement lifestyle they are looking for. 

“It helps to have an honest conversation with your partner and your family about what you’re trying to achieve when you downsize. Downsizing to a retirement village isn’t a financial decision, it is a lifestyle choice. It’s about choosing to live in a resort-style village with likeminded people and reducing the endless to-do list. However, there are ways to ensure it brings about the best financial outcome for your situation. And selling your property in the current market still gives you an opportunity to maximise the sale price of your home and utilise those funds for your retirement.”

Whiddon continues, “There have also been recent changes to the downsizer contribution to superannuation which mean you can put more money into your super to pay you a tax-free income in retirement.” 

With booming demand for retirement village properties and a 12-month lead time on construction, many retirement villages have limited stock available for an immediate move in, however this can work to a downsizer’s advantage providing plenty of time to get financial and legal advice and sell the family home. At Blueheath at The Bower, buyers can secure their preferred home off the plan with a $1000 fully refundable deposit.

Good financial information is critical to making the most of your downsizing experience. Whiddon recommends anyone considering a downsizing move checks the latest financial and legal information and seeks independent advice.

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