Downsizing your home once you’ve retired

Should you choose a house, apartment, or retirement village?

So you’ve retired from permanent work. Congratulations! The kids have left home… the alarm clock has been permanently shelved. Your schedule is free (or as free as you want it to be). You might be walking around your home thinking, “Goodness, we have a lot of space!”

There’s no doubt that retirement is a new chapter in your life, and you might see it as a chance to try something different and exciting. Downsizing the family home to free up some money and space is a popular way for many retirees to start this chapter.

Is a home, apartment or retirement community best?

Now that you’ve retired, do you really want to be maintaining a large house in the suburbs? Or would you prefer the convenience of the “turn-key” lifestyle appeal of an apartment complex or retirement community? How close do you want to be to family? Are you planning on traveling often?

Here are some of the perks for each living situation:

House

• Unlimited storage space
• A private yard to enjoy
• Free to expand, build a pool, renovate and more
• You won’t be unexpectedly pushed out by a landlord
• Pets are certainly allowed!

Apartment

• Lock up and go on adventures
• Peace-of-mind from 24/7 security
• There may be amenities on-site (such as a gym, sauna, or pool)
• No long-term commitment (with 1- to 2-year rental agreements)

Retirement community

• Lock up and go on adventures
• Peace-of-mind from 24/7 security
• Community of like-minded individuals
• There are usually health care, lifestyle services, amenities, recreation and entertainment available or close by

How to get started with downsizing after retirement

To get the most from your retirement years, you might consider downsizing into a smaller home or apartment to minimise costs and increase quality of life. Retirement communities open up a totally new living experience that takes care of many aspects of home maintenance and offer you a way to meet new friends.

Deciding about your preferred type of home for retirement depends on your non-financial needs as well. Talk to your partner and have a clear goal of what type of life you want before deciding on the style of home you’ll downsize into.

When the moving process begins, break all possessions down into categories: keep, sell or give away, and discard. Don’t make the mistake of giving away essentials: cleaning products, shower curtains and towels you’ll need on day one.

Study the floor plan of your new home to evaluate the amount of furniture and items that fit in each room. Take the time to choose the most functional and special pieces you will still utilise.

Discover more advantages of retirement living

If you’d like to learn more about retirement village life, we invite you to come and see for yourself why people choose Renaissance Retirement Living at Victoria Point. Our community is designed so active retirees can live full, fun, and friend-filled life in a beautiful resort-style environment.

Please join us for an information session over lunch. Bring your family, meet some residents, ask questions, and have a tour of our stunning village.

Call today on (07) 3820 7700 or contact us to book a spot at our next information session and morning tea. We would love to meet you!