Downsizers face some of the toughest decisions in the real estate market as to whether or not they sell their home. That’s why expert advice to assist in making the best decisions is more valuable at this stage of life than in any other.
Stay or go?
It’s understandable that many downsizers don’t want to move on from the homes they raised a family in over the last two or three decades. They have an enormous emotional attachment. But there comes a time in every family when the kids move out and the majority of the house becomes unused.
Downsizers who choose to stay in the family home face the ongoing need for upkeep, which can cost considerable time and money as homes become older. Maintenance of big three and four bedroom homes on larges blocks with multiple living areas and sprawling gardens becomes a burden. Many people at this stage of life would prefer to be out enjoying their retirement and travelling rather than pulling out weeds and vacuuming.
On the other hand selling the property can be incredibly intimidating. Dealing with the Selling Agent and the stress of the sales process are rarely enticing prospects for anyone. Let alone having to box up years of possessions and the anxiety of moving.
Then there’s the prospect of trying to get the highest sale price.
There is a lot riding on this transaction. The property needs to sell for enough to purchase the next home without being tied to a big mortgage as well as covering immediate costs like stamp duty. At this stage of life, having enough funds available to alleviate mortgage stress in retirement is crucial.
The next step
If all of that wasn’t enough, downsizers then need to find their next property. Finding the perfect property is perhaps more important for downsizers than other buyers in the market because they need a home to suit a specific lifestyle, as well as being close to important amenities.
They need something that is a more manageable size than a four bedroom home on a big block, but also accommodates enough room when the grand kids stay over. They also need to find something on a single level, or at the very least with a main bedroom on the ground floor to avoid going up and down stairs every day.
Proximity to amenities is another major concern. Being close to family or friends is important, but even more so is being close to public transport, shopping and health care facilities. Access to these amenities becomes more significant as time goes by. Buying the right property that accommodates those needs over time is crucial and unfortunately is no easy task.
Looking at this situation it’s no wonder many downsizers can feel utterly overwhelmed.
So what help is available?
Downsizers often have a massive market place advantage due to the size of their properties. Three bedroom family homes on large land will attract families and buyers looking for large properties to update or redevelop. These buyers are typically highly emotional because they want a home that accommodates their lifestyle and often prepared to pay more to get it.
However, vendors still need to make sure they do everything to get the best result possible. That’s why they should engage an NPB Vendor Advocate.
Vendor Advocacy services have become incredibly popular in the last few years as downsizers seek independent advice to guide them through the sales process.
NPB Vendor Advocacy has helped dozens of downsizer clients through this process, dealing directly with the Selling Agent, negotiating commissions and ensuring vendors get the best result. Better still, the service is free.
Securing the next property is the other part of the equation and for that downsizers need to engage a Buyer’s Agent.
The state of the market has changed significantly in the last four years over the most recent growth cycle, especially in Sydney and Melbourne, let alone in the 20 or 30 years since many home owners were last in the market. Having an experienced professional to manage the entire searching and purchase process is more important than ever.
National Property Buyers Buyer’s Agents will be able to find property that fits a downsizers criteria faster than anyone else, using their intimate knowledge of the market to identify the best properties in the most suitable locations. Their negotiating skills will then secure the property at the lowest price.
For more information on these services, watch these short explained videos here