While there will always be Australians who opt to remain in their own home after their children have ‘left the nest’, many are finding the time and effort they spend on gardening and maintenance could be put to much more enjoyable use. This is driving a new wave of over 50s ‘life-sizers’, many still working full or part time, who are choosing to downsize their responsibilities to upsize their lifestyle.
As house prices continue to rise, many asset-rich but cash-poor homeowners could be missing out on a big opportunity to unlock their existing home equity and start living the life they’d really like a lot earlier.
Selling a house that has grown dramatically in value over the years to buy a new home for less can be a huge benefit for downsizers who can use the additional capital to invest or supplement their income to enjoy a more independent, lock-up-and-go lifestyle.
So, what are the options available to downsizers? A lot of people begin by looking into apartment or townhouse complex living because of less maintenance. But they may be put off by having to pay stamp duty again on their new purchase or by being in a complex with a revolving door of renters. Some people like the anonymity of it, but many others miss a sense of community and the opportunity to socialise with like-minded people.
This is where the benefits of over-50s’ luxury resort living can be well worth considering. Because over-50s resorts are land lease communities, no transfer or stamp duty is payable on your purchase, so that’s an instant saving of $14,067*. The ongoing site fees are very similar to a townhouse complex’s ongoing body corporate/strata fees, however, in a resort you benefit from so much more than just garden maintenance.
Resort living offers a choice of sought-after coastal or country locations, stunning new architecturally designed freestanding homes and truly inspiring resort-style facilities along with the friendship of a vibrant like-minded community. Think of it this way. You would never consider buying into a townhouse complex before visiting it in person to make up your mind. Now ask yourself what’s stopping you from exploring resort living?
Make an appointment with our friendly sales teams at one of our coastal or country locations to explore resort living for yourself. For more information call 1800 317 393 or visit www.gemlife.com.au
*Based on a townhouse purchase price of $589,000.