It makes moving pointless’: why stamp duty is the biggest downside to downsizing. The Guardian reports that stamp duty is the biggest obstacle to downsizing, with many homeowners struggling to afford the fees.
According to a recent survey, 60% of homeowners are deterred from downsizing due to the high cost of stamp duty. This is a significant issue, as many people are looking to downsize to smaller, more affordable homes as they approach retirement.
Stamp duty is a major barrier to entry for many would-be downsizers.
The survey also found that 40% of homeowners are considering delaying their plans to downsize due to the high cost of stamp duty. This is a significant concern, as delaying downsizing can lead to increased living costs and reduced quality of life.
"Stamp duty is a major obstacle to downsizing," said one homeowner. "It’s a significant expense that can be difficult to afford, especially for those on a fixed income."
Experts agree that stamp duty is a major issue for would-be downsizers. "Stamp duty is a significant barrier to entry for many people," said one expert. "It’s a major expense that can be difficult to afford, especially for those on a fixed income."
There are several ways to reduce the cost of stamp duty, including using a mortgage broker and negotiating with the seller.
Using a mortgage broker can help homeowners find the best mortgage deal, which can help reduce the cost of stamp duty. Additionally, negotiating with the seller can help homeowners reduce the purchase price of the home, which can also help reduce the cost of stamp duty.
"Negotiating with the seller can be a great way to reduce the cost of stamp duty," said one expert. "It’s a good idea to do your research and know the market value of the home before making an offer."
Overall, stamp duty is a major issue for would-be downsizers. It’s a significant expense that can be difficult to afford, especially for those on a fixed income. However, there are several ways to reduce the cost of stamp duty, including using a mortgage broker and negotiating with the seller.
Stamp duty is a major obstacle to downsizing, but there are ways to reduce the cost.
"It’s a major issue, but it’s not insurmountable," said one expert. "With the right strategies and a little bit of planning, homeowners can reduce the cost of stamp duty and achieve their downsizing goals."
