Downsizing
3 minute read

Money matters: the cost of living in a Lifestyle Community

Lifestyle communities saving money downsizing retirement equity affordable homes

To downsize or not to downsize? That is the question! In fact, it’s a question that many face as they start to think about what to do as their nest empties or they enter the early stages of retirement.

People choose whether or not to downsize for a range of reasons; and let’s face it, finances can either be the biggest motivator or the biggest inhibitor when it comes to making this decision.

So, let’s take a look at the costs associated with living in a Lifestyle Community versus a traditional home

Fees and costs

Living in your current home, there’s likely a number of bills you’re paying – water usage and rates, electricity, gas, council rates, and you may or may not still be paying off your mortgage. All of these bills are entirely appropriate for any homeowner. But let’s also consider the extras: household insurance, home maintenance, repairs or renovations and garden upkeep. If you live in a large or older home, you may also be forking out extra on bills as you require more power to heat and cool your home. Your home’s appliances might also be dated and less energy efficient, resulting in higher usage and bigger bills.

Living within a Lifestyle Communities home, you’ll be downsizing to a more suitably-sized, low-maintenance home that costs less to heat, cool and maintain, so you could save thousands each year on your household bills. Your home will require less garden upkeep (plus we have onsite landscapers to take care of your front garden), lower insurance premiums because you’ll live in a gated community, no council rates, no water rates and no stamp duty! In addition, our homes come with sustainable features and energy efficient appliances to help get your bills as low as they can go! Find out more on that here.

As a Lifestyle Communities homeowner, you’ll pay a weekly fee to cover the costs of running and maintaining the community, and if you’re on the Age Pension, you may be eligible to recoup part of these costs through the Federal Government Rent assistance program. This small weekly fee covers:

  • Access to the community’s incredible facilities and Clubhouse all year round
  • Maintenance of the Clubhouse facilities and the landscaping of your front garden and common areas
  • Internet and WiFi access in the Business Centre
  • On-site Community Managers

Oh and did we mention each community has it’s own dog wash, it’s a small saving but a big win, keeping your fur baby clean all year ‘round.

Remaining in your current home means you’ll be taking an “asset rich” approach to retirement, which may no longer be sustainable or provide an income stream that is financially viable, and so freeing up equity by downsizing could be the best option for you. Which leads us to our next point…

Free up equity

Equity, equity, equity – it’s not quite as catchy as ‘money, money, money’, but it certainly is just as important when weighing up your downsizing options. As you consider which retirement lifestyle is right for you, we’re sure you’ve both thought and spoken a lot about equity. Many pre-retirees and soon-to-be retirees depend on their home equity to fund their plans for retirement – whatever they may be (hopefully lots of holidays!).

Buying a home at Lifestyle Communities can help you free up a considerable amount of equity that’s sitting in your current home. The proceeds from your existing home can then be used to pay cash for your new home, pay off debts, supplement your retirement income, boost your super, or more excitingly, make your dream holiday a reality.

Our communities offer some very affordable downsizing options, with homes typically priced at 75-80% of median house prices, meaning our homeowners save $220,000 on average.

Try our home equity calculator here.

Live a bigger life

Ultimately, it’s less of a question about what you’ll pay when you downsize to a Lifestyle Community, and more about what you’ll gain!

Not only could you free up a significant amount of equity and save on household bills, you’ll also enjoy:

  • World-class facilities on your doorstep, including an electric car, Clubhouse, heated swimming pools, cinema, bowling greens and more!
  • Peace of mind as you live in a secure, gated community
  • Living in a supportive community of like-minded people
  • Beautifully landscaped community gardens all year round

To discover more benefits of downsizing to a bigger life at Lifestyle Communities, pop in for a tour!