Having said goodbye to the workforce and the security of a weekly or monthly salary, many Australians aged 65 and over look to downsize as a means of stretching out their hard-earned retirement savings- and it makes sense!
A smaller and more affordable property often means reduced outlays and increased disposable income, giving people the opportunity to spend less on mortgage repayments, property tax, rates, insurances and more on the people, things and activities they love.
Financials aside, there’s plenty of other reasons that more and more ageing Australians are trading their family homes for more manageable properties. As we age, daily chores can soon become daily challenges, which can often trigger people to rethink their lifestyle.
People live longer, happier lives in a home that supports their changing needs - fact. That’s why it’s so important to watch out for the warning signs that a change of scenery might be just what’s in order for an all-round better retirement lifestyle.
Property maintenance is too much
Broken roof tiles, overgrown gardens and leaking pipes are all part of the fun of being a homeowner, until they’re not. For senior Australians, decades of clambering up and down ladders and dragging around heavy lawn mowers is often more than enough.
In reality, property maintenance is both physically and financially taxing, something that becomes less appealing the older we get. So, it’s no surprise that this is one of the driving factors that has seniors pulling up their roots for a maintenance-free lifestyle.
Those exhausted by the thought of property maintenance are not alone. It’s a common telltale sign that it might be time to reconsider where you live.
Paying for unused space
Moving into a sprawling five bedroom family home, people often wonder how on earth they’ll ever fill it. Before they know it, the family has expanded and they’re fighting for space rather than the TV remote control.
But as offspring fly the nest, bedrooms once filled with teen belongings become superfluous storage space and family baths, once filled with bubbles, fill with dust. People find themselves living in a few rooms while the rest of the home grows a mounting to-do list.
When people find themselves paying for space that gets little use, it’s often time to investigate rightsizing to a property that better suits their needs.
Few people manage to purposefully pick a family home that allows them to age in one place. For most of us, there comes a time that our properties aren’t as suitable today as they were yesterday.
As we age and our mobility changes, things that we once took for granted, like scaling the staircase to our nighttime retreat and balancing on one leg to get in and out of our freestanding bath tub, become a risk to our safety.
Often the only solution to removing fall hazards is to move to a place that’s purpose-built to ensure you feel safe.
Making the move
While there are a number of common financial and lifestyle factors that influence people's decisions to downsize, everyone’s lives and experiences are different, as are their motivations to move from their family home.
Speaking to loved ones and hearing the experiences of those who’ve already made the move is a great place to start when first considering a lifestyle change. Head over to the Aveo Resident Reviews page and hear real people speak from experience!