Sell and downsize
Many people choose to sell and downsize when they retire. Information on the benefits as well as financial considerations when downsizing.
People who retire often realise their existing home is far bigger than they need or it becomes a challenge to clean or maintain.
One option is to sell and downsize to a more manageable home or flat, which can have the added benefit of increasing your retirement savings.
When downsizing to a smaller home, think about how your needs might change over time, including whether the property:
- can be kept clean with minimal effort
- has a garden that can be easily maintained
- is easily accessible from a street or driveway, or can facilitate ramps and grab rails
- includes space for guests.
You might also want to consider how close you are to:
- family and friends
- medical services
- public transport
- hobbies, social and cultural activities.
Learn more about the financial considerations when downsizing at Moneysmart.