For many women, the prospect of retiring without a safe, affordable home is a harsh reality.
In Australia alone, nearly half a million women over 50 face the risk of homelessness.
This staggering statistic underscores a profound issue that demands attention and action.

Outwardly, these women may appear well-put-together, confident, and financially secure.
But beneath the surface lies a precarious situation – insufficient superannuation funds coupled with the burden of paying rent or a mortgage on a limited income.\

This situation risks condemning them to a life of poverty, hovering just above the Australian poverty line.

Housing security is not just a matter of comfort; it’s a fundamental human need, especially for women who disproportionately face the threat of violence.
Every person deserves a safe haven – a place to call home.

For those over 60 and still renting, the path to homeownership may seem daunting, but it is achievable. By following these 10 strategic steps, you can pave the way to housing security and financial independence:

1. Cultivate a Strong Mindset: 

Believe in your ability to achieve your goal. Surround yourself with inspiring mentors and a cheer squad and consume content that empowers you to become the strongest and most determined version of yourself.

2. Explore Government Incentives:

Utilize programs designed to help individuals, especially single mothers, purchase a home with as little as a 5% deposit without paying lenders’ mortgage insurance.

3. Secure a Deposit:

Whether it’s $25,000 for a $500,000 property or a different amount, find a way to save or borrow the initial deposit. Consider asking family members to lend you a portion of their equity as a non-handout investment in your future.

4. Increase your Income:

Boost your earnings by $10,000 to $20,000 per year through side gigs or additional streams of income. This added cash flow will help you save more and build equity faster.

5. Buy What You Can Afford:

Initially, compromise on your dream home and purchase a property within your means, even if it means temporary discomfort. Location and amenities should be secondary considerations.

6. Renovate Strategically:

Invest 5-7% of the property’s value in targeted renovations that maximize its resale value. Follow a proven system to extract the highest possible profit from your investment.

7. Sell and Profit:

With a well-executed renovation, you could potentially realise a 20% profit on the sale of your property, turning a $25,000 deposit into a $100,000 gain.

8. Strategies With an Accountant:

Work closely with a tax professional to ensure your renovation plans comply with laws and regulations, and keep you on the right side of capital gains tax exemption

9. Rinse and Repeat:

Reinvest your profits into the next property, using the same strategic approach. With each cycle, you’ll build equity and move closer to your dream home, debt-free.

10. Establish a Wealth Building Structure:

Once your home is paid off, leverage that equity to pursue larger-scale renovation projects and create a sustainable stream of wealth.

The journey to housing security may seem daunting, but with a strategic plan and unwavering determination, it is achievable even for those over 60. 

By following these steps, you can overcome the obstacles and secure a safe, comfortable home to call your own.

Unlock More Profitable Renovation Secrets! Delve deeper into the world of renovating for profit, and consider taking our home renovation courses now!