CUT AND KEEP
INSIGHTS
c. SOHO Living
SOHO living is typically targeted to urban professionals,
presenting the advantages of living space, commercial and
leisure integration in one address. It enahnces the
convenience for senior citizens and is another alluring
option for the older generation.
d. Single-storey landed property
Empty nesters preferring a home with a master bedroom
and a guest bedroomcould go for a single-storey landed
property. It is especially suitable for folks who don’t want
too big a lifestyle change.
e. Empty-Nesters Community
By 2021, Malaysia will be home to a substantially
increased aged population of 65 and over.
Developments such as the upcoming Green Leaf
Retirement Resort Community in Sepang, Selangor
can be a good choice. It caters to the needs of
retirees, addressing their physical, mental and
emotional well-being. With the inevitable rise of
senior citizens in the country, more developers are
foreseeing a growing demand for retirement
residential neighbourhoods and already have
relevant plans in the pipeline.
More To Consider
Older folks contemplating on downsizing should
also reviewother considerations. Facing with
reducingmobility that comes with advancing
years, it would be wise to buy property in self
sufficient locations likeMont Kiara and Sri
Hartamas. It is alsowise to take note on the
proximity of medical facilites like in Subang Jaya
and Bandar Sunway townships, as emergencies are
bound to arise. It is also good to consider the
security features of the property complex and if it
covers concierge services.
Financial Options
The probability of obtaining substantial loans decrease for
empty nesters who are seeking to purchase property after
the age of 60. Empty nester couples do need to review
finances and ascertain themarket price of their current
property versus the cost of the potential purchase and
requiredmortgage instalments. The positive pricing gaps
couldmake the difference towards affording amore
comfortable, superior lifestyle besides increasing one’s
financial status and realising other wishlists. Financial
solutions for the senior populationmay include utilising
their EPFmoney (Employees’ Provident Fund). Thesemay
be accessed at 50, 55 and 60. Another optionwould be to
use “Lease Options”, a contractual agreement made
between seller and investor where both benefit inmany
ways. For more incisive information on lease options, visit
T
he
senior
population live
in a very different
society today
compared to that of
their parents. With the
average life expectancy
rising steadily, their
grandparenting plans are
increasingly on hold as a result of
the next generation settling down
and starting families relatively late. At
60 and above, many seniors are discovering a
new lease in life. Nowadays, with many
offspring preferring to fly the coop early,
parents are finding nothing but an
empty nest between them and the
allure of living a fuller life.
These are empty nester
couples. The profile of an average
empty nester covers those
between 60 to 70-years old and
living in a three or four-bedroom
double-storey home. At this point
in life these days, many consider
downsizing their property.
Admittedly, it isn’t for everyone
but many empty nesters are
discovering its benefits. For one,
expenses roll back, and there’s
additional income from either the
sale or rent of their previous home
that allows them to pursue other
interests, such as travel and
investmewnts. A smaller home
also means reduced maintenance,
costs and efforts.
The Right Fit
Downsizing can be overwhelming
for empty nesters in many ways. It
can be a time of grief when
nostalgic sentiments come into focus. On an
emotional and material level, personal
possessions accrued over the years acquire
emotional relevance. Over time however,
empty nester couples can find the idea of
downsizing exhilarating, especially because
the money accrued can help execute dreams.
However, this may come as one of the most
crucial times, deciding on the right type of
property to downsize to, along with all the
changes that come with downsizing.
Getting rid of surplus belongings and
settling into a one-bedroom apartment can
seem like a great plan at first. But, it is
important to look at the bigger picture. It
helps to ponder on issues like: would we like
to entertain at some point; will we be
expecting guests; are we going to be travelling
frequently; can we cope with the lifestyle
changes etc. By asking relevant questions, one
will be able to make informed decisions.
The initial high that can lead to one buying
a small one-bedroom apartment can
prove to be a mistake down the line if the
couple enjoy entertaining and socialising.
Yet, it would be perfect for those who plan
to travel frequently.
