As baby boomers approach retirement age, many are starting to think about how and where they want to live during this next phase of life. While many consider selling the family home and downsizing into an apartment or small house, there is a new wave of homeowners and downsizers doing something totally different.
With house prises soaring over the past decade many people have found themselves pushed out of the market. While a lot of the media attention has focused on the younger generation struggling to afford a mortgage, it seems to have forgotten that a lot of over 60s are in the same boat.
Even if you sell your family home for a decent price, a large chunk of that change can end up going into a new and albeit smaller house, leaving you with little left over to help you enjoy your hard-earned retirement.
In the past, an apartment has been the obvious choice for those downsizing once the kids have grown up and moved out, but with the the property market currently saturated with apartments in many major cities, this is no longer a solid investment for a lot of boomers.
So what to do?
Ad. Article continues below.
There are two new major trends emerging in housing: tiny houses and shipping container homes.
The tiny house movement was the first of the two to really take off. These amazingly small homes are especially popular with singles who say they simply don’t need all that extra room anymore.
The containers themselves are low cost, which means you can spend more fitting them out with beautiful finishes and appliances. The containers are stacked together to create length and height, so you can end up with two-stories and any shape you want.
There are a number of companies building these homes in Australia now, with many of them starting at around $135,000 for a three bedroom house and going up to around $300,000 for a two-story five bedroom place.