Is selling my home the right decision?

Answer

Once you’re no longer working, the decision to sell your home can be challenging. There are many financial, practical and emotional factors to consider.

You can use this planner to help you decide what’s important to you when considering
moving from your current home to a new one.

If you’re like most Australians aged 65 and over, the most common reasons you’re thinking about moving house may relate to:

  • wanting a smaller home-23% of people want to downsize
  • family reasons-22% sell their homes for family-related reasons
  • lifestyle-20% move for a lifestyle change 
  • other reasons-23% of people move for health and neighbourhood reasons1.

A financial adviser can help you decide whether selling is the right decision and may also uncover new options you hadn’t considered. Your reasons for selling your home are likely to be influenced by one of five things—or they may be a combination of several.

Financial

You may want to release the value in your home by selling and buying a less expensive place or a home that costs less to maintain. The sale proceeds or reduced expenses might help your retirement income last longer or you could use any left-over money to invest, travel or buy a new car. If your reasons for selling are financial, a financial adviser can help you explore your options.

Use AMP’s home and retirement planner to explore how selling your property could fit into your retirement plans.

Lifestyle

Perhaps you’d like to move closer to family or friends or the places you spend most of your time. You may want to reduce the time spent maintaining your home—cleaning, gardening or repairing—and travel without having to worry about who’ll look after your house while you’re away. Selling may be a good option but you may also find ways to stay there for the long term, and change your house to fit your needs in later life.

Health

Living elsewhere—in a warmer climate for example—may improve your health. You may also need to be close to health care or specialist services.

A fresh start

Downsizing may seem like a good option because your children have moved out or maybe you’ve lost your partner, spouse or a family member. If a personal event has triggered your desire to move make sure you’ve given yourself enough time to adjust before deciding what to do next. It’s never too early to start looking at your options but try to put off a big decision until you’re sure it’s the right one.

A good opportunity

It may seem like the right time to sell your home depending on the property market in your area. You may have even found a house you’d like to buy. Make sure you’re aware of the financial impacts and how the move may affect your social life.

Notes

1. Australian Bureau of Statistics, Australian Social Trends, December 2010

 

Home and retirement planner

Thinking about retirement can be both exciting and difficult. Find out what options you have to create a better retirement in three quick steps. 

Get started

Important information

Show more

It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement or Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account.

This information is provided by AMP Life Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.