Whether you call it downsizing or right-sizing, housing
choices for the over 50 brigade are mostly about simplifying. Referred to as
“downsizing” in recent literature, this term, for many mature Australians, has
a ring of gloom and doom about it, implying the beginning of a downward slide
after a lifetime of moving upwards in the world. This needn’t be the case,
however. And, in fact, it can be downright liberating, which is probably why
more recent literature has changed the term to “rightsizing”. Why, for example,
continue rattling about in a large family home on a leafy suburban street when
you could move to a townhouse or apartment or even a retirement village in or
near a vibrant area with shops, cafes, restaurants and everything else you need
in easy walking distance?
According to a recent study, Downsizing Amongst Older
Australians, by the Australian Housing and Urban Research Institute,
motivations for downsizing among survey respondents were mainly matters of
choice: the most common reason was a desire for a change in lifestyle, followed
by physical factors that were beginning to limit the respondents’ ability to
maintain the home and / or garden. Retirement and children leaving home were also important
factors. Financial motivations were of importance to relatively few downsizers
and, amongst these, financial gain was a more common motivation than financial
difficulty.
Around three-quarters of respondents found the process of
downsizing ‘fairly easy’ or ‘very easy’. For the remaining quarter, however,
the key difficulties related to the availability of a housing type that was
right for their needs but also affordable and in a suitable location.
Respondents who moved to retirement villages also reported concerns about
financial arrangements of the village loan/lease model due to unforeseen or
escalating weekly/monthly fees, or the lack of capital gain inherent in the
loan/lease model.
The study recommended that specialised services to assist
older people in the moving and downsizing process might include forward
planning for housing and care needs, financial and legal advice and assistance
in the actual move. Furthermore, the study concluded that downsizers could also
benefit from improved information about housing choices and the practical aspects
of downsizing. At Property Focus in Sydney we have seen the need for these
focused services whilst working with our clients over the years. We applaud and
support these recommendations.
For most of us, the family home represents our largest
financial asset and an integral part of our overall financial plan. Whether you
are simply downsizing your home, or moving to a retirement village or aged-care
facility, we understand you are dealing with unique issues and complex
decisions, often involving the whole family.
Property Focus in Sydney provides comprehensive services beyond
real estate advice and sales. As the
first of only two accredited seniors’ real estate specialists in Australia, we
are specifically trained and experienced in the unique aspects of real estate
transactions for seniors and their family members. Together with the expertise
of our network of seniors’ specialists, our mission is to help you navigate the
maze of financial, legal, emotional, and physical issues that accompany the
sale of your home and to provide educated, individualised, and compassionate
assistance in making the best decision about your next move.
Our comprehensive services are demographic, rather than
geographic, and we cover a broad area from the lower / upper North Shore to the
Northern Beaches. So whether you are considering downsizing, rightsizing or
simply simplifying, we can help ensure you make the right decisions for your
future.
Our role is to get the very best results on all fronts with
a process as smooth, comfortable and stress-free as possible for you.
We hope the information on our website and that is provided
through this ongoing blog will provide high-quality fuel for the questions to
ask and issues to consider as you ponder this major life change. We also
encourage you to simply give us a call at any time to make an appointment for a
free, confidential consultation to discuss your initial requirements.
