We are in the midst of the Baby Boomer juggernaut transitioning to retirement. As they make up a disproportionately high percentage of the population, downsizing is emerging as hot topic in the media, not least of all because the number of votes they carry at the next election. Royal Commission into the Aged Care Facilities anyone?
There are plenty of considerations to take into account when determining your plan to enter into what we call at Property Planning Australia the ‘flexibility stage of life’. We coined this phrase because we are living longer, which means working longer, which is then causing more people to scale back employment rather than stopping all together!
Where will you choose to live at this stage of life is just as important and personal as where you choose to live while you are raising a family.
The questions we ask ourselves are quite consistent: would I like to be close to family and friends, amenities, what type of dwelling will suit me?
As with any major decision in life, the best thing you can do for yourself is to plan for it well in advance. In other words, think long-term!
Developing a Property Plan that factors in downsizing the home enables us to develop a plan for downsizing and harvesting equity at this important time of life.
David Johnston, Founder and Managing Director of Property Planning Australia, shares his insights in Kate Stanton’s article “What matters most when choosing a home for retirement” for Domain.