Things to consider when searching for retirement property

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April 08 2019
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One of the things many retirees think about upon their retirement is whether to stay in their home, downsize or move to a retirement village or facility that can cater to their needs in retirement. There are several types of residences in Australia that cater mainly to retirees and the senior community, so choosing a property that suits you can be difficult.

Things to consider when searching for retirement property

However, there are various things to consider before deciding on a retirement property or community, such as:

Intended retirement lifestyle
Location
Proximity to amenities and healthcare facilities
Accessibility and transportation
Property maintenance

Here’s why retirees need to consider the factors above when searching for a retirement property.

Intended retirement lifestyle

How you want to live out your retirement years is a top consideration when selecting a retirement property. This is important because your intended lifestyle would determine if the property you are looking at can cater to the type of lifestyle you want.

For instance, if you wish to go on frequent fishing trips when you retire, it makes sense to find a property closer to the sea or a lake – depending on the type of fishing you wish to do.

The lifestyle you want should ideally already be planned even before you retire so that you will retire with a goal or purpose. You may also think about this in the early stages of your retirement. Think about what you plan to do with your spare time, but make sure to consider the other items below when scouting for your retirement property.

Location

With your intended retirement lifestyle in mind, you need to do your research and find a suitable location that balances out your retirement lifestyle and other important personal considerations, such as distance from family.

Once you find the balance, research potential areas, suburbs, communities or facilities that can cater for both your intended lifestyle and other needs. You may decide to move to a different area of the city, an adjacent city or on the other side of Australia, and your decision may hinge on a variety of personal reasons, including the climate, the type of activities you can do and your proximity to family and friends.

Tap local brokers or community/village operators who know the area and who can provide suggestions with regard to available properties that suit your needs.

Proximity to amenities and healthcare facilities

It may be more difficult for you to move around, travel longer distances or drive as you get older, so it’s important to consider the property’s proximity to the facilities and/or services you may need.

Proximity to a healthcare service facility should also be an important factor when choosing a property, especially for those who need special medical attention, to ensure quick medical response in case of emergency.

Accessibility and transportation

As previously mentioned, it may be harder to move around or drive as you age, so it’s also important for your retirement property to be accessible to both private and public transport.

This is a necessary factor to consider especially if you intend to live an active lifestyle in retirement or expect visitors who use public transport systems.

Property maintenance

You also have to consider the property’s size and age, because it can determine just how much work (and money) you may need to put into maintaining it. Perhaps you can address maintenance and property issues in the early stages of your retirement, but doing things yourself may become more difficult as you get older.

Likewise, you may have to spend more money than you intend to maintain the property instead of spending it on necessities and enjoying the activities you want to do.

It may be best to look for a low-maintenance property so that your time, money and energy are spent doing things that enable you to enjoy your golden years.

Always do due diligence

The lifespan of Australians continue to increase with each passing year, so it’s important to consider your own longevity when deciding on a retirement property.

There are also retirement properties – especially those that are in retirement villages – whose ownership can’t be transferred upon death, so take this into consideration if you intend for your children to inherit the property.

About the author

Louise is a content producer for Momentum Media’s nestegg who likes keeping up-to-date with all the ways people can work towards financial stability in 2019. She also enjoys turning complex information into easy-to-digest, practical tips to help those who want to achieve financial independence.

About the author

Louise is a content producer for Momentum Media’s nestegg who likes keeping up-to-date with all the ways people can work towards financial stability in 2019. She also enjoys turning complex information into easy-to-digest, practical tips to help those who want to achieve financial independence.

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