Article by Connor Tait
7 Minute Read
Considering Lincoln Lifestyle Wangaratta? What Downsizers Need to Know
For many Wangaratta homeowners, downsizing has traditionally meant moving into a smaller house or townhouse, finding something closer to town or simply choosing a home requiring less maintenance.
The arrival of Lincoln Lifestyle Wangaratta is introducing another option for local homeowners over 50. But before deciding where you're moving to, there's another important question to answer:
What is your current home worth, and when should you sell it?
What is Lincoln Lifestyle Wangaratta?
Lincoln Lifestyle Wangaratta is planned for 126 Lindner Road, Wangandary, only a few kilometres from the Wangaratta CBD, Northeast Health, Wangaratta Private Hospital and Wangaratta Golf Club.
Designed specifically for over-50s living, the proposed community includes 227 homes and a range of shared lifestyle facilities.
Plans include indoor and outdoor pools, a wellness centre, gym, bowls green, pickleball courts, golf simulator, walking tracks, community garden, clubhouse, residents' lounge, theatrette, craft studio, dog park, caravan storage and community bus.
For someone moving from a larger family home, the combination of lower-maintenance living, lifestyle facilities and community is understandably appealing.
How Does the Land Lease Model Work?
Lincoln Lifestyle is different from purchasing a conventional house and land.
Under the land lease model, you purchase and own your home but lease the land underneath it and pay an ongoing site fee.
Lincoln's material states that its model provides no stamp duty, no council rates, no entry or exit fees, while homeowners retain ownership of their home and their capital gain when they eventually sell. Eligible residents may also qualify for Commonwealth Rent Assistance.
More information can we found here: https://link.content360.io/Lincolnlifestyle
Is It Right for You?
For the right homeowner, the potential benefits are significant: less maintenance, access to shared facilities, no stamp duty and the possibility of releasing equity from the family home.
However, there are also important considerations.
You don't own the underlying land, there is an ongoing site fee, community rules apply, and you should understand how fees may change over time. You should also consider the financial implications of releasing equity and how a move could affect your individual retirement circumstances.
That's why I recommend obtaining independent financial and legal advice alongside doing your own research. Lincoln also recommends prospective residents make their own enquiries and obtain professional advice.
Before Downsizing, Understand What Your Current Home Is Worth
Whether you're considering Lincoln Lifestyle, a smaller townhouse or another home in Wangaratta, understanding the value of your existing property should be one of your first steps.
You don't need to be ready to sell to start planning.
If you're curious about your home's potential value but aren't quite ready for an in-person appraisal, you can start with my Free Instant Property Price Estimate.
Get Your Free Instant Property Price Estimate
It can provide an initial indication of your property's potential value and help you start thinking about how much equity you may have available for your next move.
When you're ready for a more accurate assessment, I can provide a complimentary property appraisal and discuss your home's likely selling range, current buyer demand, preparation, marketing and expected timeframe.
Planning the Sale Is Just as Important as Choosing Your Next Home
One of the biggest downsizing questions is when to sell.
Do you sell before securing your new home? Secure the new home first? Could a longer settlement give you more time? Should you spend money preparing your current property, or would buyers prefer to renovate themselves?
These are conversations worth having six or even twelve months before you're ready to sell.
As an independent local Wangaratta agent, my role isn't to tell you whether Lincoln Lifestyle is right for you. It's to help you understand the property you already own and develop a strategy to get you from where you are now to where you'd like to be next.
Thinking About Downsizing?
If Lincoln Lifestyle Wangaratta — or simply the idea of downsizing — has you thinking about your next chapter, start by understanding what your current home could be worth.
Get My Free Instant Property Price Estimate
Or contact Connor Tait at Tait Real Estate for a confidential, no-obligation property appraisal and downsizing consultation.
You don't need to be ready to sell. A conversation now can help you understand your options, timing and the best way to plan your next move.