MY MONEY

Ask Paul: Should I sell my home to move closer to grandkids?

By Paul Clitheroe

Published on April 15, 2026

Almost-retired reader Fiona wants to move closer to her grandchildren, but is worried about buying and selling costs.

Reader question

Hi Paul, I've been an avid Money reader for years. Thanks for all your great advice. I'm now a happily (almost) retired 61-year-old. When I separated about 8.5 years ago, I purchased a three-bedroom unit in a nice outer suburb of Melbourne.

Almost-retired reader Fiona wants to move closer to her grandchildren, but is worried about buying and selling costs.

However, I've recently been blessed with grandchildren, and they live about 30km away. I now want to be much closer to them. My unit is worth about $1 million and I have $1.63 million in my superannuation fund (Balanced fund, earning 8%pa over the past 10 years).

I'm drawing on this at $70,000pa, and I have $5000pa income. I have no debts, no other investments and minimal savings. I've chosen Kensington, but I will only be able to afford an apartment, as a two-bedroom cottage starts at about $1.2 million.

What is really going to hurt with this move is the amount of stamp duty ($55,000 for a $1 million property in Victoria), plus the buying and selling costs, maybe a total of about $80,000 all up. I think it might be wise to rent for a year or two, to make sure apartment living is for me and that I like the suburb.

If I sell my unit first, where would you recommend putting the proceeds, to support me paying rent (in the order of $700 per week)? I am concerned that if I end up moving twice, this would put a big dint in my super. - Fiona

Paul's response

I am very happy to hear that we have been of some help to you over the decades, Fiona. I'm even more pleased to hear about your financial position.

Owning your apartment, plus $1.63 million in super, leaves you in a position to make life choices. I have spent decades stressing this point.

Saving today and investing the money converts into wealth. Wealth as we get older gives us choice. But first I would argue is not to be out of the property market. I don't mind if you rent where you are now and then rent a place in Kensington.

But I do mind if you sell your apartment and rent for a couple of years. This leaves you at risk of market moves, and over a couple of years, the most likely outcome is that property moves up in value, not down.

Please don't risk part of the hard work you have put in. Rent out your apartment and rent in Kensington or put your place on the market and start looking to buy. The choice here is yours, but being out of the property market in our big cities and other growth areas is a dangerous game.

I agree about moving twice, so you may choose to go the rent route, but I would not be selling until you decided to buy. With money it is really important to eliminate unnecessary risk. And being out of the market is an unnecessary risk. All the best for your move.

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Ask Paul: Should I sell my home to move closer to grandkids?