Top tips for downsizing in the city.

Retirement is not as clear cut as it used to be - many people are working longer and that dream of a retirement by the beach may be more difficult to achieve, and less attractive for some.

Downsizing but staying in the city, close to family, friends and familiar services is a more practical option for many. Selling the family home can free up cash or finally get rid of the mortgage, and enable people to move to a new, lower maintenance property in an area they know and like but keep their options open. 

Being close to the city can mean more work opportunities if people want to work for longer.  And for downshifters, you might choose a location offering the sort of activities you would like to spend more time doing.

There are lots of great new retirement properties being built in established urban areas or on the city fringes with lifestyle benefits, such as close to golf courses or beaches.  Any many retirement properties offer a lifestyle and quality of life at a lower price than surrounding real estate.  Yes this may be because the type of legal title or occupancy rights are structured differently, but so long as you go in with your eyes open and you are fully informed of all the financial implications, retirement properties can offer value buying in attractive areas.

For example, in Sydney there has been a lot of recent interest in retiring to the northern beaches. A number of retirement properties in the area are well priced - so people can still enjoy a great beachside lifestyle with the advantage of proximity to the city.

And there's no reason why you can't keep working either full or part time if your new home is within commuting distance, even if it is a retirement village or another type of over 55 housing.

And for some, retirement is about doing all those things you enjoy in the city but just haven't had time to do while still working. If you like playing golf or bowls, there are many city based retirement properties with nearby sporting and social activities and entertainment facilities.

A big issue is thinking ahead - no one want to think about getting sick or frail, or losing a loved one.  But the reality is that sooner or later you will need to face some of these problems.

Even if you are fit and well now, buying a house or apartment is a big investment and you need to think ahead and ask yourself some questions such as:

• Are there lots of stairs?
• Is home and garden maintenance taken care of?
• How much are the weekly/ monthly costs?
• Will I use the onsite facilities?
• Is there reasonable access to public transport if I can't drive?
• Are there nearby activities and services I want to access?
• Are there good medical services nearby?
• How far are the shops?
• What is this community like?  
• Will I like my new neighbours?
• Can I keep a pet?

More on the www.SeniorsHousingOnline.com.au News page.