The Benefits of Strata Living for Retirees
When the kids have grown up and you’re ready to retire, maintaining a large family home can feel like an unnecessary burden. You might also feel bored or lonely if you don’t get to see family, friends and work colleagues so often. These are reasons why many people choose to relocate and downsize to a smaller home in their retirement.
While retirement villages can be convenient, they can also be expensive and require giving up some of the independence you enjoyed as a property owner. Another option is buying a unit in a Strata Development where you’ll still be in control, but can delegate as many responsibilities as you want to.
What is Strata Property?
Strata Developments are a collection of homes broken down into individual lots, which may be an apartment or a house and garden. Purchasing a Strata Title gives you ownership and responsibility for your lot, while common property such as corridors, lifts and footpaths are the shared responsibility of all owners in the Strata Scheme.
Strata living is a popular alternative to retirement villages for seniors. Here are the main reasons why.
Access to facilities
While retirement villages all tend to have similar amenities for residents, Strata Schemes are more flexible to suit different needs and price ranges.
If you want your own pool, an on-site gym, stores, restaurants or other facilities, there are plenty of full-service Strata Schemes to choose from. On the other hand, if you prefer to live independently and don’t want to pay for services you don’t need, you can find more straightforward Stata Developments with just the basics.
Downsizing from a large home to a smaller home in a Strata Development can be a great way to stretch your retirement savings further, so you can enjoy your retirement to the fullest.
Strata living is usually cheaper compared to retirement villages. As a Strata Owner, you are responsible for all costs relating to your property and you pay a small levy to the Owners Corporation for general maintenance of common areas and other costs.
Strata living gives you the freedom to be hands-on with your property or to put your feet up and let other people take care of everything. This doesn’t just include regular maintenance like mowing the lawn and cleaning the gutters, but also payment of Strata fees, insurance and other paperwork you might not want to deal with.
Your dedicated Strata Manager will take on as much responsibility as you want them to, from organising maintenance and repairs to managing records, attending meetings on your behalf and legal matters such as dispute resolution.
Talk to our Strata Managers in NSW
Want to know more about Strata Property and whether it’s the right choice for you? Talk to our qualified Strata Managers at Lake Group Strata today.
Call our Charlestown office on 02 4942 3305 or our Maitland office on 02 4933 6466. We cover all areas across Newcastle, Lake Macquarie, the Hunter Region and Myall Lakes.