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So what does your downsizing future hold? A brand-new home with world-class amenities like a stunning indoor pool and private gym just a short stroll from your front door? Relaxing or adventure-filled holidays? A caring community that promises a rollicking good time?<\/p>\n
For relatively new Lifestyle Mount Duneed homeowner Tom Gleeson, the equity gained between selling his Highton home and downsizing to Lifestyle Communities meant he could shore up his worry-free retirement plans.<\/p>\n
With the added financial security afforded by leveraging his home equity, he bought the perfect home for him, and let the travel bug bite.<\/p>\n
Wanting to downsize after more than 30 years in Highton, Tom had investigated real estate options in the neighbourhood, as well as different village options. A chance meeting with old friends and a cup of coffee at their new Lifestyle Mount Duneed home mid-last year was the catalyst for Tom\u2019s decision.<\/p>\n
Immediately struck by the space and the lovely homes in Lifestyle Mount Duneed, he was able to chat right there and then with the Lifestyle team. He sold up and moved in January this year.<\/p>\n
\u201cI think it\u2019s a sound economic proposition and there are a lot of benefits,\u201d he said.<\/p>\n
\u201cOne of the benefits to Lifestyle is that the houses are really well put together. It\u2019s not hard to really like living here.<\/p>\n
\u201cIt was lovely to be welcomed here and have people come by and say hello, right from day one.\u201d<\/p>\n
The homes on offer in Lifestyle Mount Duneed \u2013 perfectly perched between the city and the sea \u2013 are stylishly designed and made for easy living.<\/p>\n
If that sounds tempting but you\u2019re feeling a little hazy about your own equity, how you calculate it, grow it, use it, and free it up, we\u2019ve answered some important questions for you.<\/p>\n
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What is equity?<\/strong> How can you use your equity?<\/strong> When you use your equity to secure finance, you are essentially increasing the amount you owe to your lender and using your home as security. For this reason, it\u2019s important to consider the long-term impacts of increasing your loan payments, which is why downsizing can remove the stress of having to keep up with a mortgage.<\/p>\n How can you unlock equity at Lifestyle Communities?<\/strong> The financial benefits of Lifestyle Community living are nothing to be sneezed at and here\u2019s why:<\/strong><\/p>\n
\nPut simply, home equity is the market value of your home, minus the amount you still owe on your home loan. For example, if your home is worth $700,000 and you still have $200,000 left to pay on it, then you have $500,000 equity.<\/p>\n
\nYou can use your home equity to secure finance for a range of things, such as money to invest in other properties, shares or even home renovations.<\/p>\n
\nAn \u201casset rich\u201d approach to retirement may no longer be sustainable or provide a financially viable income stream, so freeing up equity by downsizing could be a good option for you. For example, the average sale price our homeowners achieved by selling their homes in Belmont, Grovedale and Highton is $753,536. With Mount Duneed downsizer homes starting at $520,00, that means our homeowners freed up an average of $243,000 in their home equity.<\/p>\n