Thinking about downsizing? Townhouse versus over-50s resort-style living - The Community Leader and Real Estate New and Views
Real Estate

Contributed by GemLife

While there will always be Australians who opt to remain in their own home after their children have left the nest, many are finding the time and effort they spend on gardening and maintenance could be put to much more enjoyable use. This is driving a new wave of over-50s ‘life-sizers’, many still working full or part-time, who are choosing to downsize their responsibilities to upsize their lifestyle.

As house prices continue to rise, a lot of asset-rich but cash-poor homeowners could be missing out on a big opportunity to unlock their existing home equity and start living the life they’d really like a lot earlier.

Adrian Puljich, Director and CEO of GemLife, a developer of over-50s lifestyle resorts with three estates on the Sunshine Coast, said selling a house that had grown dramatically in value over the years to buy a new home for less can be a huge benefit for downsizers.

“Homeowners can use the additional capital to invest or supplement their income to enjoy a more independent, lock-up-and-go lifestyle,” he said.

“A lot of people begin by looking into apartments or townhouse living but they may be put off by having to pay stamp duty again on their new purchase, being in a complex with a revolving door of renters, or they miss a sense of community. This is where the benefits of over-50s’ resort living can be well worth considering.”

Because over-50s resorts are ‘land lease communities’, no transfer or stamp duty is payable, which results in an instant saving of $14,067*. Ongoing site fees are similar to a townhouse complex’s ongoing body corporate/strata fees, however, in a resort you benefit from so much more than just garden maintenance.

“Resort living offers a choice of sought-after coastal or country locations, stunning new architecturally-designed freestanding homes and truly inspiring resort-style facilities along with the friendship of a vibrant like-minded community,” said Mr Puljich.

“Think of it this way: you would never consider buying into a townhouse complex before visiting it in person to make up your mind. Now ask yourself what’s stopping you from exploring resort living? First-time visitors are nearly always blown-away.”

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*Based on a townhouse purchase price of $589,000.