“Many haven’t purchased or offered in a long time, so navigating in the present day’s fast-paced market could be overwhelming. It can nearly be like working with first-home consumers – they’re unfamiliar with present pricing, processes, and expectations.”
Solano (pictured proper) famous that almost all downsizers are looking for single-level, low-maintenance properties that enable them to age in place. However, he mentioned the method could be difficult by emotional ties to household properties and unrealistic expectations about property values.
“Some sellers have inflated expectations of their dwelling’s worth, whereas underestimating what it prices to purchase once more,” mentioned Solano. “Add to that the stress of coordinating a sale and buy in a brief timeframe, and it turns into a frightening course of.”
Stamp responsibility stays a major impediment for older Australians contemplating a transfer. “While some states supply concessions for pensioners, the thresholds are outdated and don’t replicate present market worth factors,” Solano mentioned. “It’s unfair that somebody in their 70s pays the identical switch responsibility as a 30-year-old. We want focused reform. Offering stamp responsibility concessions on properties as much as $1 million for Australians over 60 would make an actual distinction.”
Finder’s analysis factors to the monetary challenges dealing with retirees, with downsizing changing into a standard method to stretch retirement financial savings. Solano added that supporting this development may additionally assist tackle the nation’s housing provide points.
