Why Australian Over 50s Are Downsizing
Downsizing. It can be tremendously emotional for some, and for others, it’s the light at the end of the tunnel. Many Australians over the age of 50 are actively considering downsizing, and whilst their reasons vary, there are some key benefits that drive their decision-making process.
Low Maintenance Living
After years of living in a big property with a garden and pool, the chance to declutter and move into a brand new smaller, architecturally designed and low maintenance home is very appealing. This can also mean lower bills to pay, and more cash flow to spend on things like holidays with family, or packing up the caravan and heading on an Aussie road trip for a few months.
Tallowood Medowie homes will be delivered ready to move into and feature generous living spaces, timber floors, solar panels and a choice of garage size. This means residents enjoy a comfortable new home and spend time doing all the things that they love, rather than scooping leaves out of the pool every day!
One of the biggest reasons people decide to downsize is to achieve a more positive and relaxed lifestyle. This includes the decision by many over 50s in Australia to move to small regional towns as a way to escape their busy city environment and for the less expensive cost of living and property prices.
In addition, the opportunity to live in a secure, vibrant community with people of a similar age and common interests motivates a desire to live in a development such as Tallowood Medowie with its state of the art clubhouse, calendar of regular activities, close proximity to local shops and restaurants plus abundant walkways to stretch the legs.
The Clubhouse at Tallowood will be the social hub for the community including a 20 metre indoor pool plus outdoor pool, wellness centre, gym and cafe. Having these wonderful facilities available for all residents is a fantastic way to continue enjoying an active, social lifestyle.
Increase Retirement Funds
Selling a large property with the strategy to downsize means there should be profit leftover to invest in superannuation or retirement funds. It also means mortgage payments become a thing of the past. With that plan in mind, it is recommended to seek advice from a financial professional with regards to any potential repercussions to the age pension following an asset test and beneficial ways to invest in superannuation funds. It’s also a good idea to check with a financial specialist about available tax incentives for part or full-time working seniors as many Australians are continuing to work later in life.
One of the financial pros for purchasing a land lease property at a development such as Tallowood Medowie is that the buyer doesn’t pay stamp duty or council rates, deferred or management fees, and entry and exit fees. This certainly helps save money that can be utilised for retirement, golf club membership or a holiday to Queensland.
For further details about downsizing and buying a land lease property at a development such as Tallowood Medowie, download our brochure here or contact us below to make an appointment to chat with one of our consultants.