Considerations for Downsizing and Retirement

People talking on porch

Through the course of our lives, we go through several changes in our housing needs. A small apartment in Brisbane would be ideal for our first home. And then we move to a bigger one or a small house after we got married. As our family grows bigger, we’ll also need a bigger house with a large yard where we can all fit in comfortably and still have room to spare for our pets and entertaining.

And then suddenly, the kids run off to college, live in other cities to pursue their careers and dreams and to start their own families. We are left with a large house with empty rooms.

Retirement is the golden years of our lives. Relieved of many responsibilities, this is the time when we can afford to get off the rat race, take a breather, take life a little slower and enjoy the good things we have missed while trying to support and build a life for our kids and prepare for a better future of our own.

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But retirement is not all good times and relaxing. While you can afford to not work and live off on your pension or savings, these will probably by considerably lower than your present income and your main financial source will stop once you retire.

The circumstances in our lives dictate our needs. And if we want to survive and get the best out of living, we adjust.

Downsizing is the perfect solution to address both dilemmas of retirement – the big, cumbersome and expensive homes and the much-decreased income. Downsizing would call for selling the large house and buying a smaller more manageable home or going back to that apartment in Brisbane. The goal is to lower the expenses, live more simply and find a home that will better match the present need and financial situation.

Downsizing and retirement will not be the same as any move. There are factors that need to be taken into consideration before making the decision and picking the house and location. The top concerns of retirees when downsizing are the following;

Home Maintenance Work

Keeping a home clean and organised need work. As we go older, work around the house and the yard could eventually be too taxing. Mowing the lawn, cleaning the roof or fixing fences would be too expensive and too much work to manage. This is the reason why a townhouse or a Brisbane apartment are popular as retirement homes.

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Mobility and Access

Getting out and about might not be easy for older people. Everyone will eventually face the reality of physical decline. It is also for this reason that makes mobility and access very important. Being near or being able to easily travel from the house to other locations like health care facilities, market, stores, parks and entertainment centres is a top consideration. Wide roads, access to public transport, walking paths and a friendly neighbourhood will make a lot of difference.

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Lifestyle and Wellness

After years of hectic working life, most retirees prefer the more relaxed lifestyle offered by the suburbs and other communities outside the city. They would also benefit from the fresh air, the great outdoors, friendly communities and fresh produce readily available in the markets. They would be able to take things easier and slower away from the pollution and the fast-paced lifestyle of the city.

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Costs

Cost of living is a major consideration when retiring. Because of the reduced income, retirees are forced to live more frugally and conservatively. Smaller houses require lower maintenance costs. The location also comes into play – cities are notorious for its high cost of living. The suburbs offer a more relaxed lifestyle and are more viable and affordable option to city living. Food, entertainment and facilities are generally cheaper in the suburbs.

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It will take a lot of planning, preparation and careful consideration of the factors to get the best out of downsizing and retirement. A good-sized apartment that will minimise housework, easy access to everything, relaxed and healthy lifestyle and low cost of living. A good option is to find an apartment in the suburbs. Sherwood is less than an hour drive from Brisbane CBD. It is renowned for its friendly neighbourhood, charming Queenslanders and farmer’s markets filled with fresh produce. New apartments in Sherwood are centrally located and offer the latest and most modern features of comfortable living.

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