Alex O'Brien
Retirement Income

Why many retirees are choosing to sell their own home

Daniel Baxter is the co-founder of Your Hot Property, a website dedicated to providing homeowners with the tools to avoid a range of fees when trying to sell their property. Here he explains the actions you should consider when your family home no longer suits your needs.

What happens when your family home no longer suits your needs? What happens when your four bedroom house, which was once perfectly fine for you and your family, becomes too big when five turns into two?

Having the kids leave the nest is an exciting time for many people, however it can also cause a lot of undue stress when you realise that where you’re currently living just doesn’t suit your needs anymore.

Most people love the house they’re living in, but they eventually realise that it’s just too big for what they need. Daniel Baxter, from Your Hot Property, says “it’s a very common problem, especially when the kids move out of home and you’re left with all these empty rooms. You’re faced with the decision to pack up a home, that has served you well for the last 20-30 years or just stay put and try to maintain it as best you can”.

“Many of our clients are looking for a seachange when selling and the thought of adding some extra cash to their retirement fund is very appealing too. By paying no agent commission, you can often save yourself in excess of $20,000, which goes a long way towards day to day living expenses, or lifes little luxuries such as a welldeserved holiday or new car ”.

So here are 5 reasons why this could be the perfect solution for you too:

1. Who knows your home better than you? You’ve been living there for the past 2030 years and you have more than likely made some improvements to the property. You are certainly the best person to answer any questions potential buyers may have. You also know your local area just as well, if not better, than your local agent, so you can advise potential buyers on the best schools, shops, cafes and restaurants.

2. You’re not an agent, so this is the only sale you’re looking after, and you’re going to give it your undivided attention. It’s also in your best interest to get the best price possible for your home, so you’re going to do everything in your power to get that extra few thousands dollars out of your buyer, which you can spend on your family instead.

3. By selling your home, without using a local agent, you can avoid paying for expensive advertising campaigns and you don’t have to pay a single cent in commission either. This means that based on the median Sydney house price, you will likely save yourself over $30,000* in agent commission. That extra money goes a long way. You’ve worked hard for your money, so you should get to keep it all.

4. When selling a home, it can be hard coordinating your schedule with your local agent. When doing it yourself, you can choose to run your open for inspections when they suit you or choose to show people through your home individually. It’s a much more flexible way to sell.

5. Every dollar counts when you’re nearing retirement. Paying an agent $5,000- $10,000 upfront, to just advertise your home for sale is ludicrous. Selling yourself is an extremely cost effective way to advertise your home to those exact same potential buyers at a fraction of the cost.

Related links:

How to take advantage of house price spike

Is a home equity release too risky?

Hidden costs to retirement village contracts

Tags:
retirement, selling, real estate, home