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This week we introduce you to the concept of “downvesting” – no, it’s not a singlet fashioned from duck feathers, but a growing trend whereby impendin[See the full post at: Podcast: Busy making plans to do nothing]
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Jimmy, interesting subject. Buying to downsize in the future.
I bought into an over 55s complex of 21 strata units in 2010. I moved out in 2014 & moved back to my big home. I have rented the apartment over the last 10 years.
During the last 4 years, i moved out of my home & built another home overlooking a lake on the Central Coast. Love it here. Moved in before Christmas 2022.
This year 2023 I decided to sell the over 55s apartment. Could not sell so had to do a rethink. Decided I could no longer hold the ‘family’ home. Recently sold that and a tenant was found for the over 55s apartment.
So now I live on the Central Coast, in a larger home, with a granny flat in the rear (also rented), which gives me the choice, as I age, to either move into my granny flat OR move back to Sydney to over 55s apartment if I want to be back near family. (Im now 70). I may have to sell this house or just tent it out too. Will see how I’m placed financially.
Point being, I did what your speaking of, I planned for retirement 10 years ago & though the plan changed, the downsized apartment is still there should I choose to use it in the future. I’ve paid a lesser buy price & my family can make some money from it after my demise. Win, win I think.