We are planning our full time retirement and want to purchase our "home base". Would love to hear the pro and cons of living in a retirement village or buying a house in town.
This will be our last major purchase so we want to do our home work thoroughly and hopefully "get it right".
We will keep our van (maybe downsize at some stage) and do short trips around and about Australia.
You thoughts and experiences please.
Helena said
09:01 PM Jul 15, 2011
Very much a person al choice this one we opted for a retirement village only because we felt comfortable having a home base and there was no problem when we wanted to go away just lock up and leave it but as I say very much a personal choice what suits one person doesn't always suit another. Just a tip if you opt for a retirement village before you sign any contract I would suggest a safety precaution get a solicitor to go through it with you first. just a thought we did and it paid off. Helena.
Cruising Granny said
09:11 PM Jul 15, 2011
No real estate or furniture for me. The van is full time home. All that aside, your needs and lifestyle could change considerably after you've travelled. Stash the cash in a safe place for the pending real estate, then go for your drive. Enjoy the experience and see what happens and how you feel when / if you decide to stop. If you had real estate and furniture, then set off on your travels, what will you do with this property while you're away? Rent it? Leave it empty? Store the furniture? Rent the house furnished? All very risky options. Who'd manage it? Retirement village units seem to be very popular, but you don't really own the dirt, just the building. You could do something similar in a caravan park village style unit. You have to consider your age and needs now compared to your age and needs when / if you stop nomadding. You may find a place on your travels where you'd like to spend the rest of your days, not where you are now.
villatranquilla said
09:40 PM Jul 15, 2011
Cruising Granny wrote:
Retirement village units seem to be very popular, but you don't really own the dirt, just the building.
We have just been through this exercise and just sold our home
We didn't want to be paying service fees in a retirement village - especially when not there and am concerned about not 'owning the land' so have bought a strata unit in the town we want to retire to - let it for 2 years while we travel will then review our situation. Never having lived in it we have no emotional attachment to it. Sold off excess furniture, bought a container and storing it on sons in-laws farm. We were worried that if we did not buy now the value of our $ may prohibit us from entering the realestate market in a few years. We may choose to re-let the unit again and continue travelling or make it our base and lock up and travel for shorter periods
Mack said
09:53 PM Jul 15, 2011
what is your van like that you are down sizing?
Peter_n_Margaret said
05:54 AM Jul 16, 2011
Retirement is the time for long trips not short ones. Then there is a requirement to have your home occupied for insurance purposes. Consider something that is easily rented so that you have an aditional income while doing what you want to do.
Retirement is also the time for being able to change your mind and do things at the spur of the moment, things that you could never do before. A time for freedom like you have never experienced before. Best time of your life. Don't constrain that.
Cheers, Peter
Freddos future said
11:58 AM Jul 16, 2011
Hi Mack,
Won't be downsizing for awhile yet.
Its a 23 foot Vanguard, custom built to our requirements, has all the bells n whistles.
Cheers
gordon_adl said
12:27 PM Jul 16, 2011
Whilst I'm still years away from retirement, it does play a big factor in my thinking lately. One minute I think I want to be semi retired, another minute I then a minute later I think we should put it off. And then the cost of funding it...I just can't seem to find any reliable information as to how much we'll need.
Currently my plan is to retire at 55. Do all the hard traveling basically right away whilst we still (hopefully) have our health. As we want to do some serious bush camping we'll probably do all that in the next few years. Then upon retirement search for the right rig and do the big lap that that way. I consider myself very lucky in that the community where I live does tend to look out for the elderly. Ie free buses to the shops and things like that. We don't have a very big house anyway so I'm thinking we'll stay in this one.
I wonder if one can over think retirement plans and or start planning too early.
Mack said
01:30 PM Jul 16, 2011
HI Freddo, Thanks for that, I am on the look out in a couple of years but only want a 20ft. All the best with your next chapter. Cheers
Zoomtopz said
04:49 PM Jul 16, 2011
I used to think about things & ended up with analasys paralasys .
I retired at 45 & started doing things , going places etc etc .
