Downsize and Cash-Up When Selling a Home

The Northern Star (Lismore, Australia), February 2, 2012 | Go to article overview

Downsize and Cash-Up When Selling a Home


Byline: EMILY KEMP

DOWNSIZING

Pros

Increased cash flow

More time less cleaning

Smaller bills

Reduced consumption

Minimised stress

Cons

Less space for belongings

Less space for entertaining and lifestyle needs

Less room for guests

Less prestigious

THE kids are gone and you're surrounded by unneeded space, or life's circumstances mean you require a financial boost sooner rather than later.

There are plenty of reasons why you may need to downsize but there are also plenty of questions of how to navigate it depending on your reasons.

Need to save money

You'll need to do the sums and work out if selling house and moving is a better strategy than maintaining an income and a budget.

Moving to a smaller house will have a lump-sum cost in the short term though on a day-to-day basis you will should save plenty with lower bills and less consumption.

Downsizing can also be about location. If you love having a four-bedroom house but your mortgage payments are too high you can have a similar house if you compromise on where it is.

Needing money fast

There may be an illness in the family or a large sudden debt. Times can get hard and if you need an out quickly, a house provides a lot of money.

The problem with needing to sell quick is that it depends on the market. If a market is depressed it means that there are plenty of sellers and not nearly enough interest. …

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