Finding the perfect retirement home is about more than just downsizing. It’s about securing a space that suits your lifestyle, budget, and future needs. Careful planning is key to making the right choice. From location and amenities to affordability and long-term comfort, there are several factors to consider before making this important decision.
READ: Downsize early and start enjoying your 'golden years'
Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett, says that your retirement property is one of the most significant purchases you’ll ever make, as it will shape your quality of life in your later years.
“Unlike other property investments, this home needs to cater to both your current lifestyle and your future needs, ensuring comfort, security, and accessibility as you age. A poorly chosen retirement home could lead to financial strain, unnecessary maintenance hassles, or even the need to move again, which can be both costly and stressful,” he highlights.
According to Nadia Aucamp, Broker Owner at RE/MAX All Stars, retirees often have high expectations, especially when it comes to newer estates and villages that may come at a premium price. “While they desire certain lifestyle amenities, these may not always align with their budget, which might require them to make some compromises,” she cautions.
READ: Press pause before you decide where to buy your retirement home
When selecting a retirement home, Aucamp suggests that it is crucial to consider the following factors:
Affordability: Retirees should ensure they don’t overcommit financially, particularly if they are no longer earning a regular income. Additional features are important but should only be considered if they fit within the budget.
Local amenities: Is the home close to essential services such as hospitals, shopping centres, and airports? Access to these facilities becomes even more important as one ages.
Size and maintenance: A smaller, low-maintenance home can reduce stress. Many retirees prefer homes that require minimal upkeep, so living in a complex might be more manageable than living in a free-standing home.
Guest accommodations: If you’re moving away from family, consider whether you need a guest room for visits from loved ones.
Care options: Will assisted care be necessary either now or in the near future? If so, a retirement village or old-age home might be a better fit.
“Security also remains a top priority for retirees, with many seeking homes in secure communities. Among the most popular choices are sectional title properties, as the levies cover outside maintenance, easing the burden on the homeowner. Ground-floor units with private gardens are especially desirable, making mobility easier as stairs can become more challenging with age. Additionally, pet-friendly properties are a must for those with furry companions,” says Aucamp.
Other desirable features that tend to work well for this age group include frail care facilities, tennis courts, paddle courts, and wellness programs like yoga classes are especially popular. “Shuttle services, on-site laundry, and even a hairdresser add tremendous value, making life more comfortable and convenient for retirees,” she adds.
“The process of selling a long-time family home and buying a new one can be emotionally and logistically challenging. Providing support during this transition, whether through family or professional guidance, can make the experience smoother and less stressful,” she says.
READ: Upside to downscaling? | Why micro-living continues to be popular
An article published on Property24 on May 25, 2022, features Ana Roberts of Just Property Upper Highway, who explains that another great benefit of downscaling is that small spaces require less furniture - a few great statement pieces allow for simple, minimalist décor and a beautiful, welcoming home at a fraction of the cost of furnishing a big house. And the cleaning is a breeze!
Less clutter equals less stress, and isn’t that what we are all looking for now?
Tips for cosy-home hunting:
Location, location, location - You want to remain close to your family and friends, and have ease of access to stores and other amenities such as doctors, hospitals etc. Narrow your search to areas that tick these boxes.
What are your deal breakers? Does the home offer the main assets that are important to you, for example, a good kitchen, nice family space, shower etc?
Current wants vs future needs - If you are downsizing because the children have moved out and you are getting older, consider a single story with the ease of access rather than a property with stairs that may cause a problem later.
Growing pains - Will you be able to handle the upkeep of a big garden, or is it time for something smaller that is more manageable? Will your pets cope with a smaller space; is there somewhere nearby where you could walk them?
Fit for purpose - Will your favourite furniture fit in the new space? Make a list of every piece with which you can’t part. Take measurements. Then take a tape measure with you when you start narrowing down your list of potential new homes.
Storage war - Is there enough cupboard space in the bedrooms and the kitchen? Do you need outside storage too?
Peace of mind - Check the security features of each property you visit. Find out how safe the area is and what security is available. Ask the neighbours, chat to the local police, and phone a security company that focuses on the neighbourhood.
Guest appeal - Consider how many bedrooms you will need going forward - if your kids have all moved out of home, you may only need one spare room for when they or your friends come to stay.
Paper trails - Remember to ask for compliance certificates, even those that aren't required in your province (for example, gas installations and solar geysers should come with a compliance certificate - if something goes wrong and you don't have one, your insurers may refuse to replace the geyser, or cover damage caused by a gas issue).
Complex questions - If you are moving into a complex or an apartment, be aware that there may be the added expense of levies, clubhouse fees and/or security. Ask about historical escalation rates and request a copy of the body corporate rules (if applicable.)
Ask your neighbours if there are any noise issues, does sound travel through the walls and ceiling? How old is the plumbing, the lifts etc - upgrading such items is very expensive and you’ll have to contribute. What parking is available for guests?
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