The realities of owning and maintaining the great Australian dream of a beautiful large home become more of a nightmare as you get older.
A new breed of property buyer is emerging, as the population ages at an unprecedented rate, called the Downsizer.
The Downsizer is forgoing the large house on a large block. They’ve raised their family, and now their nest is empty, or they’ve simply realised they don’t need all that space anymore.
Downsizers appreciate the perks of owning something small and simple. So they trade in the detached, multi-bedroom house for something far more modest, whether a unit, apartment or semi-detached home.
But more than the other options, purchasing an off-the-plan apartment brings a wealth of benefits that are particularly pertinent to those looking to downsize. Let’s take a look at five of the most compelling reasons for downsizers to buy apartments off the plan, especially in developments targeted towards the over 55s, a welcome alternative to higher-density retirement villages.
A long settlement period
Off the plan, multi-residential apartment purchases can have 24 months or more settlement periods, particularly if you purchase the property upon the first release to the market (which is also usually the point at which you’ll get the best deals). As a result, you can secure your new apartment with nothing more than a holding deposit, then enjoy the luxury of having a wealth of time to sell your existing home. This is the perfect situation for downsizers, who don’t need the time pressures of other property purchases. With such a long period to play with, your transition to a downsized home will be perfectly smooth and comfortable.
A home of your own
Many downsizers will want to live in a home that reflects themselves, a space with distinctly personal touches. However, some may not realise most off-the-plan apartments offer a surprising number of opportunities for customisation. Whether in finishes, appliances, or the range of different apartment layouts provided in a single development, there are endless ways that a buyer can add their flavour to the home. In the current market, developers are more open to requests for customisation than ever before, so downsizers can forgo the inconvenience of building while still crafting a space that feels like home.
An off-the-plan apartment in a new development is one of the most secure properties that you can buy. In multi-residential apartments, security often includes a security guard at the development’s gate, a locked and alarmed main entrance, a security-enabled elevator, and a dead-locked apartment door.
Buying an off-the-plan apartment, on the other hand, sees brand new plumbing, electrics, fittings and fixtures installed. If you buy from a reputable developer, these installations will be of the highest quality, meaning all but zero maintenance for years to come. The strata, meanwhile, will take care of any building and gardening issues. The only thing you’ll need to worry about is the cleaning of your far smaller living space!
A more comfortable financial situation
Data from the latest census revealed that while one-third of older Australians in low-income households were asset rich, with an average of $600,000 tied up in property, they were income poor, commonly having less than $5000 in cash and liquid assets to their name.
For all the reasons above, downsizing to an off-the-plan apartment is perhaps the most effective way to convert your non-liquid assets into cash.
While the Australian dream may once have been an endless patch of grass and a bedroom for each kid, downsizers understand that dreams change with circumstances. At a certain point, there’s nothing better than living in a beautiful, brand new, downsized apartment.
And the best way to downsize is to buy off the plan. The retirement age is for living the best life, and a downsize can mean an upgrade!