Planning to downsize? Work out what you keep

When you plan to downsize, it is tempting to focus on what the larger home will sell for. Comparing the sale proceeds, the cost of your next home and your ongoing monthly expenses together gives a clearer picture of the funds you will have afterwards.

What goes into each line

Cash required for the next home means the down payment or full purchase price, depending on your financing. Allow for applicable land transfer tax, real estate commission, legal fees, mortgage discharge or prepayment costs, and moving expenses, without double-counting.

Start from comparable sales

Market averages are only a reference. Recent sales of comparable homes in your area, of the same type and in similar condition, are a more useful starting point for assessing your property.

Understanding the full costs can help you choose the right home and make the next stage of life easier to manage.

How I can help: Retirement Moves

Choose a Home for the Life Ahead.

• Consider daily activities, space, stairs and parking needs.
• Compare maintenance fees, upkeep and ownership costs.
• Weigh access to transport, shopping, healthcare, family and friends, and plan at your pace.

Discuss My Retirement Move