Hi everyone
I'm an Australian 37 year old with two children, just looking for some people's thoughts on whether we should stay in our current home or move to a smaller place. Our current home has been valued at $800,000. We are soon to be selling some land which will pay the mortgage out on this house so we will be debt free. However our income is very low at the moment. My husband has started a business with so far no profit and that probably won't be changing soon. I am working full time to support us which is paying for all food, bills, current mortgage and minimal spending. We love the house we live in but are deciding whether we should stay put or sell and downsize. The negatives to downsizing is that we would essentially be losing about $40,000 in commission, stamp duty on next house and moving costs. We are also in Qld and have a full solar powered house and receive the highest solar feed in tariff rate (I think it's 44c a kilowatt). So we would lose this as well. But my husband thinks we would be better off downsizing to a smaller property of about $550,000 and then investing the remaining $200,000. I just can't get over the fact that we would be throwing away $40,000 to do this. Any advice on what you think we should do?