The property we’re in can often feel like our “forever home”,so making the call to downsize can feel like a big decision.
Anyone looking at downsizing into a retirement village will know how complicated the financial arrangements can be.
Keyton,formerly known as Lendlease Retirement Living,is on the expansion path and one of its key developments is Gramercy Terraces on the former site of GTV Nine TV studios in Richmond,Melbourne.
“Downsizing” can conjure images of tiny houses or apartments,noisy neighbours and relinquishing the family home. The reality is quite different.
The government has supersized the incentive for retirees to downsize their homes in 2023.
Retirees often get confused,believing that all withdrawals from super are tax-free. It is more complex than that,though it’s unlikely to benefit you directly.
You do not have to have lived in the home for all of the last 10 years,but it must meet the test for a ‘main residence’ exemption under tax rules.
Today it seems Australians are more reluctant than ever to live small amid a pandemic that kept them home-bound for months. But wherever you choose to call home,there’s a lot to be gained from making it a compact one.
The number of older Australians who have signed up to Centrelink’s Home Equity Access Scheme has increased eightfold since the program was expanded three years ago.
A combination of factors is preventing empty nesters from downsizing,doing little to help alleviate housing affordability and free up homes for growing families.
Property prices have soared but in a handful of neighbourhoods,homes are selling for less than the price they previously fetched.