Robyn and Albert Watts have made the unique decision to become renters in their retirement.
After owning property for at least thirty years, the couple who are now retired and in their 70s, have downsized twice before and are selling again – this time to move into ‘build to rent’ apartment.
“It’ll be rented for 10-15 years under the government legislation, so it’s not going to end up some terrible place and it still gives us that security, they can’t kick us out if we pay the rent and maintain the place,” Ms Watts said.
Robyn and Albert Watts testing a new retirement strategy. Picture: Nikki Short
MORE: Hadley’s property moves reveal retirement plan
Selling their Wentworth Point apartment will free up their capital, Ms Watts wasn’t worried about having to pay rent.
“We know the rent will likely go up, but we just think we will give it a try and if it doesn’t work out, we will try something different.”
They planned to reinvest the money from the sale through a diverse portfolio via their investment broker.
Still benefiting from the gym and amenities they had come accustomed to as well as save them paying strata and council rates that Ms Watts said could “get expensive.”
The rental is in an adjacent building in Wentworth Point so they will be able to maintain their same lifestyle.
“We like the (rental) place, it’s a nice complex and the owners are a company that own the whole building so they supply all the white goods, they do all the maintenance so it frees us up and then we don’t have to pay strata and council rates,” Ms Watts said.
Views from the apartment.
One of the three pools accessible to residents.
The couple have lived in Wentworth Point now for eight years and have invested money from their previous house sales as well.
They felt like Wentworth Point has been the ideal place to retire leaving them with “no real regrets.”
MORE: Shopping village upgrades expose unique trend
Newtown’s Hub Theatre sells for mega price
“It’s great, we are right in the thick of things so we have more spare time,” Ms Watts said.
“Here we have restaurants underneath which we didn’t have at all, there’s a great community here too and we made friends very quickly because people are very friendly,” Ms Watts said.
The couple were involved with the Probus club, organised community barbecues, attended events, dinners, lunches and gym classes. They liked that there was a mix age of residents that weren’t all retirees too.
Inside their Wentworth Point apartment up for sale. Picture: Nikki Short
“It’s more convenient and better positioned here, we have things within walking distance or an easier drive and much less maintenance – we don’t have a garden but there’s nice grounds here with gardens and gardeners.
The light rail, ferry, 35 km of walking track in Sydney Olympic Park were other highlights of the suburb.
“It’s a great spot and the bay is very pretty and with the river on one side.”
Their real estate agent McGrath Strathfield’s Ania Aquino noted that Wentworth Point was ideal for downsizers who weren’t ready for a retirement village.
“The area has been masterplanned and it’s a lifestyle community where they live they have access to the gym, swimming pool, and from Robyn’s place it’s a nice easy walk to the bay.
Ania Aquino, Wentworth Point real estate agent. Picture: David Swift
“The larger population here are young professionals but there but this area is attractive for retirees, there are seniors activities here, there is a gym that is part of strata living seniors fitness, seniors pilates, seniors stretch it does cater for that lifestyle but still surrounded by a mix of young people which is what makes it an exciting area,” she said.
The Watts’ two-bedroom apartment on The Crescent in the Valencia building was up for sale with a price guide of $900,000 and includes access to Pulse Club’s gym and classes, three swimming pools, steam room and tennis courts.
Views from the apartment’s balcony.
Access to Pulse gym floor and classes.
“Predominantly we get downsizers coming from the Hills and Inner West selling north of the $2m-$3m mark looking for a $1m property and not needing a retirement home … if someone is downsizing its pretty good value.”
MORE: Billionaire’s row beach site sells for $25m to Brisbane developer
Breaking point: Reason behind Block flirter’s meltdown
Surprise rates call creates trap for home buyers
The post Retired couple’s surprise reason for ditching home, renting for life appeared first on realestate.com.au.
