Practical Housing Options for Seniors

 

You are the ‘heart’ of your home

 

In Australia, the majority of seniors own their own homes and, for many, this home is most definitely where your heart has been – perhaps even for decades.

 

However, remember that it is you who makes your home a ‘home’. As seniors plan and prepare for the future, you need to be ready to consider a change in how and where you live.

 

The population of seniors in Australia is growing. Estimates have been made that, by 2016, more than 25% of Sydney’s population, and about 31% of people in the rest of New South Wales, will be aged 55 years and over. Therefore, more and more people, like you, should be looking at how their current housing situation might fit their future needs.

 

Doing this now, before a crisis makes a change or move necessary, will take much of the heartache and stress out of your final decision.

 

Use a critical eye to evaluate your options, based on several factors, including:

  • Your (and your partner’s) physical and mental health needs;
  • Mobility issues;
  • Availability of transportation;
  • Proximity to friends and family;
  • Socialisation opportunities;
  • Proximity to health care and other services;
  • Maintenance of the house and yard; and
  • Need for in-home care;

 

In addition, do not forget to consider how happy you are with your current situation, and whether or not you’re current home will serve your future needs. Will you be able to stay where you are, and still meet your goals regarding the people you are yet to meet, and the places you dream about visiting in the future? 

 

And, finally, consider your finances. Seriously look to your financial situation no matter what alternative you are considering, including if you can continue to finance your current lifestyle, without additional assistance.

 

Knowing your rights in every possible housing situation will empower you to make the best decision for your long term retirement plan, taking into account what your needs are now and what your needs might be as you age.

 

We have summarised information on the most practical real estate and housing options available for seniors in retirement. 

 

We can’t stress enough the importance of seeking professional financial advice on the tax and social security implications regarding your choices before you act, to avoid costly mistakes.

 

Take the time to start now because this is a huge decision. Let’s take a look at some of your options.

 

 

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