Life after the lifestyle block
Time to downsize? Here are some ideas on how to settle into a new way of life, writes Tezhar Paymani.
Settling into a new way of life after selling your lifestyle block in New Zealand is something many of us might not think about until it’s right before us.
Lifestyle properties can be a pretty hefty undertaking and, as you grow older or your situation changes, you might find yourself wondering: where to from here?
Moving on from a lifestyle block can feel like the end of an era, so it helps to plan out what your next chapter involves.
Here are a few ideas regarding how you could spend life after lifestyle.
Subdivide
If it’s not the right time to say goodbye, you can still reduce the obligations of your lifestyle block by subdividing.
Break up your block into more manageable pieces and sell them as empty sections, or work with a developer to establish new dwellings. This way, you can hold on to your own home but let go of the parts of the property that aren’t suitable to your situation any more.
The subdivision process can be time consuming, and a bit costly, so be sure to do your due diligence before embarking on this endeavour.
Speak to a trusted real estate agent about the value of your land to ensure subdivision will be worthwhile. Then, talk to your lawyer and accountant regarding tax obligations, budgeting and council bylaws.
Keep chasing that dream home
That said, maybe retirement is still a while away. Whatever reason you’re thinking of selling your beloved lifestyle block, rest assured that when one door closes, the door to your dreams might just open.
It’s never too late to achieve your ideal home. Take a look at some bare sections available in your preferred areas on realestate.co.nz, and think about what you could do.
Armed with the sales proceeds of your lifestyle property, you can acquire bare land and build a new home according to your every desire. You might even save time and a bit of money, if you prefer, by investigating customisable modular solutions.
This is a perfect succession from a lifestyle home, as the excitement of a new project can act as a substitute for the maintenance of your rural block, but is more scalable to changing needs.
Bear in mind, depending on timelines you may need to arrange accommodation while your dream home is in construction.
Downsizing
If you’re ready to say goodbye to a lifestyle property after retiring, it might be time to think about what you’ll need as you grow older.
While rural sections are home to highly desirable, tranquil lifestyles, they also call for a fair bit of upkeep, which can be physically demanding, or expensive.
Perhaps your next step then is to downsize. Moving into a smaller property gives you less land to maintain and fewer things to worry about.
You will free up some more time to focus on matters besides your property, such as spending time with the family or knocking some items off your bucket list.
Without rolling acres to look after, you’ll also have commitments that are slightly more flexible, making it that much easier to travel on a whim.
This is also the perfect opportunity to move closer to the people who matter to you. Turn in the countryside for a smaller home in the suburbs or a small town that’s near and dear to your heart.
You’ll have the opportunity to form and maintain meaningful support systems for your retirement.
Make sure you’re keeping the things that make you happy, but be kind to yourself as life moves and changes.
By being flexible and adapting to your stage of life you can transition easily from your lifestyle block to your new life.
This story first appeared on realestate.co.nz and is republished with permission.