What to do when downsizing is not an option for you?
Your kids have moved out of home and you are enjoying your retirement living. The home that used to be full of life, activities, mess and noise feels empty and sterile now. You used to long for that peace and quiet in your home, but now that you have it, it is not what you thought it would be. How to prepare your home for retirement living? What to do when downsizing is not an option for you?
This is one dilemma that many retired homeowners are facing. It is a hard decision and can be an emotional one as well.
The longer you put off making plans for your future living, the harder and fewer options it will be for most homeowners.
Early planning is the key. Just like you plan for your retirement with your work and finance, it is also wise to plan and prepare your home for retirement living.
Two major considerations of whether to stay in the family home or downsize are the financial situation and future lifestyle.
This article gives a broad overview of the pros and cons of downsizing https://moneysmart.gov.au/retirement-income/downsizing-in-retirement
In this current housing market, where you have held on to your home for more than 10-15 years, you would have doubled or almost doubled the value of your home compared to the purchase value.
However, the tricky part is when you buy your downsize home in the same market, you might also pay a similar price to the sale of your bigger family home, depending on the area where you move to. This leaves retired homeowners with the option to stay in the family home instead of downsizing.
So… what to do when downsizing is not an option for you?
I would say, don’t lose hope! It is still possible to live well in your retirement years. Renovating your existing home to suit your future living is the way to go when downsizing is not an option for you.
According to research, the elderly have a better quality of life by aging in the comfort of their home than at aged care facilities. Statistics also show that most elderly will prefer to stay at their own home, in an area and environment that is familiar to them; close to their family and friends.
The government also acknowledges the need and desire of retiree homeowners who choose to age in their homes. There is supports for Home and Community Care (HACC) Program. https://www.seniorsonline.vic.gov.au/services-information/help-home
The new Building Code, NCC 2022, has new Livable Housing Design provisions to meet the need of older Australians and those with disabilities.
https://www.google.com/url?client=internal-element-cse&cx=017195460522106321556:mrhtskr0kk1&q=https://www.abcb.gov.au/news/2022/new-livable-housing-design-requirements&sa=U&ved=2ahUKEwiojcivkan-AhXZumMGHZ_jDBoQFnoECAEQAg&usg=AOvVaw20b0gTzyHFiYRptY9vhVgT
When this comes into effect this year in 2023, all new homes will be required to meet this standard, which is a good move towards better future home design.
What can you do to your existing family home if downsizing is not an option for you?
1. Take stock of your current home environment
Observe where you spend most of your time at home. Which rooms are your favourite rooms? Which rooms are your most utilised or well-used rooms but need improvement?
2. Make a have-to-list and wish list
Make a have-to-list and wish list of rooms or areas of your home that you would like to renovate. Keep in mind that your have-to-list are rooms that you will need to use or the most utilised rooms, rooms where you will spend a lot of your time in.
3. Set your budget
Discuss and check your financial position with your accountants, banks, and financial planners/advisors to determine the budget or how much you can spend on your renovation project.
When you have done the above, you’ll be ready to look into your home renovation project. Make sure you find a registered architect or designer who understands your needs for future home design living.
We at Studio M514 specialise in future home design living using our proprietary method, SMALL. Book our Free Clarity Call to discuss your project.
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