Cost of moving

So you want to move to a retirement community – but what are the cost comparisons? What is the cost of moving?

You may have come to the conclusion that the house is now too big for you and you just don’t have the energy to maintain it like you know you should. Perhaps you have a swimming pool that continually needs attention or that remote motor on the gate that keeps jamming.

You may have visited a few retirement villages and quite like what you see but as soon as you start thinking about the costs you just feel overwhelmed. How do you decide how the cost of running each household really compares? In fact, what are all the monthly expenses that you need to bring into the equation that you are not even necessarily thinking of?

To help you really understand what you spend on running your home currently and what it will cost you to run your home in your chosen retirement community we have drawn up a spreadsheet. We hope that this will do the comparison more accurately to be able to make an informed decision.

Living Expenses Cost Comparison example table

the cost of moving. here are Some points to consider when looking at these figures…

Speak to the retirement community to understand which of these expenses will be charged in addition to the monthly levy. You don’t want any surprises once you have actually moved in. It is also a good idea to understand what the annual increases have been over the past few years and what they are expected to be going forwards. Some communities will no longer increase your levy once you are a certain age – this is also something to be aware of.

Item 6
When looking at security costs also consider the community levy that you may pay for a suburb or additional street security.

Item 7
When considering your housekeeper’s cost remember that your new home will probably be smaller and so you are unlikely to need the same number of days for a housekeeper.

Item 8
Some communities look after the gardens completely, at some you have the option of looking after your own private garden. Again, check if you are allocated a gardener for a couple of hours a week at no additional expense.

Items 9 & 10
When it comes to both garden and household maintenance it is best to look at what you spend over the course of a year and divide it by 12. Also, be clear with the retirement village about what maintenance will be for your expense (repainting inside) and what will be theirs (repaving the driveway).

Items 11 & 12
Some retirement villages offer special rates on bulk packages that they have with DSTV or streaming services. Check what these are and if you are happy with the limitations that they may have.

Item 13
You may presently belong to a gym or attend exercises privately. Find out what exercises and gym facilities the retirement village has. You may well be able to cancel your gym membership. There are added benefits of attending the gym or exercise classes within your new community too – it will help you to meet new friends and you don’t need to drive anyway to get to them.

Item 15
Meals are something you may not initially consider but in time you may find them both convenient and cost-effective and so is worth bringing into the equation (if available) just to understand the costs. Again – work on your monthly food costs over the course of a year to get an average monthly spend.

In conclusion

Taking the time to ask the right questions and do the research will assist you to make a more informed decision. This is the best way to reduce your stress both in making the decision as well as once you have moved in so that you know exactly what to expect. Once you have done this exercise and are happy that moving is a move you can afford to comfortably make you can begin looking at the costs of the actual move.

Click here to see what Clear Path offers when it comes to moving.

Click here to read an article from Everything Property on how to save.