Paul's Property Buying Blog

Hello! Welcome to my blog. My name is Paul and this is blog is going to let you in on some of the best tips which will make buying a property a piece of cake. I am not a professional estate agent but I do have a few years experience of buying and selling property across several Australian cities. I started developing and selling properties when I inherited a large house which used to belong to my grandmother. I didn't have a clue how the real estate market worked so I called in a friend who works in the industry. He taught me everything I need to know.

Three Reasons Why Retirement Apartments Appeal More Than Retirement Units

Real Estate Blog

It is tough when your parents decide it is time to sell the family home and move out into something smaller. Once you get past that disappointment, it is time to help your parents find something more suitable. Now is the perfect time to buy as you can get your parents moved in before the cold winter temperatures arrived. Since your parents want a smaller property, their options now are retirement units versus retirement apartments. Here are three good reasons why apartment living may suit them more than unit life does.

The price difference between apartments and units

There are two reasons why an apartment often costs less than a unit. The first reason is the lack of land, and the second reason is you can get a good buy when the local area suffers from an apartment oversupply. Brisbane, for example, is currently in a price slump due to an excess number of apartments available. If your parents are looking to free up some capital to live on, then downsizing to an apartment from a full house should help them free up some cash.

Not all people downsize because of money issues though

Apartments mean minimal maintenance

Not every elderly person gets excited about gardening, so if your parents are not green-thumb inclined, then apartment living is perfect. No lawns to mow, no shrubs to trim and no weeds to pull. This saves both time and their backs as there's no need to bend over to take care of the garden. If they really want some greenery around them, all they need to do is put a couple of plants in pots and place those out on the balcony.

Garden maintenance is not the only thing lacking in an apartment. Your parents won't have other exterior chores like gutter cleaning and house painting to deal with either. Despite living in an apartment, that does not mean your parents miss out on socialising with others.

Apartments offer social opportunities

Just because your parents aren't moving into a retirement village unit does not mean there won't be opportunities to socialise if they move into an apartment. Not only are there plenty of other apartment owners to get to know, but the location of the apartment lends itself nicely to getting to know others in the neighbourhood. Apartments are never built in the middle of nowhere. Developers place apartment blocks in areas where they are popular with many people. Therefore, there's plenty of other people around to make new friendships.

Get your parents to have a meeting with their local real estate agent to discuss apartment living further. They will be pleasantly surprised at the options open to them. 

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3 April 2018