Retirement villages are one option to consider when thinking about downsizing. Here’s how it fits with your other choices.
Firstly, the argument against Downsizing
The Productivity Commission released a report in 2015 that showed 74% of people aged over 65 years still live in the family home and have no intention of downsizing:
Many people are happy with their current accommodation and that’s OK. Stay in the family home with all its memories and remain connected with your local networks and services.
So, if you are one of those people who are happy in your home and don’t want to downsize, fear not – you’re in the majority!
The Downsizing decision
People think about “downsizing” or “right-sizing” from their existing home for several reasons. The reasons listed below are fairly typical:
- House is too big for current and future needs
- House is not suitable for ageing-in-place (ie, multiple levels, steps, etc)
- Resident seeks to release capital from the sale of the home
- Resident no longer wants to maintain a large home
Some people are well-organised, see these issues on the horizon and make the move in their own time and at their own considered pace.
Others, unfortunately, have the move imposed upon them by family or circumstance, usually as the result of an illness, accident or death of a spouse. In these situations, the downsizing decision is rushed and often the resulting solution is not ideal for the resident.
I recommend that you revisit the downsizing decision on at least an annual basis, possibly at Christmas time, when you can discuss with trusted loved ones.
Downsizing options
You may be surprised to learn that downsizing options are pretty limited, and this dissuades many people from acting.
If you think about the average downsizer, they are looking to exit a three or four bedroom home on a medium sized block of land. Their checklist for downsizing accommodation would typically be as follows:
- Smaller, possibly new/ish
- Less maintenance
- Well-located
- Closer to family
- Single level
- Facilitates ageing-in-place
Townhouses tick most of these boxes but are usually double story, and steps are a no-no for ageing-in-place.
Apartments are likely to tick all these boxes, however many downsizers have never lived in an apartment and would not consider this a viable alternative, ruling out a significant chunk of the potential homes on offer.
This means that retirement villages and lifestyle communities are the only real downsizing options for most people. Check out this article HERE to understand if a retirement village is the right move for you.
Retirement villages and lifestyle communities
Because retirement villages and lifestyle communities are purpose-built for downsizing retirees, they tick many of the reasons listed above and then some – most sites feature resort-level community facilities (pools, gym, bowling greens, etc) and all offer the enhanced social life and activities calendar that comes with living in a community with like-minded people.
The last word
The consistent feedback from retirement village residents is that they wished they had made the decision to move much earlier. This is because their quality of life is so much better in the retirement village or lifestyle community than it was prior in the family home.
Ultimately the decision is yours – my only caution is: Don’t leave it too long!