Downsizing options
When you were upsizing your home to accommodate a growing family you may have been limited for choice, well not when it comes to downsizing — there are a smorgasbord of options.
Downsizing your home can have lots of benefits physically (less to clean, maintain and repair), financially (you can pay off debt or free up equity to spend or invest) and emotionally (more time to spend doing things you love). It can offer a new lease on life you never realised was possible.
- Let’s explore the options available
There is more than one option ...
Retirement Villages
The housing choice most people think of when they hear the word “downsizing” retirement villages (like the people who live there) come in all different shapes and sizes and cater to a broad range of lifestyles from the very active to those seeking an alternative to aged care and everything in between.
Land Lease Communities
Becoming increasingly popular, these communities are lifestyle driven and often called resorts or lifestyle villages. What sets them apart from Retirement Villages is that you own the home but rent the land on which it sits.
Granny Flats
Granny flats enable multi-generational living, and it’s not just the traditional self-contained studio in the backyard, it can be part or even the entire home.
Strata
Individual ownership of your home and an owner’s corporation that is responsible for managing and maintaining common areas.
Co-housing
The newest form of retirement housing, typically smaller homes or apartments where owners share communal spaces and in some cases cars.
Now you have an understanding of the diverse downsizing options available, you’re poised to take the next step. Dive deeper into your downsizing journey and uncover the essential steps to guide you forward here.
The ultimate downsizing guide
Let Noel Whittaker and Rachel Lane guide you through the legal and financial maze, explain how a move can affect your lifestyle, superannuation, pension and benefits, and share some real life stories from readers.
Whether you’re moving to a townhouse or apartment in a strata title development, considering a granny flat or tiny house with family, looking at collaborative housing with like-minded people, or making the move to a retirement community, listen to the experts, and make it your best move.
