Downsizing means different things to different people. Do any of these downsizing dreams fit your bucket list?
The idea of downsizing has evolved. These days it’s not about moving to an institutional setting. Rather it’s more about ticking off a wish list of lifestyle goals.
When downsizing.com.au asked over 600 empty-nesters about the goals that best describe their dream downsizing lifestyle, the results were surprising.
Sun, sea, sand remain key drivers
As Graph1 above shows, the appeal of beachside living remains a powerful force among downsizers. In fact almost two in five would-be downsizers nominate a beachside lifestyle as their ideal.
This is backed by some of the comments our respondents offered about what they are looking for, which ran along the lines of “relaxed beach side living” or “nature, trees, water views”.
Urban conveniences matter
But for all that downsizers love the idea of being close to the water, they are also eager to enjoy the conveniences of modern living.
And let’s face it, there is a wealth of downsizing destinations that combine beachside living with urban convenience.
The days when retiring to a coastal enclave isolated from major townships have lost their appeal for many people now. Downsizers can have their cake and eat it too – enjoying proximity to the water plus all mod cons. The same applies to those who see their ideal downsizing lifestyle involving a tree change. Ever popular with some, but the new trend is very much towards urban downsizing, with city beachside living ticking all the boxes for urban hipsters.
Grey nomads – but for how long?
While fewer than one in ten downsizers aspire to be grey nomads, for those that do, this important step needs to be weighed up.
It’s not uncommon for empty nesters to sell their home to invest in the latest state-of-the-art recreational vehicle, camper or caravan. It’s an asset that, like cars, can quickly fall in value, potentially leaving downsizers facing a cash-poor, asset-poor conundrum once they have had their fill of life on the road.
A more financially secure strategy can be to invest in a downsized property before you hit the open road. Rent it out and enjoy the cash returns while you are travelling, and relish the confidence of knowing you have your dream home to return to when you have ticked off your travel bucket list. Or there are many villages designed precisely to suit this market, with caravan or RV parking on site - and some even have purpose built extra large garages! So you'll definitely have compatible neighbours and can enjoy sharing stories of your travels.
*Graph 1 above: Which best describes your dream downsizing lifestyle?
Source: Seniors Housing Online / Downsizing.com.au study