According to the Australian Bureau of Statistics, 3.3 million Australians had retired from July 2012 to June 2013. Retirement is a new chapter in your life and moving to a new home can be a wonderful way to start fresh. Since you aren’t working any longer, you may spend more time in your house and have time to enjoy where you are. You can now pick the climate and surroundings in which you wish to live. Because of this, you want to make sure you do everything possible to ensure your move is smooth.
Stamp Duty
When buying property in Australia, you must pay stamp duty which also known as transfer duty. If you are planning to buy a new home when you retire, you are going to want to add this to your expected costs. The stamp duty is calculated based on the market value of the property and the state in which it exists, and many other factors. The stamp duty in QLD is generally lower than that in other territories but it would be wise research it in depth as there are many considerations that can increase or decrease the rate paid.
You will pay this duty to the Office of State Revenue after lodging all the proper documents and forms needed to pay for the assessment. This money will go to fund things in the public sector such as health and education. Pay your stamp duty as soon as you can; you do not own your new property, by law, until you do.
Other Financial Considerations for Retirement
You might not have enough money in your bank to buy your home outright. In this case, you will need to find a reliable lender to loan you the money you need to buy your house. Lendi can also help match you up with lenders if you need help financing your home purchase.
In addition, check the cost of living before moving to a new city. Do food, taxes, and utilities cost more than they do in the town where you now live, or less? This helps you figure out if you can, in fact, afford to live in this city and how you will need to budget.
It’s always a smart idea to set a bit of money aside, in case you incur unexpected expenses. You never know when an important appliance will break or when health conditions might surprise you.
Consider Your Surroundings
Consider what senior services will be in the area. Are their senior activity centers and organizations where you can socialize? Make sure you are located near good health facilities. The fact is that most people need more medical care as they age. Therefore, if you move after retirement, you should ensure that you are close to doctors and hospitals you trust.
Having a social community can help you enjoy your retirement years. You might consider moving somewhere that has a social aspect built in such as the retirement villages in Brisbane designed by Ingenia Communities. They offer affordable homes in picturesque areas just for retirees over the age of 55. Who doesn’t want to wake up to a beautiful landscape every morning?
Before moving to a new home, take some time to remind yourself of what it is you hope to get out of moving. Think about what you are going to do in your free time now. Make sure you are moving somewhere that will accommodate the lifestyle you want to live. If you wish to travel quite a bit, you’ll want to live close to an airport. If you wish to spend lots of time outdoors, make sure you live somewhere with parks that allow you to engage in outdoor activities. If you are wanting to live somewhere where you can enjoy art or music, see how far away art museums, galleries, and concert halls are.
Retirement can be an exciting time in life and you want to make the most of it. If you take the time to plan before you move, you will find the perfect place to spend many enjoyable years.
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