Once your kids leave home, you are suddenly in a house that is too large for your needs. So, downsizing seems to be a smart consideration to make.
There is a certain pressure involved as well, with the incentives the government are offering looking to make way for the younger crowd who are looking to move into family homes.
There is a lot to consider here – you have made a home in your community and you might not want to leave the social circle that you have created. You have a connection to both the home and the neighbourhood so, it’s nice to maintain that connection by finding a smaller home within your current neighbourhood. However, there are a wide variety of options that you need to consider when you decide to downsize.
What are the Options When Considering Downsizing?
It gets difficult to maintain your home as you get older, particularly when it has multiple levels. However, if you are hesitant to sell, there are plenty of alternatives to help you avoid doing so.
- Consider Leasing
You can rent out a room, rooms or even an entire level of your home. It’s possible to do this on a long-term basis or for short-term lets. It means you get to stay in your home, and it eases your burden. Of course, it means that you will likely need to share a kitchen. So, you may want to share with another retiree or a friend who has downsized.
- Another Way To Live
You aren’t ready to sell, but you do want to go exploring? Then rent your home out while you take to the open road. You can worry about downsizing later. This is a good opportunity to get to know where you may want to settle down as well.
The other options when considering downsizing
Whether you move into a California bungalow, a Queenslander or an apartment, you need to be prepared to compromise. You probably won’t find a home that ticks every box on your list. You may have to settle for living a little bit further away than you anticipated or, you may have to live with a single bathroom rather than two. Compromise is inevitable, but before you start shopping for a new property you are going to need to consider what you aren’t willing to compromise on. So, set out your absolute must-haves in stone before you get started and think about the points you are willing to compromise on. It will make the process much easier.
For example, if you want freedom and adventure, an apartment in the city is a good idea, but a retirement village outside of town probably isn’t.
If you are suffering from ill health, there’s a good chance you want your support network close by. You may want to consider investing in a home with a Granny flat and inviting one of your children and their family to move into the main residence. It gives them part of their inheritance now and provides you with comfort. You can move into a retirement village that offers health support or, simply hire a health aide/assistant when the time comes.
You might also like to read our article on What are the best housing options for Seniors?
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