Transition to retirement: what does home look like?
Transitioning to retirement opens the opportunity to move to a new house, to somewhere that better suits your lifestyle priorities and budget. What does home look like for you, in your later years?
Here are some considerations.
An affordable home
As of 15 October 2018, realestate.com.au median property price for a 4-bedroom house in Berwick is $700,000. Do you really need all those spare rooms? Maintaining a family sized home and yard can be time consuming and expensive. Imagine the extra retirement funds you could bank if you cashed in and bought a property more suited to your lifestyle? What dreams could you realise with a bigger weekly budget?
A happy home
Results from a Harvard University study of adult development including a longitudinal study on happiness have shown that people that reported feelings of general happiness prioritised relationships with:
Consider where you are living now. Are you able to prioritise relationships with people you care most about? Do you feel a sense of belonging to a community?
The neighbourhood you may have raised your family in, is unlikely to be what it was decades ago. If family and friends have moved elsewhere, is it time for you to enjoy a change of environment too – somewhere where you can grow social connections?
Before making the move to be closer to family or friends, make sure you have a conversation with them first to confirm their longer-term plans. Imagine selling up and moving to be closer to loved ones, only to have them move away!
A home with easy access to all the services you need
A sea change or tree change – moving to an idyllic, ‘undiscovered’ destination – sounds attractive, for sure. However, if you’re over 65 the reality is over the coming years access to quality health care services and medical specialists will, at some stage, become a reality.
Good quality living in later years, includes having easy access to infrastructure, amenities, retailers, service providers and medical services. Do you really want to be moving to a new home and community again because a turn in health obligates you to be closer to assistance?
A home that will age gracefully with you
At RCA Villages, our thoughtfully designed villas and apartments consider residents’ needs from being an active 60-year-old senior through to later years. As an example, all fixtures and fittings are chosen for being easily accessible, such as larger light switches, and easy to clean. Frameless shower screens are a good example of an easy to clean fixture.
Consider the following when choosing your new home to enjoy your retirement years:
no tripping hazards such as steps, shower trays or a combined bath and shower
close to public transport
close to medical services, retailers and other service providers
a low maintenance property
well placed light switches, well placed external lighting and good security lighting.
A home that is yours for the long term
Many retirees face the financial decision of whether to rent or buy their next home. Depending on your financial situation, you may not have a choice. But if you do, consider the following. If you:
buy a home, you’re mortgage free and you can afford to pay your bills and council rates, then it is a secure long-term option.
choose to rent, you will always have the risk that your landlord could sell the home you are living in.
buy into an independent living housing solution for seniors, always seek legal advice before signing any contract so you understand exactly what you are buying in to.
To understand more about retirement villages in Victoria as an independent living option, you can download this free 17 page Retirement Villages in Victoria - Frequently Asked Questions.
To find out more about from a consumer protection perspective on renting, buying property, owners corporations, retirement villages and residential parks go to Consumer Affairs Victoria > Housing.
Image credit: canva.com
If you are interested in exploring the possibility of a move to a modern retirement village around Melbourne. Booking a tour at one of the RCA Villages around Melbourne can be a great place to start. Visit the website of the village in the region you would like to visit for contact details.
South East Melbourne
Ask about RCA Villages no deposit reservation process on new villas.