I may not be here tomorrow to do anything - I would rather look back
in 20yrs time & think about ALL the things I DID .
Rather than all the things I shoulda done
Richo.
Cruising Granny said
06:42 PM Jul 16, 2011
You got the right idea Zoomy. My health forced me to retire, but since surgery I've come out of retirement to top up the diesel fund with a job. There is no rule about what it will cost when you retire. No one can really tell you how much you'll need. It depends on what you already own outright, vehicles still have to be registered, maintained and insured. You may still want private medical benefits, other insurances, rates and taxes paid on property, daily living expenses, and these are just the basics. If you've been earning $100,000 a year, your lifestyle would be more indulgent than if you've been earning $50,000. You may need to top up your super or carefully do the self-funded retiree thing. You'll have to make adjustments. Or you could semi-retire and work as you travel. It wouldn't have to be the pressurised work life you may be doing now. It may be just simple, humble little useful jobs which pay a basic wage to at least cover fuel and daily living expenses. So many options. So little time. It doesn't have to be one OR the other. It could be a little bit of both. All in your own good time.
Zoomtopz said
07:06 AM Jul 17, 2011
Same thing Granny. Working & earning big $s , then my health took a big nose dive
Yes , I would have liked to continued working , I would work for 6mth then spend
3mths in hospital. So I had to accept th inevitable , stop working . I am on a disability
pension .
Richo
gordon_adl said
10:01 AM Jul 17, 2011
Sounds like good advice.
Cruising Granny said
01:38 PM Jul 17, 2011
Stressing over retirement is no fun.
Freddos future said
06:38 PM Jul 17, 2011
Thanks for your feed back everyone.
Does anyone live in a retirement village?
All the ones we have looked at seem to be just what we're looking for...too good to be true ...perhaps????
Love to hear from someone who lives in one.
Cheers.
Happywanderer said
07:28 PM Jul 17, 2011
I used to Freddo. Just remember you are only buying the unit and not the land, then you pay a weekly outlay. They are fantastic for making friends and getting involved in activities. I had a place in Greenbank Gardens in Park Ridge, Brisbane. The one thing that freaked me out was wondering what would happen if the owner decided to change the rules as they did with another couple in the area while I was there. They were closing the other ones down and the home owners didn't even know what their rights were or if they had a home to sell. I left and moved back to Vic before hearing the outcome. One of the reasons for getting out before it happened with Greenbank but I hear it is still going strong and has doubled in size since I left.
-- Edited by Happywanderer on Sunday 17th of July 2011 08:52:07 PM
-- Edited by milo on Sunday 17th of July 2011 08:48:27 PM
Ma said
09:05 PM Jul 17, 2011
We live in an over 55's village, not quite the same as a retirement village.
There are different rules and regulations for both set ups.
I have lived here for nearly 10 years now and it was the best move I have made.
We can go away and not have to worry about the house as the neighbours keep a close eye one things and even give the garden a drink as and when needed.
I own my home and pay site fees for the land it sits on. You pay the usual outgoings the same as if you lived out in suburbia.
As for tenure, I can't remember all the ins and outs of it but being an over 55's village gives a more secure tenure than a village that is part van park. We don't have any vans here and we have 78 houses in total with room for just one more.
There is an association who go to bat for people who live as I do, it's called Arpra so maybe if you google it you will have some of your questions answered.
All villages have different criteria for their residents so what covers mine doesn't necessarily cover the next one down the road or in another state.
I suppose a lot depends on the morals and outlook of the land owner too. I am just lucky that the lady who owns my village is very very committed to what she has developed and her son, who will inherit, is equally involved.
Probably didn't answer your question all that well Freddo but if you have some specific questions you can always PM me and I will hopefully be able to help you.
