What are your downsizing options?

Downsizing from the family home is an opportunity to reimagine your next chapter but planning your journey is as important as the destination.

When contemplating your future, it’s important to look at the available options first.

 

Living with family or in a granny flat

The lucky few 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 more independence may decide this option not as desirable.

Renting a house

Private rental delivers a certain amount of flexible options. However, renting can have a number of negatives to consider such as short lease agreements, high turnover rates and security of tenure which can leave over 50s renters with a feeling of uncertainty.

Apartment living

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 for medium to large sized blocks of land and floor plans, defeating the downsizing objective.

Retirement villages

On the surface, people find it difficult to compare the affordability of different villages with their complex or different legal and financial arrangements. While no two retirement villages are ever exactly the same there are major differences and it can be confusing to navigate. Retirement villages operate under the Retirement Villages Act and you have a lease or ‘licence to occupy’.

Over 50s lifestyle community or land lease community

Australia’s over 50s lifestyle communities, or land lease communities, are emerging as a strong sector with a number of operators setting new benchmarks for affordable seniors accommodation.

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 entry and exit fees.

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