Your home

The home in which you raised a family may not be ideal as you get older. However, that doesn’t mean you have to move.

As you weigh up your options you may like to examine the following:

• Is your home close to transport and shops?
• Can you walk easily to local amenities? (That hill you steam up now may look a little tougher when you’re 90!)
• Can you manage the size of your house? (Cleaning and maintaining a large home and garden takes time, effort and energy)
• Is your home double storey? If your bedroom is upstairs will this be an issue as you get older?
• Do you need to consider modifications now or in the future? See our tips for home renovating
• Do you need to sell and downsize for financial reasons?
• Are family members still close by? You may prefer to be closer to your children and grandchildren.

In the end this is a very personal decision. But you can find more information to help you make it at the FaHCSIA seniors page with a specific section called Accommodation Choices for Older Australians: Keeping your family home and independence.

You may also want to visit Aged Care Australia for tips on home modifications and maintenance.

Buying a retirement apartment or villa isn’t so much buying real estate as buying a new lifestyle.

Think about your needs, especially your health and other special needs when deciding on your village and it’s location.

• Is the village registered with the Retirement Village Association?
• Is there care available if needed?
• What facilities are available? If you’re going to pay for them, will you use them?
• If you don’t drive, is there a bus service?
• Plan ahead, because you won’t always have your license
• You’ll be paying for the replacement of facilities, so make a note of what looks tattered or worn
• Are the doorways and entrances wide enough for wheelchairs?
• Are there stairs? Will they be a problem?
• Are there 24-hour call buttons with access to emergency staff? Is there a charge when you use them?
• Are the footpaths even? Small obstacles can become big if you find walking a problem. Can they fit two people side-by-side?
• If the village isn’t completed, check that there’s a promised finish date. Ask what recourse you have if this timeframe isn’t met
• Find out if the village has a disputes committee for arbitrating between residents and the management and between individual residents
• Check the quality of the food
• Will you still require insurance for any personal contents you take with you, or does the retirement village cover this?

For more information on your options the Federal Government produces a helpful booklet called Accommodation Choices for Older Australians and Their Families. You can obtain a copy from Centrelink or by calling 1800 050 009.

• It's Your Life is an independent website offering information about retirement villages to prospective residents and their families.

If you’re on a pension it’s possible you may find it difficult to manage your rent. There is help available.

Public and community housing - the government and community groups offer limited access to cheaper housing. There’s an assets test and usually a waiting list. Contact the Department of Families, Housing, Community Services and Indigenous Affairs via FaHCSIA.

Rent assistance - contact Centrelink retirement services on 13 23 00 to see if you qualify.

Decisions about what to do with the family home can be emotional, but the more help you have to sort through the financial implications then the easier they can become.

• An ANZ Financial Planner could help you determine if selling your home is the right strategy by looking at the likely impact any additional lump sum may make to your retirement income. This can help you weigh up the benefits. Your initial discussion is complimentary and without obligation. 
• Make an appointment with a Financial Planner.
• ANZ Home Loans : If property investing is part of your retirement strategy then we could help you find the right solution. And remember, ANZ is Australia’s most awarded home lender^*. 
• Contact us today.
• An A-Z Review^® with an ANZ Retirement Banking Specialist: Our Retirement Banking Specialists can help you look at your options with an A-Z Review^®, including an indication of what you could be able to borrow if you are thinking about buying an investment property in retirement after selling your home. 
• Request an A-Z Review^®