Age brings with it much change. None quite as big as selling the family home. A challenging exercise, that can be emotional and tricky to navigate. More so the case when you haven’t been a part of the buying and selling landscape for many years.
Why people downsize
On the contrary, downsizing brings with it many opportunities. New beginnings, a change of lifestyle, all while having fewer maintenance headaches on your property. The ability to travel, spend moments with family, all come with the added time and influx of money but it also provides the opportunity to move closer into the CBD with shops, public transport and medical centres being closer than before.
While there are several options around downsizing the topic of discussion as of late has been around developing a new home or homes. For a majority, children move out and the space required to house them is no longer necessary. Therefore, in order to utilise the land, homeowners are seeking to knockdown, subdivide and develop several dwellings on the original property.
Lifestyle is now the focus
With this in mind, the focus shifts towards “lifestyle-rich” experiences. Proving more of a need in later years of life as individuals retire from work. This need has been identified by the government who also wish to see the property market continue to flow over the years.
New Australian Government superannuation benefit
In July of 2018, the government provided a new incentive towards superannuation benefits. Allowing individuals to top-up their super when selling the family home and moving into a new one.
A snapshot of the incentive (prerequisites)
Available to people over
Allows up to
Per person to be placed into super from the sale of the family home.
You must have lived in the family home being sold for
Tips for making the move
- Do the research
- Assess your current and future needs
- Evaluate location
- Consider pets
*Disclaimer – All facts have been collected to the best of the writers’ ability. Please consult with finance professionals when evaluating superannuation.