Have you reached the point where the family home you’ve worked so hard for is more of a chore than a joy to maintain now that the kids have flown the coop?
If that’s the case, then you might have also considered a downsizing move to a property that gives you the time and freedom to do more.
But don’t be in a hurry to put up the ‘for sale’ sign, because it is important to take a moment to consider whether it’s the right time to consider a rightsizing move.
Downsizing vs rightsizing: What’s the difference?
What’s the difference between downsizing and rightsizing?
It’s all about attitude.
Rightsizing is about recognising that it is not the size of the house that matters but the size of the lifestyle.
And there are some great advantages of making that downsizing move – particularly when you are considering your retirement years. But how do you know if you’re ready to make that commitment?
As part of a well-researched plan, rightsizing can boost your superannuation as well as give you the opportunity to enjoy resort-style living without the hassle of home maintenance.
Learn more about planning for retirement here.
5 Considerations of rightsizing
If you’re beginning to consider rightsizing, there are five things that should factor into your decision making.
1. Lifestyle
If you’re finding that you’re becoming a slave to the lawns and gardens, worried about the cost of maintenance and renovations, not to mention losing all patience with cleaning a large house, then it might be time to consider downsizing.
You have better things to do with your time (and money) than keeping a large, older home.
Remember, rightsizing is not about having less to do, but having more time to pursue the things you want to do.
Whether your goal is to perfect your golf swing, return to the hobbies you used to enjoy or spend more time travelling, rightsizing to a modern home in a secure, gated community with resort-style facilities is a great way to maximise your time and finances.
And even if retirement is still a few years away, downsizing is a great way to help boost your superannuation, and ready your finances for the future.
Learn more about different retirement activities to try here.
2. Community
Downsizing options you’re looking at may include buying an apartment, relocating to a retirement village or purchasing a home in an over-50s lifestyle resort.
All these options seem to tick the same boxes – a modern, more manageable home in a desirable area, possibly with some on-site amenities to enjoy.
However, changing from a free-standing home to an apartment or townhouse doesn’t appeal to everyone, especially if you must share facilities with exuberant holidaymakers, or tenants who don’t necessarily appreciate the concept of ‘peaceful enjoyment’.
And if you are healthy and active, a retirement village may not have the level of sporting and fitness facilities you might wish, or the fellow residents who enjoy the same fast pace as you.
Choosing an over-50s lifestyle resort means your neighbours are homeowners, just like you. And being of the same generation, means you are more likely to have many of the same interests which makes expanding your social circle much easier.
3. Decluttering decisions
Deciding to downsize goes hand-in-hand another ‘d’ word – decluttering.
Many people relish the opportunity to take stock of their possessions and streamline their homes for the lifestyle they’re going to lead. Some even prefer to start their retirement lifestyle years by treating themselves to brand-new furniture and appliances.
Or perhaps downsizing has become a necessity, which brings with it a complicated set of emotions and a tidal wave of overwhelming decisions.
Nevertheless, decluttering will form a big part of your rightsizing action plan.
So, how do you distil a lifetime of memories into a smaller space?
Start by removing things you won’t need in your new home. Passing along gardening equipment and tools from the shed is an obvious first place to start. And when you’ve chosen a rightsized home with access to a country club with a fully-equipped gym, you can also bid farewell to all that fitness equipment too.
Once you have addressed the non-sentimental items in your home, then it is time to take stock of those precious items you’ve collected over the years.
Decluttering experts suggest ‘keeping the memories but getting rid of the stuff’ and this can take the form of taking photos and writing down why a piece is an important part of your life. If you’re tech-savvy, why not use your mobile phone to record a video and share those memories?
Another tip is to choose just one item that represents those important moments and give it pride of place in your new home.
4. Finances
The family home is the single largest asset most Australians have.
Before putting it on the market, it’s important to consider all the financial implications from the move.
The first step is to see a professional financial advisor who will give you qualified information about opportunities to add to your superannuation through the Downsizer Super Contribution scheme and plan the financial aspect of the next stage of your life.
