But a successful sea or treechange takes careful planning. Here are some issues to consider and some tips for making your move a success.
A move to the seaside or country town can deliver more than just natural beauty. There’s also the community spirit a small town can bring – a sense of connectedness that can be increasingly hard to find in the city.
And selling up can also be a good way to raise funds for retirement. According to research by Investment Trends1, 31% of retirees have downsized to help pay for their retirement.
The downside of downsizing
Before deciding on whether to make the move you’ll need to consider:
- The impact of leaving your family home and potentially losing touch with your friends and community;
- Whether the new town caters for your interest and needs;
- Possible adjustment needed to settle into your new lifestyle;
- Costs of moving such as stamp duty, moving costs;
- Any financial implications especially if you’re receiving the age pension as your eligibility could be impacted.
Three tips for a successful sea or treechange
- Be clear about what you’re looking for
- Test the water and spend some time there at different times of the year
- Get involved in the community
But remember, pension rules are complex and everyone’s situation is different. So before making any decisions that could affect your retirement funds, speak with Southern Advisory to understand how they could affect you.