The recent property price rise in Byron Bay might have led you to wonder if now’s the time to sell up and buy something smaller. Whether this is the right move for you is down to your own particular situation. But if you do go ahead and downsize, it’s always a good idea to have a firm plan about what you’re going to do with the extra cash in your back pocket.
Contrary to popular belief, people don’t just downsize when they hit retirement. It can make sense at different times of life, for various reasons. Here are some good reasons why you might decide to sell up and move into something smaller.
Reduce or pay off your mortgage
Paying a big chunk off of your mortgage or being completely mortgage-free is a great place to be and can have a whole range of positive effects on your lifestyle. Maybe you’d like to start working part-time to focus on a hobby or spend more time with family. Perhaps you’d just like the feeling of knowing you can easily make the mortgage repayments. Or you want the sense of security that comes when you own your home outright.
This year many people’s working lives have changed. With new opportunities emerging and old working practices swept aside, now could be the time to downsize and release some equity. Maybe you’re even thinking of starting your own business. Or perhaps you’d like to help your children get a foot on the first rung of the property ladder by helping them out with a deposit.
Reduce time spent maintaining your property
In an area like Byron Bay, where so many people live on big blocks of land, the time spent maintaining your property can become too much. You can find yourself spending every weekend at home doing jobs around your property, which can make the idea of a lock-up townhouse increasingly attractive.
Boost your retirement income
Many empty nesters decide to downsize as soon as they retire. Releasing equity from your family home to fund your retirement and moving to a smaller property that’s easy to maintain, frees up time to relax and enjoy yourself. If you’re at this stage of life, then the recent upturn in the market means now could definitely be the perfect time to downsize.
If you’re thinking of making a move, and you’d like to find out the value of your property, please contact Ed on 0418 660 063. He’ll be happy to help.