Downsize without the sting on stamp duty
As life expectancy hits a new high, over 55s have been left wondering about their options to fund their current lifestyle for the decades ahead.
Finance expert and international bestselling author Noel Whittaker said the biggest challenge facing the over 55s today is many people are outliving their money.
“The simple fact is most people don’t have enough money to retire on, especially when a lot of that money is tied up in a home. But the trouble is, you can’t sell the back steps of your house,” Noel said.
“For many, downsizing is an effective way of unlocking the large amounts of capital trapped in the family home – a crucial step to retaining financial independence and enjoying a comfortable lifestyle.
Noel said one of the major impediments that tend to make people reluctant to downsize their home is stamp duty.
With the new alternative to the traditional retirement village option being the lifestyle-focussed land lease ownership model, where you purchase a brand new home and lease the land, over 55s are avoiding the unnecessary sting on stamp duty while being introduced to a whole new housing concept that protects their financial security and independence.
Leading owner and operator of lifestyle-oriented communities, Ingenia Lifestyle, is recording a high level of demand from downsizers seeking out the unique model as it offers a more affordable price point on a new home and gives buyers more confidence knowing there’s no surprises with just one weekly site fee to cover the rent of the land.
Additionally, there are no council rates to pay and if or when the time comes to leave, the home owner retains 100% of any capital growth made on the property with no refurbishment fees and no DMF fees to pay on exit, equating to more money in the pockets of downsizers.
If you’ve been awaiting the right opportunity to downsize, reserve your new lifestyle today with Ingenia Lifestyle.