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Comparison of Retirement Living Options

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Retirement living choice is one of the major decisions we make in life, and it is best to make a big decision once we have all the facts, just like any other big decision we would’ve made in earlier years of life.

We’ve compiled a list of Australia’s most popular retirement living options to make your research a bit easier.

 

  1. Living in the family home

Remaining in your family home means that you will remain in your local area, stay close to the social networks you have cultivated over a long period of time.

It fits those who like their freedom, surroundings, and their daily routines. Since loneliness and isolation are more common among older adults living in their own homes, it is probably more suitable for those with strong social networks, regular activities and familial ties.

 

Taking into Account

Repairs and upkeep: It’s important to consider how you’ll feel in the future about having to handle your own home repairs and garden care. You will still need to do these tasks yourself or hire tradies to get them done for you.

Many Australians have been in their houses for more than 20 years when they retire; if this is you, you should be aware that keeping an older property may get more expensive.

Accessibility: In the event that your mobility is limited, how well will you be able to move around your home? It’s important to have an open mind when it comes to making changes to your house so that it can remain a secure haven for you as you become older.

Care and support: As you age, you could discover that you need assistance with everyday duties and, eventually, that you require a certain degree of care.

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  1. Moving into a townhouse or apartment

One of the many benefits of downsizing in retirement is that you will have less space to maintain and more time to spend doing the things you love.

Moving into an apartment or townhouse gives you seclusion in balconies, courtyards, and maybe even a small garden, but they also often have smaller backyards and need less maintenance than a house.

 

Taking into Account

Modifications to the home: In order to prepare for the future, think about making a few little changes before moving in. For instance, adding handrails in strategic places and ensuring that corridors are wide enough to accommodate a wheelchair user or someone using a cane.

Because stairs are often included in townhouse designs to optimise available space, it’s important to consider how long you’ll be comfortable climbing and descending steps.

Possession: Certain townhouses and apartments may have distinct titles, therefore it’s important that you know what is meant by “strata title.”

This title serves as a share of common property and a certificate of title for a lot. Investing in legal counsel to help you go over the “strata scheme” and make sure you own what you believe you will is well worth it.

Reducing: Less room means having to face the challenge of determining what to do with everything you’ve spent years gathering. Going through a lifetime’s worth of belongings and memories may be a daunting task all at once.

 

  1. Retirement communities

In Australia, retirement villages are one of the most popular and most recognised retirement living arrangements. The feeling of community that these retirement communities foster is one of its main characteristics, as members bond and establish social connections.

Retirement communities are particularly well-liked by individuals and couples over 55 who want more security and assistance while maintaining their independence.  The village staff will take care of all gardening requirements and daily property maintenance, so you may do more things that you enjoy and have an active social life.

Retirement communities are made to be safe and secure places to live as we age. Usually each house is equipped with a 24-hour emergency call button, there should be no or very few stairs in the home (or the village), larger hallways and doors, and bathrooms that can accommodate mobility equipment.

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A variety of retirement villages are available in Sydney, each with a unique selection of housing options, including houses, townhouses, villas, and flats.

Like resorts, retirement communities provide a variety of lifestyle amenities. Tennis courts, lawn bowls, heated indoor pools, and movie rooms are just a few of the amenities available. In addition to a variety of recreational and fitness activities, many also provide transportation, cleaning, and laundry services.

Small dogs are accepted in many villages, and locals like hosting family and friends for visits.

With so many options, it’s important to familiarise yourself with what each community has to offer. Make sure you visit many of them prior to deciding.

Care and support: As you age, it’s critical to think about how your care requirements will be met. A number of retirement communities provide on-site care, and some are connected to an assisted living facility.

Even while you may not need care right now, you could in the future, and the kind of assistance and care offered in your retirement community will decide whether you can stay in your house or whether you have to move into an aged care facility.

 

  1. Aged care

One of the hardest choices someone may make is whether to move into an aged care for themselves or a loved one. If you have to make this decision, weigh the benefits and drawbacks of nursing homes as follows:

For those who need full-time care, aged care facilities or nursing homes could be a viable choice. For older Australians who are unable to live freely in their own homes, the majority of aged care facilities provide clinically based care.

 

Taking into account

Care quality: Medicare provides access to evaluation reports that are provided by nursing facilities. Make sure you or your loved one will be residing in a secure place that provides high-quality care by doing your research and reading the reports on the homes you are considering.

Closeness to a spouse or family: If there isn’t a nursing home close to your house, you may have to drive a great distance to see your loved one. Additionally, couples do not get to share an apartment or room at an elderly care home, unlike other retirement living choices.

Each individual has a different scenario, and you will know what is best for you. The key is to consider your preferences and create a strategy that works for you and includes the things that are important to you. Discussing your plan with family members and friends could help you make an informed decision as well.

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