Financial confusion is one of the reasons people delay downsizing and move to a community, but when they finally make the move, their biggest regret is not moving sooner.

While many clients tell us their downsizing journey is an apprehensive one, their main queries are around comparing the costs of moving into a lifestyle-oriented community versus staying in place.

As demonstrated in the table below, here is an example: Shirley was living in a large family home in Logan, Queensland, which she owned outright.

However, she found the ongoing maintenance and upkeep was becoming too much for her. This along with various other considerations resulted in her decision to sell.

After achieving a sale price of $450,000 for her house, Shirley made a decision to move to Ingenia Lifestyle Chambers Pines where she purchased a brand new home for $245,000.

Shirley freed up approximately $190,000 in equity that she can now use to enjoy the next stage of her life!

If we take a look into Shirley’s estimated monthly costs after moving to an Ingenia community, compared to staying in place in the family home, Shirley is $228.80 better off per month in her new home.

She is able to enjoy spending her new bank balance on herself and her family.

There are a variety of other non-financial benefits Shirley takes advantage of too:

• The Ingenia Lifestyle model is unique with buyers purchasing a new, architecturally manufactured home and leasing, rather than owning the land. It offers a much more affordable entry price point and eliminates the need to pay stamp duty
• There are no deferred management fees or entry or exit fees. You also keep 100% of the capital gains on the sale of the property
• Downsize and de-stress knowing you don’t have cupboards, storage and a garage full of clutter
• The communities are vibrant places to live with active people who all enjoy the independence, freedom and choice to live the way they want
• There are more opportunities for socialising and meeting like-minded friends which provides many mental health benefits to improve your wellbeing
• With less home maintenance you can free up your time to do more of the things you want to do such as travel or start a new hobby
• Expect the monthly bills to be smaller after you downsize.
• Have your own set routine or join in the social activities at the club house.
• You have the opportunity to take control of your future

Once you analyse the financial lifestyle and wellbeing advantages of living at an Ingenia Lifestyle it is clear our residents have taken the time to enjoy life!

Many of the costs stated in this story are approximations and are only intended as that. Each community does vary and costs will depend on the individual location. Personal preference in many areas could change these costs so please keep this in mind.

*Site rental prices are subject to change. Rental assistance figures are indicative only and may vary depending on an individual’s circumstances.

If you have further queries, we recommend you seek advice from a financial advisor who specialises in this area.