Retirees sell backyard to pay off mortgage
Brian Boswell and his wife have lived in their home for 30 years.
The Victorian couple entered retirement with a mortgage, and they feared they'd have to sell - but then looked in their own backyard.
So they moved to unlock its value, by sub dividing their garden.
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Brian Boswell and his wife have lived in their home for 30 years. The Victorian couple entered retirement with a mortgage, and they feared they'd have to sell - but then looked in their own backyard. So they moved to unlock its value, by sub dividing their garden. Nine
Mary Mizzi from Cash For Your Backyard buys spare land from people like the Boswells and then takes care of everything else like driveways, fences and drainage.
"This is a great way for them to keep their home the value of the home is very much retained whether it's with the backyard or not," Mizzi said.
"Their only out-of-pocket expense would be a solicitor to look after their interests.
"Their solicitor actually prepares the contract."
Demand for such services has increased as interest rates have risen.
While everyone's circumstances are different, requiring specific financial and legal advice, it's worked for the Boswells.
Mr Boswell, 75, said it paid the mortgage off.
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"So now we're debt free," he said.
There's also an added bonus to having no backyard
"I don't have to cut the grass any more. The dogs have all gone and it was just sitting there and it was getting hard to maintain," he said.
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