Downsizing for Lifestyle and Financial Freedom!

As the baby boomers enter retirement and their children leave the family home, they will begin to question the need of a large home.

Downsizing is a great thing for people entering retirement to do, and I personally think that it is never to early to make this move. I commonly have clients needing to move due to mobility issues or to be closer to transport as they no longer drive, but this can be avoided by taking the leap before it becomes something you must do.

There are many different types of properties for people downsizing and it truly comes down to personal preference and what you can afford.

Villas; this is the most sought after type of property for retirees. Single level, not as close as apartments and still a small yard or outdoor area, but villas are very hard to find, especially in the Sutherland Shire, the main reason being townhouses are more cost effective for developers to build as they can fit more onto a site.

Apartments; these are a great option, especially for those looking to travel in retirement. It is easy to lock up your apartment and go away for 3 months and come back to exactly how you left it. There is no upkeep to gardens or pools as the body corporate will look after it all. The Shire has plenty of good apartment complexes and more being built. As you get older you may want to ensure that the apartment you buy is either ground floor or has a elevator in the complex so that it is future proof for you, and remember to check the strata fees to ensure you can afford it well into retirement.

Building a duplex or granny flat; this option is really gaining traction within the market. Young people are finding it harder and harder to purchase property and retirees are finding it hard to downsize, so instead they redevelop the land their current house is on. Building a duplex or granny flat allows you to get your children into the property market sooner, stay close to grandchildren and future proof yourself if you need assistance in the future as your children and grandchildren will be close by to help you.

Whatever option you choose, ensure you seek professional financial advice and employ a good negotiator as your real estate agent that can get you the highest price for your home if you need to sell. It is never too early to start researching for downsizing properties, if you would like more information, please call or email me.