Happywanderer said
09:24 PM Jul 17, 2011
You have answered it a lot clearer than I could have Ma. Everything you said is relevant to the one I lived in except it was owned by a man. It was an over 55s lifestyle village.
milo said
10:39 PM Jul 17, 2011
i guess i still got another 14 years before i qualify
Oliopa said
11:08 AM Jul 18, 2011
Hi - Monique here - I am not a Grey Nomad - but I am a retiree, my hubby and I are planning to travel in our Jayco down the track! I am a Financial Planner though and avid Property Investor, I just caught your post and I guess wow there have been some great responses and all very apt - naturally yes all people are different, but honestly, I would avoid a retirement village thingy - mainly as you don't own the dirt as another post mentioned. It also depends on where u want to be based? This will have a big influence on whatever decision you make. Naturally whether that be an investment house that could be used as well for holiday let, so you make an income form it when your away travelling and when you want to live there - it is yours. This makes sense. It is not real hard to have good managers and a great set-up that works for you and you can take advantage of it in all ways. I have 7 houses that I own, I rent them out and manage them myself - (don't need agents) they just rip you off. They are all in Cairns and Northern Beaches currently, and I really have no drama's or probs with my portfolio in the last 15 years. So buying and holiday letting is one option and other options are around - but need more info! Happy to give any FREE advice on Super/Retirement Planning and Investing. I do not charge for my thoughts. Monique
Ma said
11:13 AM Jul 18, 2011
You are one of the more fortunate ones Monique. I have had some very bad experiences in the past with my investment in bricks and mortar and consequently have gone on the opposite tack.
I am quite happy with my situation being in an over 55's village but it's not for everyone I grant you.
Getting good advice goes a long way towards a more stress free retirement.
Oh by the way, welcome to the forum.......
gordon_adl said
12:19 PM Jul 18, 2011
I foresee soemone's inbox getting very full :)
Happy to give any FREE advice on Super/Retirement Planning and Investing. I do not charge for my thoughts. Monique
Cruising Granny said
10:35 PM Jul 18, 2011
Who's your cute mate Oliopa? Welcome to the forum, and thanks for your information. I hand reared a Brahman bully calf when I worked on a Kimberley cattle station. He was so cute and affectionate. It's a bit hard to see them cute when they grow to 400kg and more. A "pet" calf that size always won the argument over the chook feed bucket, before I collected the eggs.
Oliopa said
11:07 AM Jul 20, 2011
Well that's ok -I like to keep busy! And I love to help people out if I can in any way...
Oliopa said
11:09 AM Jul 20, 2011
Thank you - my mate is Gingi
My pet Brahman - had him since he was about 10 months old....he is an extremly big sook, a big teddy bear and gets very jealous of Bella my blue dog - I think he would weigh approx 950 kilos...big boy...he is really the biggest sook in the world!
Oliopa said
11:16 AM Jul 20, 2011
Oh......not all good! 99.9% - there is always one rotten egg! So to speak. But as long as you always do things by the book, check references and always go by gut instinct with tenants as well...Combination I guess - oh and well good insurance - that's debateable - theyy are really no help at the end of the day sometimes.
I find most my tenants are 1-5-10yrs rather then risking short term bad judgement perhaps and win/win - u look after them - they look after you and yr investment. I guess timing is everything in that game....Everyone has different experiences and sometimes it can get stressful if not well organised or backup plans for what if's....but as long as one enjoys what they do....positive thoughts attract positive outcomes. Def go the Retirement Villas if u want no headaches and no fuss.....if u want yr money to earn s'thing for you well then buy into something that will reward you - whatever floats your boat! I think the most amazing thing must be to roam around this wonderful country and enjoy the scenery and journey! Also meeting amazing fellow travellers and going to all the old country pubs! A must if I am travelling!!!
Hi Everyone,
We are planning our full time retirement and want to purchase our "home base". Would love to hear the pro and cons of living in a retirement village or buying a house in town.
This will be our last major purchase so we want to do our home work thoroughly and hopefully "get it right".
We will keep our van (maybe downsize at some stage) and do short trips around and about Australia.
You thoughts and experiences please.
All that aside, your needs and lifestyle could change considerably after you've travelled.
Stash the cash in a safe place for the pending real estate, then go for your drive.
Enjoy the experience and see what happens and how you feel when / if you decide to stop.
If you had real estate and furniture, then set off on your travels, what will you do with this property while you're away?
Rent it? Leave it empty? Store the furniture? Rent the house furnished?
