With many baby boomers now reaching retirement age, downsizing is on their minds. This is particularly the case in Mosman, where grand homes and extensive gardens can begin to feel like too much to keep up with.
One of the challenges faced by downsizers in the Mosman area is competition. While our suburb is enjoyed for its village feel and established community, the drawback is that there are few new developments each year that offer the luxury apartments downsizers are on the lookout for.
Here are some tactics to successfully downsize from an expansive family home in Mosman to a place you love.
With a limited amount of stock available, you need to be well prepared when looking to downsize in Mosman.
Speak with your financial advisor and your real estate agent so you can have everything lined up and ready to go should you need to make an offer and sell quickly.
Your financial advisor will give you an idea of your budget and how much you need to sell for in order to secure a new home and still be able to fund your retirement.
Your Mosman real estate agent will let you know if the price your advisor says you need is realistic and show you exactly what you need to do to achieve it. This may mean investing some funds into a facelift or decluttering exercise so your home is sale-ready.
Start the cleaning and clearing process well ahead of deciding to list your home. This will give you less of a to-do list when the time comes to take action.
Be prepared to compromise (but not on everything)
The ultimate luxury apartment for downsizers is modern, with secure parking, extensive views and elevator access to all floors. It will be walking distance from the shops and include guest rooms for the grandkids.
However, due to the high level of competition, if you don’t want to wait forever to find your retirement pad, there will be some things that have to give.
For example, you may find that place with water views in a suburb or street other than the one you have your heart set on. Alternatively, there may be an apartment that has the elevator and security access but without a premium outlook.
Another option is to purchase a ‘rough diamond’ that can be upgraded for more comfortable living. Keep in mind with an apartment that you can only make cosmetic and basic layout changes. You won’t be able to put in a lift or add balconies so skip the fixer-upper if features like this are important to you.
Write down your ideal property features, then list them in order of priority. This will make it easier to decide which ones to compromise on.
Budget is always an element at play when it comes to buying a property of any size. As a downsizer, you may decide it is worth spending the extra few hundred thousand in order to tick every box on your list. If this is the case, talk to your agent about growth potential. It may be that the extra money you spend will come back to you and you’ll make money in your retirement.
Find an excellent Mosman real estate agent
Nowadays, many properties are sold before they hit the market or even before construction has commenced, especially when it comes to prestige apartments.
If you have your heart set on purchasing within the same postcode you have lived in for a long time, you need to have a fantastic real estate agent who will keep a close ear to the ground for you. As soon as they become aware of an opportunity, they can help put the right wheels in motion on your behalf.
The right real estate agent will be focused on helping you achieve your next goals as well as selling your family home. They will understand your plans and help you get your priorities in order so you can find your dream downsizing location and enjoy the benefits of having a less high-maintenance home.