To sell a home and buy another, add two toggles on the same scenario: Sell Personal Real Estate for the current property, and Purchase Personal Real Estate for the replacement. Planworth does not sell the home when the plan runs short of money. You choose when the sale and purchase occur and the values used to model them.
The current property has to be in the Evaluation first.
Example
Sarah and Billy plan to sell their current home in 2028 and buy a smaller principal residence in the same year. The existing home is currently worth $1,500,000. The replacement home is expected to cost $1,000,000. Model that move with the two toggles below, using a sale date and a purchase date in 2028.
Sell the current home
Open the client's Financial Insights and confirm Current Scenario.
Select Add Toggle, then Create New.
Open Sale/Purchase of Assets and select Sell Personal Real Estate. Search toggles... finds it too.
Enter a Name and the Start Date.
In Real Estate to Sell, select the property already in the Evaluation.
Enter Realtor Fees. Enter Other Closing Costs Percentage or Other Closing Costs when there are costs besides the realtor fee.
Review Projected FMV for that date. Leave Override Sale Price off if that projected value is the sale price you want to model. Turn it on only when you want to use a different sale price.
Select Save Toggle.
In this example, the sale is February 2028 with 2% realtor fees. Projected FMV is $1,595,328 and Override Sale Price remains off.
Buy the replacement home
Select Add Toggle again, stay on New Toggle, and select Purchase Personal Real Estate.
Enter Name of Real Estate, Real Estate Beneficial Owner, Purchase Year, Property Use, Type of Ownership, Location, and Purchase Price.
Enter Growth Rate, Land Transfer Tax, and any closing costs.
Leave Calculate and Use Future Value Amount(s) off unless you want Planworth to project the entered amount(s) forward.
Select Save Toggle.
The replacement home is purchased in March 2028 for $1,000,000 by Sarah and Billy as their principal residence.
First Time Home Buyer is not part of a typical downsize. Check it only when it applies to this purchase.
Review the result
Use a sale date and a purchase date in the same year when the move happens in that year. They do not have to be the same month. Review the transaction year in Details and confirm the property changes, transaction costs, mortgage impact, and cash-flow result match the scenario you intended to model.
Planworth models the assumptions entered in these toggles; review any applicable tax treatment separately.