All very risky options. Who'd manage it?
Retirement village units seem to be very popular, but you don't really own the dirt, just the building.
You could do something similar in a caravan park village style unit.
You have to consider your age and needs now compared to your age and needs when / if you stop nomadding.
You may find a place on your travels where you'd like to spend the rest of your days, not where you are now.
We have just been through this exercise and just sold our home
We didn't want to be paying service fees in a retirement village - especially when not there and am concerned about not 'owning the land' so have bought a strata unit in the town we want to retire to - let it for 2 years while we travel will then review our situation. Never having lived in it we have no emotional attachment to it. Sold off excess furniture, bought a container and storing it on sons in-laws farm. We were worried that if we did not buy now the value of our $ may prohibit us from entering the realestate market in a few years. We may choose to re-let the unit again and continue travelling or make it our base and lock up and travel for shorter periods
Then there is a requirement to have your home occupied for insurance purposes.
Consider something that is easily rented so that you have an aditional income while doing what you want to do.
Retirement is also the time for being able to change your mind and do things at the spur of the moment, things that you could never do before.
A time for freedom like you have never experienced before. Best time of your life. Don't constrain that.
Cheers,
Peter
Hi Mack,
Won't be downsizing for awhile yet.
Its a 23 foot Vanguard, custom built to our requirements, has all the bells n whistles.
Cheers
And then the cost of funding it...I just can't seem to find any reliable information as to how much we'll need.
Currently my plan is to retire at 55. Do all the hard traveling basically right away whilst we still (hopefully) have our health. As we want to do some serious bush camping we'll probably do all that in the next few years. Then upon retirement search for the right rig and do the big lap that that way. I consider myself very lucky in that the community where I live does tend to look out for the elderly. Ie free buses to the shops and things like that. We don't have a very big house anyway so I'm thinking we'll stay in this one.
I wonder if one can over think retirement plans and or start planning too early.
Cheers
I used to think about things & ended up with analasys paralasys .
I retired at 45 & started doing things , going places etc etc .
I may not be here tomorrow to do anything - I would rather look back
in 20yrs time & think about ALL the things I DID .
Rather than all the things I shoulda done
Richo.
My health forced me to retire, but since surgery I've come out of retirement to top up the diesel fund with a job.
There is no rule about what it will cost when you retire. No one can really tell you how much you'll need.
It depends on what you already own outright, vehicles still have to be registered, maintained and insured.
You may still want private medical benefits, other insurances, rates and taxes paid on property, daily living expenses, and these are just the basics.
If you've been earning $100,000 a year, your lifestyle would be more indulgent than if you've been earning $50,000.
You may need to top up your super or carefully do the self-funded retiree thing. You'll have to make adjustments.
Or you could semi-retire and work as you travel. It wouldn't have to be the pressurised work life you may be doing now. It may be just simple, humble little useful jobs which pay a basic wage to at least cover fuel and daily living expenses.
So many options. So little time. It doesn't have to be one OR the other. It could be a little bit of both. All in your own good time.
Same thing Granny. Working & earning big $s , then my health took a big nose dive
Yes , I would have liked to continued working , I would work for 6mth then spend
3mths in hospital. So I had to accept th inevitable , stop working . I am on a disability
pension .
Richo
Thanks for your feed back everyone.
Does anyone live in a retirement village?
All the ones we have looked at seem to be just what we're looking for...too good to be true ...perhaps????
Love to hear from someone who lives in one.
Cheers.
I used to Freddo. Just remember you are only buying the unit and not the land, then you pay a weekly outlay.
They are fantastic for making friends and getting involved in activities. I had a place in Greenbank Gardens in Park Ridge, Brisbane.
The one thing that freaked me out was wondering what would happen if the owner decided to change the rules as they did with another couple in the area while I was there. They were closing the other ones down and the home owners didn't even know what their rights were or if they had a home to sell.
I left and moved back to Vic before hearing the outcome. One of the reasons for getting out before it happened with Greenbank but I hear it is still going strong and has doubled in size since I left.
