Why Strata Living Can Be Ideal for Retirement
Retirement should be a time for relaxation and enjoyment but, quite often, the ongoing effort of maintaining the spaces we used to need outweighs the joy we get out of them. This doesn’t need to be the case.
Raising a family takes up a surprising amount of space. Young families need room to move, to kick and yell and run around without hitting anything important (or anyone). And, although it can be nice to hold onto that extra room as kids grow older and after they leave home, that kind of household can take a lot of work to maintain. And money.
Gutters don’t clean themselves. Lawns need to be mowed. A house can cost a huge amount of money to run, and if your family doesn’t need it any more, why should you bother keeping it up by yourself?
Living in a strata scheme is a great way of retaining the benefits and independence of owning your own home without having to take sole responsibility for upkeep and repairs. And, particularly for empty nesters, it can offer the kind of ‘lock up and leave’ lifestyle they’ve been looking forward to in retirement. (Plus, someone else is there to put out the bins!)
Many people living in freehold assume that living in a strata scheme means giving up a lot of the amenities they currently have. In fact, this could not be further from the truth.
Owners corporations collect levies from owners to cover the costs of maintaining common property held in the strata scheme, which can be anything from one hallway and a lift to full gardens and swimming pools. A huge number of different schemes providing different facilities and amenities for owners exist in Sydney for all needs and tastes, but each owner in a scheme is only responsible for paying a fixed percentage of those costs.
As a result, many people moving into strata developments will gain access to gymnasiums and other facilities they might never have been able to afford in their old homes. At the other end of the spectrum, however, less elaborate schemes are available for those seeking a more streamlined approach.
Even better, a dedicated manager is responsible for collecting levies, making arrangements for works and maintenance to be performed, and taking care of all necessary paperwork required under relevant legislation. Put a different way, anything happening inside the development but outside your apartment or townhouse is someone else’s problem to sort out, and doesn’t require your ongoing involvement or attention.
Lastly, moving into a smaller footprint from the family home can open up a lot of cash previously bound up in the house to fund holidays, nights out and other aspects of your new retirement lifestyle.
Moving into a strata development is a great way to unlock capital, reduce the costs and stresses of maintaining your home and open the door to a whole new lifestyle in retirement. Contact the team at Jamesons today to find out why strata living is the right choice for you.