The real cost of staying put: What to weigh up before you retire in your current home

The rising costs of bills, insurance, and everyday essentials is having an impact on how older Australians live.According to the Australian Seniors Cost of Living Longer Report 2024, 79% of the over-50s surveyed were making daily sacrifices to manage their finances.With cost-of-living pressures only increasing since the report’s release, the focus on finances and lifestyle is at the forefront more than ever.According to James Westh, Victoria General Manager of Stockland Halcyon, one of the country’s leading over-55s community operators, this is also changing the way older Australians look at their homes.“We're seeing more Australians over 55 take a step back and ask whether their current home still suits the way they want to live,” says Mr Westh.“Rather than simply focusing on what the property market might do next, many people are thinking more carefully about how they want to spend their time, their money and the years ahead."Choosing between staying in the family home or downsizing into a better fit is one of the biggest decisions over-55s face.The hidden costs of staying putWith cost-consciousness at a high, the home is one place many over-55s are reassessing.While moving and s...