What are my next home options when downsizing

What are My Next Home Options When Downsizing?

You have decided to Rightsize and now it is time to make a decision on where you will be happiest. The options available can be somewhat overwhelming. You will soon discover that there are both benefits and drawbacks to all of your options.

Following, you will find a small description of the scenarios you may have in mind. I will discuss some of the options so you have an idea and decide your next home option when downsizing.

Rightsizing To A Different Sized Private Home

Private homeownership, whether it be small or the same size with less maintenance, is something we are all familiar with. It is a traditional and independent property purchase. If you choose to purchase a home in this manner, you may opt for the same size home to still accommodate visiting family members. However, you may like to choose a property with less land or that will require less maintenance. For example, your new home may be situated on a flat block of land with no stairs or upper levels. Adjusting your home in this manner to suit your lifestyle is going to be a worthwhile decision, especially if made sooner rather than later. Rightsizing does not always mean downsizing.

Over 55’s Private Accommodation

These are buildings that have been designed to accommodate the 55+ age group. They are not only low maintenance, but they are also instantly suitable on a community level due to the specified demographic who are offered these homes to purchase. These homes are classed as private purchases, without the additional features of a retirement village.

next home options

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Retirement Living

Is retirement village living the right choice for you? I am sure this is something you may have considered. There are advertisements for retirement living in every newspaper you read.

Community living has many health and social benefits, and many of my clients are very happy enjoying the benefits living in a communal setting can bring. Make the time to visit a few in your local area and understand what they have to offer as well as their costs.

Interstate / Sea Change / Tree Change / Overseas Change (Short & Long Term Property Rental)

If you are considering a move away from your current local area to an unknown area, you will first need to weigh up the pros and cons.

Even though it can be tempting to move somewhere that may be significantly cheaper to live to save money when buying back into the market; you will have to give this serious thought. You may be sacrificing your link to the community and your connection with family, and this is something you will miss the most.

The Granny Flat

It is not uncommon to hear about or see a Granny (or Glammy) Flat at a family home. This kind of solution may be perfect for you! You could possibly have one of these built at your property while you are still working and enjoy the income.

By building a Granny Flat, you will still have the same neighbours and community as well as your asset. If you plan on leasing, your property will no longer be your responsibility. Your property manager will maintain and handle your property (and also take care of the bills and hassles!).

In Summary

There are pros and cons to any decision you will make. If you have a life partner, you will need to consider what you both want and each other’s needs; your decision should not be hasty. I highly recommend you thoroughly investigate every option and go with the one you feel most comfortable with and that gives you the best ‘gut feeling’.

If you want to read more about the pros and cons of each option as well as some feedback from Empty Nesters who have experienced or who are currently experiencing the move, get a copy of my book – Rightsize Your Home: The Empty Nester’s Guide to a Stress-Free Downsize

 


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