Consider your options
Moving on from the family home is an opportunity to say hello to a new chapter in life but planning your journey is just as important as the destination. When planning your future, it’s important to look at the available options first.
Living with family or in a granny flat
Those who are fortunate to live with family or in a small flat on the family property may decide this is the best option due to the cost savings and ease of living. However, those looking for a more relaxed lifestyle may decide this option is not as desirable.
Apartment living may be a good option with locations in inner-city districts, close to amenities and walking distance to entertainment and restaurant precincts. Ensure allowances are made for the high body corporate fees.
House and land package
Brand new house and land packages are a popular choice with their modern, open-plan homes in brand new suburbs with master-planned amenities and facilities.
New housing estates are generally geared towards medium to large-sized blocks of land and floor plans, defeating the objective of downsizing.
Renting a house
The private rental market delivers flexible options but there are downsides to consider such as short lease agreements, high turnover and limited or lack of security of tenure which can leave renters with a feeling of uncertainty.
Retirement villages offer community among like-minded people, but their complex legal and financial arrangements can make it difficult to compare them to other options and understand the long-term costs.
Lifestyle or land lease communities
Lifestyle communities, or land lease communities, are emerging as a strong option with a number of operators setting new benchmarks for affordable senior living.
High-quality, modern homes are set within a master-planned community, using extensive landscaping and resort-style facilities in a secure, gated complex. The popularity of the model is its simplicity (the resident pays for the house and owns it, and they rent the land), ensuring a much more affordable entry price point and eliminating the need for residents to pay stamp duty or exit fees.
Learn more about land lease living here.