Downsizing has become an often over-used term and does not necessarily reflect all the retirement living options available.
Also, in many cases, it can open up all kinds of worries and concerns.
Often, sadly, the very people who are lonely and isolated can be those most likely to benefit from a lifestyle “upgrade” and a home maintenance or financial pressure “downgrade”.
“Rightsizing” (a term coined by Rachel Lane) can be the result – a home that best suits your lifestyle. There are many options available.
Consider the cost of moving, possible renovations, and whether stamp duty is applicable or not. Weigh these against the many modifications to your home you would need to have to make as you age.
Then compare that to the purchase of a retirement village unit styled to your needs. If possible, consider a retirement village with co-located aged care. It can literally be a life-saver.
As children of “rightsized” parents who have moved to retirement living we have found the extra funds freed up by “downsizing” provided an added security for our parents, and a well-deserved outcome for their later years, as well as help towards providing for adequate aged care.
It allowed travel and for them to stay independent and socially engaged longer.
Weigh up whether staying at home is the right lifestyle investment for you.
If you decide it isn’t, ensure your move to a retirement village includes legal and financial advice about ingoing costs (purchase), then ongoing costs (management fees, general services charges) as well as outgoing costs (exit fees, renovation costs etc.).
Be sure to get specialised advice about these costs provided by an elder law expert, and not a generalist lawyer.
There is a list of 24 helpful hints about choosing the right retirement village on the Elder Law website.