Home ownership

For many retirees, their home isn't just somewhere to live. It's also their biggest, or only, asset.

When you are deciding what to do about your home there will be some lifestyle issues to consider. Do you want a house with a smaller garden? Do you want to live closer to family or friends? Do you need better access? There are also financial issues to think about, like whether your house costs a lot to heat or has high maintenance needs. You may still have a mortgage. Or there may be a large sum of money tied up in your house, compared with your other retirement savings.

If so, you may want to think about selling your house and trading down to a less expensive one. The money you free up can have a considerable impact on your lifestyle in retirement. To get a better idea of this impact work through our 60plus Budget Calculator and enter the values of your current home and new home on page 4.

Also, check out Age Concern's Moving House fact sheet. It suggests things to think about when you are considering moving.

Regardless of whether you trade down or remain in your current home, there are support and maintenance services available to help you remain independent. These services, which include help with maintenance costs, are provided by Work and Income.

The Eldernet website also has information about support services.

Now, read about your options for renting, what retirement villages offer and the Retirement Villages Act, rest home or private hospital care or about the Residential Care Subsidy.