Upsize Your Earnings By Downsizing Your Home
In a world where ‘bigger is better’ seems practically written in the rulebook, home owners might want to consider departing from conventional wisdom.
That’s because downsizing can lead to some big savings for those who choose to swap for a smaller home or unit.
This is especially true for more mature home owners who have been diligently paying off their loan principal for many years.
When they sell their home and buy a less expensive one, what happens is they unlock the equity that was tied up in their home.
Downsizing won’t be for everyone, but it can make a lot of sense for people who find themselves in a home that is a bit too big for them to maintain.
An example would be parents whose children have all moved out, leaving a house full of empty rooms.
If you are in a similar position, you might want to consider the benefits of selling your property to one of the many enthusiastic first home buyers and finding yourself something a bit more cosy and far more manageable.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.