Out-grown your current home?

The impact of the coronavirus lockdown over the past six months or so has provided a lot of Melbourne residents with some interesting insights into their home and, in particular, how well it suits their needs, (particularly if working from home has become a regular part of your week).

This has created an interesting dilemma for many Melburnians…they’d like to move to a property that better suits their changed lifestyle, but are uncertain about selling up and buying a new property when they don’t really know how permanent these changes are going to be in the future.

Why now might be the ideal time to re-think your property goals

The good news is that there is another way to solve this issue, and it’s one that can have a really positive impact on the household finances in the process.

The answer is a form of ‘rentvesting’, and it involves renting out your current home while you dip your toe in the water of your alternative lifestyle by renting a different property, often in an entirely different part of town. By taking this approach, you will be able to find out how well the alternative form of accommodation works in your daily life, try it on for size if you like, without making the move permanent until you know how well it works for you.

For some people, this move can be driven by a need for extra space, or a purpose-built home office. For some it’s the opposite, wanting to try out an apartment lifestyle while they rent out the ‘family nest’. Another common motivation is to explore a total change of scene, moving from the outer suburbs to the café culture of the inner city for example.

The best of both worlds..

Of course, it is worth remembering that by making your current home an ‘investment’, you are able to claim a number of expenses off your tax, so there can be financial benefits as well as lifestyle benefits for many people.

The key to making the most of this type of move is to ensure that you have a trusted property professional looking after both sides of the move, so there are no issues with crossed lines of communication or problems with scheduling your move with an incoming tenant on one end and an outgoing tenant on the other.

If this sounds like an option that might help you in dealing with your changed circumstances in the post-covid era to come, feel free to give me a call to discuss how to bring your new lifestyle to reality on 9899 6099.

Kym Ryan
Director – Ryan Property Specialists

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