Why More Downsizers are Opting for Apartment Living | Compass

Why More Downsizers Are Opting For Apartment Living

  • Why More Downsizers Are Opting For Apartment Living

    Lifestyle |
  • If retirement is on the horizon and you're planning your next move, consider following this emerging trend. More and more empty-nesters are downsizing from their family homes and opting for the convenience and comfort of apartment living, in addition to freeing up some much needed funds in the process. Read on for our top reasons why apartment living could be for you.

    The Development and Location

    Do your research on the area you are buying into. Does it have good amenities such as schools, shops and is it close to public transport? If it is a desirable suburb with a high median house price, buying an apartment could be your ticket in. Check where in the complex your apartment will be located, and if it has a good view, away from traffic noise and is easily accessible.

    Our tip: getting in early gives you the pick of the bunch with apartments. Register for a VIP list or make contact with the developer in the early stages to secure the perfect one for you. 

    Downsize without compromise

    By the time retirement rolls around, you'll most likely have a preferred area (or comfort zone) you would like to stay in. One of the top benefits of downsizing to an apartment is that you can still live in your desired suburb, but without the price tag of a detached house. Apartment developments are often located in well established, affluent areas, so the time to jump in is now. 

    There's a good sense of community

    You'll quickly get to know your neighbours, and you may find you actually have a lot in common with them. Get ready for the potential for regular chats when passing in the hallway, working out in the gym, catching up in the communal gardens, or enjoying drinks around the pool.

    The lifestyle

    As apartment developments are often located in well established urban areas, there's easy access to parks, shops, cafes and public transport. Once you retire, you will likely have more time on your hands, so you can join a local community group or club, find a new hobby or increase your daily exercise with walks or cycling around the area.

    More security

    When you move into an apartment complex, you'll find there's often an access card required just to enter the complex. Not only for peace of mind, this makes your home much more difficult for thieves to target, and it's very rare for someone to slip through unnoticed.

    You Can Lock In A Price

    A big advantage of buying off the plan is locking in today's market price for a property that will be completed in the future. This can significantly benefit buyers if the property market experiences growth over that time meaning it can be a savvy investment for the future

    It Gives You Time To Save

    You may not be ready to refinance just yet, but in a few years you will be. Most apartment developments require just a 10% deposit, and the remainder upon settlement. This gives you a head-start in sorting out your finances, putting some savings away or selling your current residence before moving into your new abode. 

    Artist impression only.

    Low maintenance

    You definitely won't need to worry about renovating when you purchase a brand new apartment. Strata will take care of the rest, including regular building maintenance, cleaning of communal areas, gardening and even putting the bins out!

    Lock up and leave

    If your grand retirement plan is to travel, an apartment is the ideal lock up and leave home. There's really nothing that needs maintaining while you are away, and you can feel confident that everything will be safe and secure upon your return.

    Do Your Research On The Developer

    Here's the big one. Make sure that the developer of the complex is a reputable one. Research their past developments and find out if they ran on time, the end result was of top quality and that they stayed true to their initial promises. This will give you a good idea of what to expect. 

    If an off the plan purchase is on the cards, check out Mirvac's newest addition at Leighton Beach.

    Find out more about Leighton Beach by Mirvac >

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