Keys to the castle

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For many people, their home is their most valuable asset. Chris Vedelago looks at a few strategies to unlock its economic potential.

Our homes are sanctuaries, full of precious memories, but also investments and sources of potential revenue. WHEN Neil Morris retired, what he did with his long-time home definitely doesn’t qualify as a mainstream choice. Not interested in life on the coast or in the country, Mr Morris sold his modest threebedroom house in suburban Viewbank, in north-east Melbourne, in favour of a pricey town house in the heart of Richmond.

It was not a decision taken quickly or lightly but, after a decade of careful consideration, Mr Morris, then 59, dipped heavily into his superannuation to make up the difference between the $852,000 town house and the eventual $440,000 sale price on a house he owned outright.

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