Options,
options
Inmatured
societies inUSA and
Europe, property
developers, architects
andmarketeers target
empty nesters as a profitable
segment. InMalaysia, this
segment is still considered something
new. WithMalaysians still clutching onto
the Asianway of life where it is common for
families with two or three generations to still
live under the same roof, options for empty
nesters aren’t as cut and dry here. While it is
common for empty nesters tomove to a
single-storey landed property inUSA, in
Malaysia unique solutions cater to both the
Asian as well as modern sentiments.
a. Condominiums
A condominium is the most obvious choice
for senior citizens. Primary reasons being
easy maintenance due to the smaller space,
plus safety and security. Also, most
condominiums promote a self-sufficient
lifestyle providing all the amenities from
fitness centres to grocers and parks. On
occasion that a couple goes on vacation,
safety issues don’t arise. The perfect options
for empty nesters include studio apartments
or one or two-bedroom units.
b. Mother-in-law’s unit
Amother-in-law’s unit is a small apartment
accessory to a primary residence that is
catered for an elderly relative or couple.
It is an ideal option for families that would
like to stay together but desire the privacy of
a small family unit. In a mother-in-law’s unit,
the apartment may have a connecting door to
the main house, yet have separate entrances
of its own. Subang Olives Residence is one
such example of a development with a
self-contained studio apartment within a
larger apartment.
ON
friday
july 12, 2013
Downsizing
> It is commonpractice for empty
nesters todownsizeproperty
inmorematured societies,
a trend that is
catchingon fast
inMalaysia
property
Tips on
downsizing
Downsizing is much more than
just moving from a larger home
to a smaller one. It requires
sometimes painful giving away of
possessions we have become
attached to. Here are some tips
on how to get started.
• Mental preparation –
Be
mentally prepared and
consider the pros and cons of
downsizing before deciding
to. Many claim it has improved
their quality of life.
• Set a system –
Either start
room by room or according to
the size of the items from big
to small. Perhaps the furniture
and furnishings, and then the
pots and pans, followed by
personal belongings. If you
have children, be firm and
sensitive, they too have items
that are difficult to part with.
• Measure –
Measure larger
pieces of furniture, curtains
and fittings to ensure these
can fit into your new (smaller)
home.
• List -
Write a list of all you have
and trim it down on paper.
• Tag items –
Before you decide
what actually goes with you
and what doesn’t, tag items
into categories like NEED,
WANT, COULD DO
WITHOUT. Be realistic,
sensible and don’t get over
emotional, they’re just
‘things’.
• Decide –
Once items are
tagged, picture your new
smaller home (best if you have
the floorplan), and roughly
ideate where the big items will
be placed, along with the
amount of space for the
smaller stuff. Gain perspective
on the grey area of what you
need to take, what you have to
take, and mentally have to
take. Be brave, re-tag and
segregate the nostalgic
necessary items.
• Ways to dispose balance
items –
It’s a good time to give
away items you intended to
bequeath to family members.
Also consider having family,
close friends and neighbours
over for a pre-garage sale or
auction. Donate to charities or
the poor, or sell off unrequired
second-hand items to junk
stores and recyclable goods to
recycling centres.
• When moving –
Move large
items first, cupboards, shelves
cabinets and storage
compartments next, followed
by smaller items that are
boxed and labeled, ideally
room by room. This will
facilitate your enjoyment of
the move and re-decorating.
unrequired items can be sold/donated to:
• Cash Converters has outlets in Taman Sea,
Taman Sri Selayang and Sunway Mentari.
For more information, visit
.
facebook.com/CConvertersKL
• Secondhand.my is a second-hand shop
that buys and sells a wide variety of things,
including services. For more information,
visit
/
• Malaysia Second Hand Shop buys and
sells all sorts of goods and services. For
more information, visit
.
com/
• Community Recycle for Charity is a
non-profit registered government
approved organisation that helps those in
need by accepting recyclable goods and
second- hand usable items. For more
information, visit
.
my/
• To donate to charitable organisations,
orphanages and shelter homes, find out
what is needed at
/
about/
Population projection by age group,
Malaysia, 2010–2040
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Advantages of
downsizing
• Cheaper maintenance
• Lower quit rent and
assessment fee
• Easier to manage and thus
more time for oneself
• Everything is at arm’s length
• Interiors are cosier
•
More safety and security
• Less space for accumulating
clutter
• Additional cash from
previous property sale
Disadvantages of
downsizing
•
Shortage of space
•
Takes time to adjust to
smaller living spaces
•
Less room for visitors
•
No space for large pets
•
Confined spaces
• Close proximity to
neighbours and less
privacy
• Less prestigious
Table retrieved from
