Downsizing

Are you still living in the family home? Have your children flown the nest or are you now on your own and finding your home too big or too much to maintain? Have you built up a lot of wealth in your property, but don’t have other assets to generate income for you in retirement?

We find many clients find the very concept of downsizing difficult, let alone making the decisions involved. There are many things to consider including:

  • When is the right time to sell?
  • Do you want to move closer to your family, the city or up the coast?
  • Do you still have a mortgage or debts to repay?
  • Are you planning on freeing up capital to boost your super?
  • Do you need to think about aged care?
  • What are the social security impacts?

Helping with the hard decisions

We know that deciding whether to stay or sell is complicated and it can feel overwhelming at times.

And because there’s often a lifetime of memories tied up in your family home, the decision to sell can be emotionally fraught as well as financially confusing.

Whatever your reason for downsizing, at ITL Financial Planning

we take into account your financial position  as well as your personal objectives so we can help you make the decision that is right for you.

Our caring team will take into consideration your reasons for downsizing and also factor in:

  • how much money to invest in your superannuation fund and at what age you can access your fund
  • the effect selling the family home will have on your estate planning (as your family home is often the most tax-effective way to pass wealth on to the next generation)
  • any potential negative effects downsizing might have on your aged pension income and assets tests
  • whether downsizing can help you reduce your insurance premiums

Is downsizing the best option for you to meet your future needs and live the life you envisioned, or are there other options?

Talk to us now about freeing up the equity in your family home to make a fresh start.