The downsizing journey was made easy for John Mooney Real Estate customers Paul and Debbie. Photo: John Mooney Real Estate.
When it comes to the big decision to downsize, not everyone is like Jacinta Kelly’s mum.
“My mum got a skip bin in and that was it, she was out of her place really quickly,” says the director of John Mooney Real Estate Wagga.
But for many people, selling the family home they may have lived in for decades and making the move to something smaller can be a daunting process, according to Jacinta.
“It’s one of the biggest moves they will make and can be an extremely emotional decision, especially if a partner has passed away,” she says.
In some cases people might not end up selling until two years after they first start thinking about it – and that’s OK, Jacinta says.
“The important thing is not to feel stressed or pressured to make a decision really quickly,” she says.
“Downsizing can involve a lot of decluttering and you don’t want someone in the background putting pressure on you to be, say, out in 28 days.”
There are specific factors that need to be taken into consideration when it comes to downsizing from your existing property, according to Jacinta.
She describes the typical Wagga “downsizers” as Baby Boomers in their 60s and 70s who may have had big families with a large four-bedroom home, big backyard and perhaps a pool.
They are now at the stage where they want to “lock and leave” – they no longer want or need the labour and costs associated with maintaining a large empty-nester!
Finding a good agent that can really walk you through the journey of selling is imperative, Jacinta says.
Sadly, she warns, older people need to “beware of unconscionable conduct” from unscrupulous agents using high-pressure tactics to sell.
It’s particularly important that agents be honest about setting the potential sale price and outline all the costs involved, Jacinta states.
One of the main reasons for that is typically people who are downsizing will not be getting a loan – it’s a changeover – so they need to understand what they can sell and buy at.
“They need to understand and factor in that while they might sell at $600,000 for example, there are agent costs, stamp duty and the costs of moving – so all this needs to be factored in to what you can afford to buy,” Jacinta says.
Another thing prospective downsizers should know is they do have the right to dictate the terms of settlement, she adds.
“We don’t want someone to be selling their family home of 30 years and have nowhere to go,” she says.
The importance of timeframes can also be more critically important with a move into assisted living, according to Jacinta.
The ACCC warns that buying into a retirement village can be much more complicated than buying into other property, with a variety of different purchase and payment models.
“I know with places such as Settlers Village (at Wagga), they might say you can have this unit for $550,000 and we will hold it for you for 12 weeks,” Jacinta says.
“That immediately creates a level of anxiety for sellers so your agent has to be so realistic about the price they need in that timeframe.”
While so much has changed in the real estate market, navigating the wonders of modern technology and online marketing is the least of these prospective sellers’ concerns, is the assurance of Jacinta.
“At the end of the day, as long as you find a buyer, it doesn’t matter how you sell – and we, as agents, take care of a lot of that technical stuff,” she says.
“I think when you choose an agent, you need to go with someone that understands the massive journey you are undertaking in this next stage of your life – someone who will hold your hand and help you along the way.”
For more information visit John Mooney Real Estate Wagga
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