02
Mar
Home sweet home
Balancing the books on downsizing
The family home is typically the most valuable asset you own, and there are a few factors to consider before downsizing. If you are newly retired, or over 50 and still working, you might be looking at either a retirement village or an over-50s lifestyle resort for your 'rightsizing' move.According to finance expert Rachel Lane author of Downsizing Made Simple with Noel Whittaker, understanding the difference between a retirement village and over-50s resort is vital.“There are currently five types of retirement village contracts - leasehold, license, company or unit trust title, strata title and rental - while land lease communities have only two separate components, which include the contract for your home and contract for your land,” she says.Cheryl Chalk, who lives at Amber by Living Gems agrees. Now retired, the former accountant made the decision to move into a Living Gems resort after careful consideration."I was familiar with the land lease community model because my...



