If the kids have moved out and you’ve got empty space, even if you’ve paid off your mortgage, you’ll still be paying rates, insurance, utilities, and property maintenance, all of which will be higher on a larger home. These savings can be put towards fun things like overseas trips!
Downsizing often means that you will be left will a sum of money left over. This could be put towards paying off your mortgage or going towards a retirement investment.
New homes are much easier to take care of. You won’t be spending your leisure hours doing DIY touch ups. Instead you can get out and enjoy your free time. Also smaller properties require less upkeep as well.
With sections sizes starting from 400m2 and priced from $164,000, you can afford to build a warm, healthy, safe home for less than $500,000.
Your new home comes with a 10 year guarantee with a registered master builder. It covers you for defects in materials and defects in workmanship, and structural defects, and further included is rot and fungal decay cover.
If you’re looking to down size, you’ll find building hands down a better investment for many reasons. It’s also the way to go if you want a house that is in pristine condition and built to your specifications. Faringdon has a fantastic selection of medium density sections all priced for first home buyers looking to access all the advantages of building a new home for under $500,000 rather than buying second hand.
We’ve partnered with Canterbury’s leading home builders and can introduce you to the team that would fit your needs best. Have a look at our preferred builders here. Or you are welcome to use your own team.
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