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Deciding where you want to live in your retirement can be daunting. No one knows what the future holds - you need to take into account various situations may arise but also realise you cannot control every possibility.
Housing needs change with time. You may be considering changes to your housing that better meet your finances, lifestyle or present or future needs, it is a big decision. Here are some questions you may want to consider before making any changes.
There’s a lot to consider so you need to be crystal clear about why you want to move. Knowing why will help you to determine what the most important considerations are when it comes to choosing your new home.
Make a list of what you absolutely must have in your new home and other features you would like. Find out more about the laws covering your housing option, financial implications and what you need to know as a consumer. Ensure you consider all costs, not just the purchase price, including any on-going fees or exit fees that may be associated with your downsizing choice. These fees can reduce the amount of money you have to secure alternative accommodation should you wish to leave, or to put towards the cost of residential aged care.
As in all areas of life, there are good deals and not so good deals. Some options will offer more than others and there may be 'small print' you should know about.
The bigger the commitment or risk or more significant the change, the more important it is for you take your time to make the right decision for you.
Consider talking to a lawyer and financial advisor before signing a major contract.
Weigh up the advantages and disadvantages. Consider discussing your plans with family or trusted friends. They may be aware of matters that may impact on your decision. For independent information on the various options you can speak with the Seniors Housing Advisory Centre staff on 1300 367 057.