Property-related questions for retirees

Reaching retirement can be an exciting time, but it's also one that involves some serious financial readjustment. After all, you won't have the same level of income to rely on, meaning you will need to be more careful with your monthly spending.

It's therefore possible you may need to reassess the property you're currently living in to decide whether it will continue to meet your requirements in the future. Making changes now could help you to avoid financial hardship in the future, as well as ensure you're mentally prepared for the considerable shift in lifestyle you're likely to face.

Here are just some of the property-related questions you might want to ask yourself before too long.

Do I need to move into a more affordable property?

Downsizing is a process many retirees go through, often so they can benefit from the equity stored in their home. A newer home could also prove more affordable to run in terms of energy costs and other everyday expenses, making this a financially sound decision for retirement.

There are so many different types of Surfers Paradise property available that there is sure to be one that meets your needs. Remember that smaller doesn't always mean cheaper – it will all depend on the location of your chosen piece of real estate.

How much has my property's value changed since I bought it?

Dwelling prices in major cities have generally followed an upward trend, so if you have invested in property in Surfers Paradise, it's likely yours will have done the same. This will depend on the location of the real estate and its general state of repair.

If you are thinking about making a move in retirement, make sure you have your home independently valued. This will give you a better idea of what it's worth, enabling you to start making preparations for any retirement plans you may have.

How manageable is my existing home?

Retirement is also a good time to take a step back and see how manageable your current property really is. If there are a lot of maintenance tasks that need carrying out, or you have an especially large garden that needs attention, for example, then ask yourself how motivated you're going to be for maintaining them later in life.

It's likewise a good idea to take a closer look at the layout. Will you be able to move around as you get older? Steep staircases and tricky doorways may be easy to navigate now, but think what your situation might be like further down the line.

Is it worth moving to a retirement village?

Australia has its fair share of retirement villages, which are attractive to some people when they finish work. Many come with specific facilities designed to make your life easier, meaning you can enjoy your retirement without having to worry about maintenance and other day-to-day tasks.

Whether you are buying or renting in a retirement village, make sure you read the fine print in your contract. This way, you will know exactly what you can expect from your new home.

Should I diversify my retirement investments?

Property can provide a decent source of income in retirement, which is why many people choose to buy Main Beach real estate as a means of supplementing their superannuation. Renting out a home in a particularly lucrative area could provide good returns, and it's worth speaking to an agent for advice on the most popular locations.

There is always the option to sell your investment property at a later date if you need access to the funds. However, any decision should be thoroughly thought out and discussed with a financial advisor.