A perfect spot to retire

Therese and Bill O’Sullivan swapped a huge home in the city for a smaller coastal bach, writes Pattie Pegler.

Talk to agents around the country and it’s clear there are some common threads people look for when it comes to retirement property.

‘‘Easy access, easy maintenance and sunny and warm’’ are all key criteria, says real estate sales director Antonia Brown in Wellington.

‘‘And a lot of people want to stay near family.’’

But, like all property searches, it can be tricky to tick every box, particularly when you throw location into the mix.

The cost of living is usually higher in cities as insurance and rates cost more. So people often head out of town.

‘‘There is a huge demand for small, low-maintenance homes on the coast,’’ says Brown.

But in many ways the retirement property market is a ‘‘total mixture’’, she says.

Some take to apartment living in the city, while others want to head further afield.

After all, the idea that we all stop work at 60 and retire is outdated – we’re living longer, working longer and travelling longer. So often it’s about finding a home for a new stage of life rather than for the traditional idea of ‘‘retirement’’.

A new stage of life

This was the case for Waikanae real estate agent Therese O’Sullivan and her husband, Bill, who moved out of central Wellington less than two years ago.

With Bill retiring but Therese continuing her real estate career, they wanted to be somewhere that worked for both of them. So they sold their 220-square-metre family home in Wellington and went to live in their 80sqm bach in

Waikanae, on the Kāpiti Coast.

They had originally bought the bach, pooling funds with friends, almost 20 years ago. ‘‘Between the two families, we had nine children, and we just thought it would be good to have a place to go for holidays,’’ explains Therese.

But they never considered it as a retirement home – until they started thinking about it and realised it made complete sense.

‘‘We already knew the area, and we liked it,’’ says Therese. ‘‘So when we thought about it, it just fell into place.’’

They bought their friends out and then had the property insulated and double-glazed to make it low-maintenance and comfortable.

With a bus-stop right across the road, a pub and dairy within walking distance and easy transport links back to Wellington, it’s the ideal spot.

And for those no longer working, there are also plenty of opportunities to make social connections in the local community – Bill volunteers at the local bird sanctuary, for example, and Therese continues to work fulltime helping others looking for property in the area.

Dramatic downsizing

The space itself has been a dramatic downsize but one that has worked out well. They did get rid of a lot of things and sold some of their larger bits of furniture online, but they don’t miss the space of their old home.

‘‘The house is compact,’’ says Therese. ‘‘The bedrooms are small, but the living is the width of the house.

‘‘We have had 20 seated for dinner with trestle tables in the living area. It’s amazing what you can do.’’

The bach has two bedrooms, but the couple are in the process of converting one of these into a second living area.

The sleepout with en-suite means they can also have friends or family to stay without everyone feeling squeezed for space.

And, says Therese, while many people feel they need a big place for visitors or family, unless you have visitors every week it’s probably cheaper to put them up in a motel.

‘‘A four-bedroom home can mean extra power, higher rates and it’s often an unnecessary extravagance, particularly for those retiring,’’ she advises.

Think through the finances

Mortgage adviser Clifford Lawson agrees. ‘‘Think about whether you really need that big house in retirement – in these days of Airbnb, it’s easy to find accommodation if the kids are visiting.’’

Lawson also offers other key considerations for those planning to downsize. ‘‘If you’re downsizing and heading into retirement, make sure you pay down any debt and think of running costs, too, not just the house price itself.’’

Rates and insurances can run into the tens of thousands on some properties, he says, and so it’s important to take those ongoing costs into account, particularly if you’re going to be on a limited income in retirement.

A great move

For Therese and Bill O’Sullivan, downsizing and moving out of the city has worked out well.

‘‘It’s been a good move,’’ says Therese. ‘‘It’s been about a change of lifestyle.’’ And it’s ticked all the boxes on their list.