When life’s circumstances change, perhaps your children have moved out, you're looking for a tree change or a sea change or there are just too many stairs, a smaller property is often the answer.
Should you sell the family home?
Selling the family home will often generate large balances which can be invested, inside or outside super. For most Australians, gains from the sale of their owner occupied residence may not be subject to capital gains tax. Consider the implications for your super and pension eligibility too.
This might be a good opportunity to try before you buy. Rent in an area that provides the lifestyle you want. If you no longer need to be within close proximity to amenities like schools, you can move to an area that provides entertainment and an environment that you enjoy.
Downsizing your home can happen at a point in your life when good decisions about tax, investments and transition to retirement are crucial. Start your journey with a visit to a Yellow Brick Road adviser.