Unlocking the potential in your property is helping retirees have the retirement they dreamed of.
Every week we are contacted by someone keen to learn more about the subdivision process and all the costs and processes involved. These people typically are our baby boomers who have worked hard all of their lives to provide for their family and also save as much as they can so they can enjoy their golden years!- Retirement.
The sad reality though is in Australia currently the majority of retirees are retiring on very little. For those that are reliant on the Pension maximum Age Pension (as at March 2019) is $24,081 a year for singles and $36,301 for couples combined. Those relying on their Super to refund their retirement although on average would be receiving more than this most still wouldn’t have access to larger amounts of funds to ensure that they can continue to live a comfortable and enjoyable life.
So their dreams and desires of enjoying a fun filled, adventure rich retirement seem like a distant wish. However with so many areas being rezoned throughout Perth, properties that were previously only zoned for one dwelling now have the option to potentially have multiple homes.
With most retirees holding most of their personal wealth in their family home. It only makes sense that when retirement looms and they are wanting to release some funds to have the retirement they dreamed of they subdivide their property to sell a portion.
Typically the home owner will retain their home, as they are not wanting to move. Most of them have lived in this home for many years and as such have lots of memories and are familiar with the suburb and all the amenities that are close by. It also means that the property that they live in now on a reduced lot means less maintenance and area, an important factor for them at this stage in their life.
By using this strategy some of our client are able to unlock potentially hundreds of thousands of dollars!
If you are sitting on a larger site and were looking at ways to reduce debt, reduce ongoing maintenance and upkeep, create cash or to fund retirement then our team at Multiply Property Group can help.
Example below of a typical subdivision in which the client retained the front home and is selling the back block.