With respect to your new home, it’s well worth understanding the difference between retirement villages and land lease community over-50s lifestyle resorts. Knowing the difference can save you thousands in fees and charges.
Land lease community lifestyle resorts don’t have entry and exit fees or capital gains fees. You simply buy your home and ‘rent’ the land it is on. The modest weekly site rental fee covers the cost of maintaining the resort including the facilities and gardens.
In a rightsized home, your finances benefit from reduced running costs and at GemLife resorts for example, monthly power bills average around $8 a month and some homeowners receive no power bills at all!
Learn more about saving for retirement here.
5. Location
A place to call home must be somewhere that suits you now and into the future. And there are a few considerations to take into account.
Do you want to move to be closer to family and friends or is a major change of scenery on the cards like a seachange? Or perhaps you’d prefer to head inland for the peace and quiet of the country. According to a study by the University of Queensland, tree change locations are increasingly popular with people moving out of the cities into regional areas for the fresh air and sense of community.
Whatever you choose, it is important that you familiarise yourself with the location. It should be close enough to everyday services that you don’t have to use the car as much and yet with the convenience of transport links to get to larger cities when needed.
Find out more about Australia’s best retirement locations.
4 reasons to rightsize with GemLife
If you’re too young (or too young at heart) for a retirement village, then you might find GemLife over-50s lifestyle resorts just the change you’re looking for.
With resorts in some of the most sough-after retirement locations in Australia, our land lease resorts offer luxurious downsizing without compromise with contemporary rightsized homes and well-appointed country clubs.
1. We’re not a retirement village
GemLife resorts are especially designed for active over 50s who value convenience, lifestyle and independence.
You don’t need to be retired and that’s great news because you can come home from work and enjoy a resort lifestyle straight away and savour the ease of having outstanding leisure, fitness and recreational activities right on your doorstep.
If you’re over the age of 55, downsizing also means a big boost to your future retirement income through the Downsizer Super Contribution scheme.
2. We’re financially transparent
Forget about entry and exit fees, deferred management fees, capital gains fees and more. GemLife operates under the land lease community model which means a simple, more transparent contract instead of numerous complicated fees and charges.
At GemLife, you purchase your own home and simply pay a modest weekly site rental that covers the cost of maintaining the resort. That’s it.
And that’s not the end of the financial benefits. As you are renting the land, there is no stamp duty to pay on the purchase of your home and, if you are an Australian Seniors or Department of Veterans’ Affairs card holder, you may also be eligible for Federal Government rent assistance to offset the weekly site fees.
3. We welcome friends, family & pets
Unlike other retirement living options, there are no restrictions on how or when you can entertain family and friends, which means you’re free to enjoy an overnight visit with the grandkids and let them join you in enjoying the resort facilities.
Pets are an important part of the family, and they are welcome too. Each GemLife home has its own secure backyard and side gates, so your furry companions can enjoy their best lives too.
4. We encourage active lifestyles
You never know who you might meet at GemLife resorts from golf professionals, marathon runners and sports climbers. Then there are the bowlers, pickleball players and the aerobics instructors.
It’s fair to say that GemLife encourages active lifestyles. At the heart of each resort is a luxury Country Club complete with sporting and recreation facilities including fully equipped gyms, ten-pin bowling, golf simulators, tennis courts, pickleball courts, lawn bowls greens and more.
If there’s a sport you’ve wanted to return to or one that you’ve thought about trying, you’re bound to find someone at a GemLife resort who is right into it too.
In addition to sponsoring various fun runs and cycling events close to each of our resorts, GemLife hosts an annual inter–resort sports competition called the GemLife Games.
Explore the GemLife Difference
Downsizing doesn’t have to mean compromising on quality, luxury and lifestyle.
GemLife carefully selects each resort location to ensure our residents experience the best of over 50s living to help kick start their next chapter.
With state-of-the art amenities, facilities and homes, GemLife provides the perfect lifestyle for those looking to ‘rightsize’.
For more information, or to book a private tour of one of our resorts, reach out to our specialist team or request an info pack.
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