Downsizing isn’t just about selling up and buying a smaller property. If you make the right choices, you can achieve good returns on your investment, and find a wonderful place to call home.
Here’s what you need to know.
It’s important to know why you’re downsizing before you make any moves. Your motivator needs to be at the core of every decision you make, so you achieve your goals and live a happy life in your new home.
Consider the following.
Now you have a clear idea of why you’re downsizing, be sure to explain your motivations to your mortgage broker and your real estate agent. In both cases, this should help them provide you with more tailored solutions.
For example, if you’re downsizing with the intent to lower on going living costs, your mortgage broker can tell you if your new loan aligns with your goals, and your real estate agent can look out for properties that cost less than the property your selling.
A good agent should also consider the fees, rates and other charges that apply to a property, so you’re not caught out.
Many people who downsize do so because they want to spend less time and money maintaining their property. If this is the case for you, consider the following factors when assessing if a new home is right for you.
Most of all, know that smaller does not necessarily mean cheaper. If being close to bustling hubs matters to you, then be sure to consider the long-term impact of moving to an isolated spot, just because it’s cheaper.
If your standard of living is going to take a hit, perhaps it is better to save less, and be more central. After all, your happiness matters!
Even if saving for your nest egg isn’t your prime reason for downsizing, it makes sense to maximise your savings.
A good mortgage broker will help you do this, by researching and tailoring a loan that saves you more. We compare hundreds of different loans, and then pinpoint one that matches your specific goals.
We don’t just look for a loan with low interest, we also assess whether a product has low fees, so you’re not caught out by hidden costs.
Get started now.