Downsizing can be a difficult choice to make, but delaying it out of sentiment can be risky, says Schalk van der Merwe, franchisee for the Rawson Properties Helderberg group.
Those considering downsizing should remember:
- Maintenance and upkeep can be a struggle for older homeowners so people planning to use profits from the sale of their family home to purchase a smaller property and also support them during retirement should move sooner rather than later.
- The increasing value discrepancy between luxury homes and lock-up-and-go properties can be a stumbling block.
- Once you have a good idea of how much you’ll be able to sell for, Van der Merwe suggests consulting your financial adviser before your next property buy.
- Downscaling is about finding a home that fulfils your needs during the next chapter of your life.