Interest rate hikes and the rising cost of living have many homeowners seriously considering downsizing. Having a thorough understanding of the costs involved in the sale of a house in relation to the current value of the property is important in avoiding a major financial misstep.
The positives of going smaller
• Fewer maintenance costs
• Cheaper utility bills
• More affordable homeowners insurance
• Smaller bond repayments
The cons of downscaling
• Less space
• The possibility of more rules under sectional title
• Costs for you as a seller (bond cancellation fees, compliance certificates, estate agent fees, outstanding repairs and maintenance costs etc)
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