Down size to Up size
You could be in the situation where the kids have left home, or you could be thinking about things like keeping such a big house clean, or how you’re going to maintain such a big yard.
So, is it time to downsize the family home to up size the lifestyle? For many including the baby boomers a real option is to downsize the family home which may be a bit too big for empty nesters and look at other alternatives.
One alternative that has proven popular is for mum and dad to “declutter”, sell the family home and move into a smaller low maintenance housing option. This provides the ability to travel without the need to worry about mowing lawns, security and the ever increasing costs of maintaining and cleaning a large home.
Some are even selling the family home and renting in retirement. Why? This presents you with other opportunities; you can live where you want to, be it, Tasmania during the summer months & the Sunshine Coast during the winter months or whatever the heart desires. Extra savings can be used for planning for retirement in the future or enjoying retirement now.
The cash or excess cash from the sale of the family home can be invested to produce an income that gives you more lifestyle options and choices than you would have had if the family home was retained. It is always important to seek advice prior to making any decisions like this as there may be tax, Centrelink or other implications.