Downsizing in Retirement – Options Overview
There are various options available to Retirees wanting to downsize. Let’s start with those who want to downsize because their house and/or property is just too big for them in planned retirement.
One option is to prepare it for sale whilst finding a smaller home to purchase and move into. This is the specific area that Paul Simpson specialises in. He will talk to you about what you had in mind for your new home – the area, surrounds, community, facilities close by and so much more.
Everything Paul does is with the aim of making the transition as smooth and painless for you as possible. Let’s face it, moving to a new home is a big deal and can be a daunting task on several levels.
There are those who need to downsize for the very same reason as above, however they love where they live now and have a great community of friends around them. Everything they need is close by. There are several options available today to cater for those of you who are in this boat.
The first consideration is quite simply to find a smaller home very close by. Paul will work very hard to find that home and to get the best price for yours and he will succeed; it just might take that little bit longer to find the right one that suits within close proximity of where you are now.
The second consideration is to stay right where you are and have your large house & yard re-modelled to be 2 self-contained homes so that you don’t have to move at all and you are creating an affordable space for someone else to rent from you.
This gives you 2 things, 1. the ability to live in your smaller manageable home without having to move elsewhere and 2. passive income from the new rental you have created.
Some retirees looking to downsize find that they need extra help with managing day-to-day tasks due to health or restrictions and they have good friends, family or carers who are happy to be close and supportive. There are several options available to accommodate this.
In cases where there is a good sized back yard the first option is to build a self-contained granny flat that you can move into and have the family move into the larger house. This is a more traditional solution.
The other 2 options involve re-modelling the existing house to create either 2 completely self-contained smaller homes or creating 2 living spaces (i.e. bedrooms, bathrooms, kitchens) with common areas (i.e. Dining, Lounge, Rumpus, Study).
The last option can create larger separate living spaces because the common areas are shared.
There is always a great solution for you no matter what your preference or budgetary requirements. Paul is happy to catch up over a cuppa so that you can talk about what is possible for you.
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