Now is a great time for retirees to downsize their homes

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With property prices continuing to skyrocket in many parts of the country, now is a great time for homeowners who’re considering downsizing to sell their family homes and move to properties that are more appropriate for their age and future needs, recommends Rich Harvey, president of Real Estate Buyers Agents Association of Australia (REBAA).

According to Harvey, many downsizers are time poor and feel overwhelmed by the amount of information that’s available to them during the property hunt.

“Generally speaking the older generation are reluctant to leave the family home so a buyer’s agent can help smooth the process,” he said. “Buying a home can be a daunting task for anyone, let alone someone who hasn’t been involved in the property market for 20 or more years—particularly in a highly competitive market such as Sydney and Melbourne’s.”
The last thing retirees want to do is make poor investment decisions and overpay for a property since their advanced age makes recouping losses difficult. “A good buyer’s agent can help search, evaluate and negotiate a more suitable home, relieving the buyer of unwanted stress and time pressures,” Harvey said.
Buyer’s agents can assist inexperienced buyers by analysing data, negotiating on their behalf, and ensuring that they make informed decisions rather than emotional ones.
As Australia’s population continues to age, many councils are actively encouraging investment in residential aged care. REBAA supports greater government concessions which encourage downsizers to free up the housing market and move to lower maintenance, medium density housing. Incentives include stamp duty concessions for downsizers and subsidies for buyer’s agents’ fees.
“When downsizers move out of their home it encourages the next generation of families to move in and renovate, prompting a positive ripple effect in the neighbourhood. While there has been much debate stirred up recently by demographer Bernard Salt’s ‘smashed avo’ analysis, we believe the focus should shift toward the real and more serious status of government incentives.”

Related stories:
New Rules Adjust How Much Retirees Can Hold In Assets (Including Properties)
Will You Be Living Well In Retirement...Or Just Living?


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