-- Edited by Happywanderer on Sunday 17th of July 2011 08:52:07 PM
what about about something like this?
http://www.rvhomebase.com.au/
http://www.rvhomebase.com.au/video/
-- Edited by milo on Sunday 17th of July 2011 08:48:27 PM
We live in an over 55's village, not quite the same as a retirement village.
There are different rules and regulations for both set ups.
I have lived here for nearly 10 years now and it was the best move I have made.
We can go away and not have to worry about the house as the neighbours keep a close eye one things and even give the garden a drink as and when needed.
I own my home and pay site fees for the land it sits on. You pay the usual outgoings the same as if you lived out in suburbia.
As for tenure, I can't remember all the ins and outs of it but being an over 55's village gives a more secure tenure than a village that is part van park. We don't have any vans here and we have 78 houses in total with room for just one more.
There is an association who go to bat for people who live as I do, it's called Arpra so maybe if you google it you will have some of your questions answered.
All villages have different criteria for their residents so what covers mine doesn't necessarily cover the next one down the road or in another state.
I suppose a lot depends on the morals and outlook of the land owner too. I am just lucky that the lady who owns my village is very very committed to what she has developed and her son, who will inherit, is equally involved.
Probably didn't answer your question all that well Freddo but if you have some specific questions you can always PM me and I will hopefully be able to help you.
Hi - Monique here - I am not a Grey Nomad - but I am a retiree, my hubby and I are planning to travel in our Jayco down the track! I am a Financial Planner though and avid Property Investor, I just caught your post and I guess wow there have been some great responses and all very apt - naturally yes all people are different, but honestly, I would avoid a retirement village thingy - mainly as you don't own the dirt as another post mentioned. It also depends on where u want to be based? This will have a big influence on whatever decision you make. Naturally whether that be an investment house that could be used as well for holiday let, so you make an income form it when your away travelling and when you want to live there - it is yours. This makes sense. It is not real hard to have good managers and a great set-up that works for you and you can take advantage of it in all ways. I have 7 houses that I own, I rent them out and manage them myself - (don't need agents) they just rip you off. They are all in Cairns and Northern Beaches currently, and I really have no drama's or probs with my portfolio in the last 15 years. So buying and holiday letting is one option and other options are around - but need more info! Happy to give any FREE advice on Super/Retirement Planning and Investing. I do not charge for my thoughts.
Monique
You are one of the more fortunate ones Monique. I have had some very bad experiences in the past with my investment in bricks and mortar and consequently have gone on the opposite tack.
I am quite happy with my situation being in an over 55's village but it's not for everyone I grant you.
Getting good advice goes a long way towards a more stress free retirement.
Oh by the way, welcome to the forum.......
I hand reared a Brahman bully calf when I worked on a Kimberley cattle station. He was so cute and affectionate. It's a bit hard to see them cute when they grow to 400kg and more. A "pet" calf that size always won the argument over the chook feed bucket, before I collected the eggs.
Well that's ok -I like to keep busy! And I love to help people out if I can in any way...
Thank you - my mate is Gingi
My pet Brahman - had him since he was about 10 months old....he is an extremly big sook, a big teddy bear and gets very jealous of Bella my blue dog - I think he would weigh approx 950 kilos...big boy...he is really the biggest sook in the world!
Oh......not all good! 99.9% - there is always one rotten egg! So to speak. But as long as you always do things by the book, check references and always go by gut instinct with tenants as well...Combination I guess - oh and well good insurance - that's debateable - theyy are really no help at the end of the day sometimes.
I find most my tenants are 1-5-10yrs rather then risking short term bad judgement perhaps and win/win - u look after them - they look after you and yr investment. I guess timing is everything in that game....Everyone has different experiences and sometimes it can get stressful if not well organised or backup plans for what if's....but as long as one enjoys what they do....positive thoughts attract positive outcomes. Def go the Retirement Villas if u want no headaches and no fuss.....if u want yr money to earn s'thing for you well then buy into something that will reward you - whatever floats your boat! I think the most amazing thing must be to roam around this wonderful country and enjoy the scenery and journey! Also meeting amazing fellow travellers and going to all the old country pubs! A must if I am travelling!!!