Ageing in place: here’s why and how you can do it
Discover the benefits of ageing at home and how accessing your home equity can help you do so.
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Key Points
Ageing at home means creating more special memories with loved ones, during the holiday season and the rest of the year.
There are other benefits of ageing at home, including more security, independence and support.
Accessing home equity can help retirees age in place comfortably and safely.
The holiday season is upon us and it’s the time when the entire family takes a break from their busy lives to get together, enjoy a big meal and exchange gifts and goodwill.
And what better place to do so than in your family home, where you’ve already created so many fond memories with your loved ones?
When you choose to age in place, you guarantee special occasions can continue to be celebrated in your home – but that’s not the only reason to remain in your family home as you enjoy your retirement.
For most older Australians, their family home is where they live and where they want to stay. Many retirees choose to age at home and it’s easy to understand why:
Ageing in place is generally less expensive than moving
Whether you’re considering downsizing, moving into a retirement village or into residential aged care, there are many costs involved: stamp duty, moving costs, residential accommodation deposits... the list goes on.
There’s a sense of familiarity and security
Older Australians feel safest in their own home, with almost 9 in 10 respondents in a 2020 survey [1] reporting that their sense of security at home was good (35%) or very good (53%).
Maintain your independence
While independence can sometimes decrease with age, there is a range of services that help you live well at home. Living in a familiar setting and maintaining a regular routine can help you to maintain your independence.
You can easily access support systems
Most older Australians have good support systems around them – neighbours, family, doctors and in-home care services. Such systems can support independent living and boost wellbeing.
As with any other decision, there are also considerations you should keep in mind. If you choose to age in place:
You may still have mortgage repayments to meet
You need to ensure your home is safe and comfortable, now and into the future
You need to cover the expense of ongoing maintenance and repairs
You may have to deal with structural issues in your home
Accessing your home equity can help deal with these expenses and ensure your home is retirement-ready for years to come. If you’d like to learn more about how you can use your home equity to comfortably and safely age in place:
Speak to a Household Capital retirement specialist by calling 1300 699 624.
Read this free e-guide.
Check out Household Capital’s online calculator to see how much you could access.
[1] Source: YourLifeChoices Older Australians Wellbeing survey, November 2020 - Q: How safe do you feel when in your own home? N=7272
Applications for credit are subject to eligibility and lending criteria. Fees and charges are payable, and terms and conditions apply (available upon request). Household Capital Pty Limited is a credit representative (512757) of Mortgage Direct Pty Limited ACN 075 721 434, Australian Credit Licence 391876.
