Four important things I learned about finance and real estate options for mid-life women
Recently, two Sydney-based Second 50 women – mortgage broker Teresa Cahill and real estate vendor agent Bernadette Hayes teamed up to host a fabulous in-person evening workshop in Sydney: Real Estate and Finance for Midlife Women.
It was a relaxed and enjoyable way for women to meet some new people, hear different perspectives and to gain some of Teresa and Bernadette’s combined real estate and financial wisdom.
I’m not currently in the process of buying or selling property (and it isn’t on my near horizon). However, what I learned about finance and real estate options was both thought-provoking and empowering.
Below I’ve shared four of my key takeaways from the workshop. The good news for Second 50 women is that these two experts will be running a virtual version of this workshop for our whole Second 50 community soon!
Four of my take-aways:
Start the conversation. Teresa closed the workshop with this call to action and it really resonated. Whether it’s inside Second 50, with your partner, with Teresa or Bernadette, or with a financial adviser, now is the time to start talking about your financial position. Midlife women should be thinking about the next 5, 10 or 15 years and making sure your finances - and any property assets you might have or wish to have - are working in alignment with your goals.
Helping your kids (or others) into the property market isn’t as impossible as it might seem. Teresa broke down five different options for helping children into property ownership, and it was an eye-opener. There are more options out there than many of us realised, and they’re worth exploring if supporting loved ones is part of your longer-term vision. Rather than summarise the five options here, if your interest is piqued, join Teresa and Bernadette in their virtual session (coming soon).
Do your research. Bernadette provided some great insights into the ever-changing real estate landscape: from macro factors like property prices, rental market issues, building sector challenges and legislative changes, to issues that can make or break a real estate experience. She shared practical ways to do research, highlighted some key pitfalls to look out for and explained how to leverage professional advice from experts such as mortgage brokers, vendor advocates, financial advisors, and others to help you make the right decisions and get the best outcomes.
If you’ve got a mortgage, give it a regular health check. If you haven’t looked at your mortgage in a while, now’s the time. Teresa showed us tangible ways that reviewing your mortgage every 2-3 years could improve your position, including unlocking equity, saving on repayments, or improving your rate of return. And the best part? It doesn’t cost you anything to do this (but could save you a lot).
Teresa and Bernadette totally achieved their goal to boost women’s knowledge and confidence about fiance and property. They did it in a warm, supportive environment, where fabulous women met and mingled and where we could ask questions and share real-life challenges and experiences.
This isn’t the first forum we’ve held aimed at improving financial skills and confidence, and I know Second 50 women will continue the learning and exchanging our collective wisdom on this important topic.
Teresa Cahill is a Mortgage Broker with over 25 years’ experience in accounting and finance. She is a strong communicator and guides her clients with a caring, personalised approach. Teresa is driven to help all women feel comfortable and confident with their major financial decisions. Bernadette Hayes has over 14 years’ experience as a Real Estate Agent (and award winning agency owner) and is known for her personal and empathic approach. She has recently downsized and has an intimate understanding of the varying needs of women in their 50s and beyond. Bernadette is now a vendor agent and real estate mentor.