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3 MIN Home has long been regarded as our castle and safe harbour, something that has become even more apparent since the Covid pandemic. Findings from the Royal Commission into Aged Care Quality and Safety, as well as the stories emerging from aged care during Covid, have reinforced our desire to remain living at home as long as possible, or age in place.
In today’s article, we explore what choosing to age in place involves and what pros and cons come with this decision, so you can better understand whether staying in your own home as you age is the right choice for you.
What is ageing in place?
‘Ageing in place’ means staying in your own home and retaining independence as you get older and as your health needs and mobility change.
On one hand, ageing in place requires thought and preparation. You want to make sure your home is retirement-ready and that can mean anything from making small modifications to a couple of rooms to renovating your entire home. Our retirement readiness checklist will help you understand what you need to do to prepare your home for ageing in place.
For many older Australians, the planning stage is worth the years of comfort, security and control that follow.
When you choose to age in place, not only do you get to stay in your family home and enjoy your memories and create new ones, but you reap the financial benefits as well because you get to retain what is likely one of the biggest financial assets you own.
The pros and cons of ageing in place
While you might want to age in place, like any decision, there are advantages and disadvantages. Read as we dive into both, and understand how you can best mitigate the drawbacks to fully enjoy the benefits of ageing at home.
| Pros | Cons |
Ageing in place is less expensive Whether you’re considering downsizing or moving into residential aged care, there are many costs involved: stamp duty, moving costs, residential accommodation deposits ... the list goes on. | You still have a mortgage For those of you who take a mortgage into retirement, having to make regular repayments can eat into your retirement income and makes ageing in place more challenging. |
There’s a sense of familiarity and security Older Australians feel safest in their own home, with almost 9 in 10 respondents in a recent survey reporting that their sense of security at home was good (35%) or very good (53%). | You need to ensure your home remains safe As you age, your needs change. You need to be able to access the services to ensure your home remains safe and comfortable throughout your retirement years, with or without external support. |
You can maintain your independence While independence can decrease with age, there is a range of services that help you live well at home. Living in a familiar setting and maintaining a regular routine can help you to maintain your independence. | You need to be able to afford ongoing maintenance Homes need regular maintenance as they age, which comes with an associated cost. Delaying necessary maintenance can reduce the liveability of your home. |
You can easily access support systems Most older Australians have good support systems around them – neighbours, family, doctors and in-home care services. Such systems can support independent living and boost well-being. | You may have to deal with structural issues Structural issues, like a steep driveway, stairs, or a lack of insulation might present challenges to ageing in place. |
Why ageing at home matters: Mette’s story
When Metter found the friendly community of Robina, she knew she had found her forever home. By accessing her home equity, she was able to modify her bathrooms, garage and roof for better day-to-day comfort, while knowing that if there are any other renovations she wants to make, she has the funds to make them:
Have a look at our Customer Testimonials and discover more stories like Mette’s.
Download our free ‘Ageing in Place’ e-guide and find the answers to all the important questions, like how to make your home retirement-ready and how to get the support you need to age in place. Want to discover how much you could borrow to fund your home renovations? Try our easy-to-use reverse mortgage calculator today.
Download Our Free 'Ageing in Place' Guide
Household Capital Pty Limited ACN 618 068 214 is the issuer of the information on this website. Household Capital Pty Limited ACN 618 068 214, Australian Credit Licence 545906, is the Servicer for the credit provider Household Capital Services Pty Limited ACN 625 860 764. HOUSEHOLD CAPITAL, HOUSEHOLD TRANSFER, LIVE WELL AT HOME and the Star Device are trademarks of Household Capital Pty Ltd
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