When it comes to downsizing, you have to consider where you’d like to live and what your accommodation should look like. What is suited to your lifestyle? What about your level of independence and your budget? There’s a lot to think about. More importantly, there are a lot of different housing options available as you age. You may be happy to pick a place to grow old, but for some people, they’d like to maintain independence as long as possible.
Family Living
In a perfect world, your family will have a Granny flat on the property that allows you to maintain your independence and be close by for support. Of course, you may want more independence than living with family provides, that’s something that only you can decide. Many retirees don’t want to get in the way of their children and families. So, that’s something to consider when you decide whether to live with family or take advantage of a small apartment on the property.
Renting or Buying
This may be a house or an apartment, either way renting offers you flexibility. This can be a temporary move that just allows you a bit of breathing space to decide what your next move is. There are negatives, of course, to renting. It leaves you more vulnerable than you’d like, especially in terms of neighbours and security. There is a lot of stress involved in home rentals.
Apartment living is also an attractive prospect. You give up your green space, but if you choose city living, there is plenty of access to parks and amenities. The only drawback to this is that apartments are typically popular with the younger crowd so, it might not be as quiet as you want or are used to.
Retirement Villages
The beauty in these villages is that they are all completely different, which means you can find one that suits you down to the ground. You lease an apartment or a home in the village. There’s a fee to move in, as well as the monthly fee, and an exit fee that is generally taken from the initial money you paid in.
There are also lifestyle communities aimed at over 50s. These have been common in the United States for years. In fact, there are over 50,000 of them throughout the US with almost 20 million residents. You purchase the home and lease the land that it sits on. That way, when you decide to move on, you sell up and pocket the profits. It’s a newer concept, but it offers you a community feel, resort amenities, and is perfect for young (or young feeling) retirees who want to remain active and engage socially.
These are excellent options to get you started and as you get older and need more care, you can consider moving into an aged care home where you will receive the necessary level of care required by your health. There are co-located villages which allow you to easily move from a retirement village into an aged care home which is on the same property. It certainly takes the stress out of long term planning.
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