Downsizing? Helpful tips for unlocking equity in your home
Are you looking to downsize from your current home? Join us as we explore some helpful tips to help you unlock the equity of your property as you go from a larger home to a smaller (and less expensive) one.
We’ll also explore some other considerations when looking for your next home, especially if you’re looking to make a sea change.
Why do homeowners choose to downsize?
Many homeowners today consider downsizing for a variety of reasons, such as:
- Their children have grown up and no longer live at home, so they now feel that their existing house is too big and that moving to a smaller property may be a better fit for their lifestyle.
- They want a change of pace away from the city and are looking to make a sea change or a tree change.
- They may want to live in a different area, or perhaps closer to their children.
- They could be considering a move into a retirement village or an aged-care facility.
Whatever the reason, it’s a very good time to sell for many property owners looking at downsizing – particularly in the areas I work, such as Mascot, Pagewood, Maroubra, and Eastlakes.
By selling your larger home and purchasing a smaller, less expensive property, you can maximise the equity you have access to. Owners of freestanding houses are at a particular advantage, especially those in the Botany real estate market, as Botany is a suburb that’s steadily growing in popularity.
Selling tips when you’re downsizing
The most useful piece of advice for any downsizer who’s considering selling their home is to contact a local, professional agent and ask for an up-to-date assessment of the property. Many downsizers may be surprised and delighted to learn what their property could sell for – and how much equity they can release – in the current market.
The right agent can make a big difference in the equity you unlock in your property.
Ideally, you will want to seek out a real estate agent who is active in the current market and achieving good results both in the area of interest and with properties similar to your own. Client referrals offer good insight into how a real estate agent works, so ask your agent for theirs.
Skilfully navigating the sales process is also a very important part of achieving the desired outcome for a property. You have to trust both your agent and their handling of the process of a sale. It’s also essential to know that marketing plays a big role in getting a premium price on any property.
How you present your home is another big consideration. Although you may not need to spend money on upgrading your property before you sell it, undertaking some basic cosmetic improvements will help maximise your property value. Whether it’s decluttering, tidying the garden, or doing a little paintwork, these bits and bobs will all add up for that all-important first impression with buyers.
Considerations when making a sea change
From our experience with clients in the Botany real estate market who have chosen to downsize, many have taken the opportunity to experience a sea change — trading the hustle and bustle of a city lifestyle (and the stress that comes with it) for a more rural, relaxing location. Often, this has meant buying a property up north and close to the water, such as along the Central Coast and even in Noosa.
If a sea change is indeed part of your downsizing plan, here are a few suggestions I’d have you consider before making the big move:
- Work out how much you want (or have) to spend on a new property.
- If you have a suburb or area in mind, do some thorough research.
- If you haven’t yet visited the area you’re considering moving to, spend at least a few days there to get a better sense of it and the local community. It’s also a good idea to visit at different times. Check out places you envision spending time, such as the local RSL, the beaches, and the corner cafe. You might even want to knock on neighbours’ doors of properties you’re considering; ask them about the neighbourhood, the community, and the wider area.
- Make sure essential services and facilities are available nearby, such as shops, hospitals, and public transport. This convenience and access might not be major considerations now but may become more important as you get older (and possibly less mobile).
For many homeowners, downsizing can be a huge benefit to their financial situation as well as their lifestyle. For more real estate advice on buying, selling, and investing in Botany and surrounding areas, including Mascot, Pagewood, Maroubra, and Eastlakes, get in touch with Jamie Van Le at Coastline Agency.
Jamie Van Le
0488 083 060
317 Malabar Road
Maroubra NSW 2035
** General Advice Warning
The information provided on this website is general in nature only and it does not take into account your personal needs or circumstances into consideration. Before acting on any advice, you should consider whether the information is appropriate to your needs and where appropriate, seek professional advice in relation to legal, financial, taxation, mortgage or other advice.