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Potential capital in retirees downsizing

By Belinda McGuire

Owners of real estate in the city of Knox who are enjoying their golden years could enjoy them even more should they consider downsizing.

Research conducted by the Real Estate Institute of Victoria (REIV) found that by selling up for a smaller property, capital can be freed up to finance a more opulent retirement.

REIV chief executive Enzo Raimondo explained that by doing so, they can access a few decades worth of wealth and achieve a simpler lifestyle.

He said: "Retirees can take advantage of the 25 or 30 years spent paying off their home loan by downsizing.

"This research will give them the tools to weigh up the options. The 2011 Census showed the high number of homes with owners living alone in [a] house with unused bedrooms."

The REIV said there are stamp duty concessions for pensioners who sell a property worth a certain amount, but did stress that some stamp duty must be paid, in addition to surveying costs.

To discuss downsizing in the Knox area, talk to Ray White Rowville. Our expertise will ensure that we find the property you are looking for. We make it our mission to provide satisfaction for our clients

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