A New Zealand Herald Commercial Publication | Thursday, February 24, 2022
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MOTORHOME soaring house prices are benefitting older home owners Property market insight How Get to know your garden | Saving for retirement Downsizing your home and lifestyle
CELEBRATE YOUR NEW
Retirement Lifestyle at the Country Club Huapai with a $10,000 gift*
Sign up on a new apartment or villa before the 28th February 2022 and you will receive a $10,000* Country Club credit to spend during your first year in your new home. Maybe a years free fees, moving costs, new Fisher and Paykel appliances, drapes and curtains, village activities or fabulous food and beverage. Hoppers have been creating exceptional lifestyle projects for over 60 years such as Pauanui and the Waterways communities. As a family owned and operated company, Hopper lifestyle developments are created to stand out from the rest, providing a premier standard in living. You can also take an option to share in Capital Gains at all Hopper Living retirement villages.
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Property market insights
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Get to know your garden
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A fine way to travel
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It’s not too late to give blood
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Saving for retirement
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More support needed for older renters
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Life in the slow lane
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Writer Ruby Harfield | Designer Courtney Wenzlick Print Commercial Manager Kelly Spice | GM Publishing (Commercial) Chris Rudd Advertising Enquiries E: Kelly.Spice@nzme.co.nz M: 021 605 297
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Tamahere Country Club Stage Two is now selling!
Following unprecedented demand for our luxury homes we’re delighted to release a range of new villas to the market. In addition to our beautiful homes, residents will enjoy a number of new community facilities such as a full size croquet green, lake house, motor home parking with lock up facilities and beautiful walk ways meandering around our man made lake.
Come and explore our beautiful new 269m² showhome, recently opened club house and Seven Oaks Café and discover why Tamahere Country Club is the first choice for retirees seeking a luxury retirement lifestyle.
For sales enquiries call Sandy Turner on 0800 82 62 43 or visit our website tamaherecountryclub.co.nz
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Property market insights By Ruby Harfield
Soaring house prices have benefitted older home owners wanting to sell the family home.
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eople between the ages of 65 and 74 have the highest home ownership rates in the country. The 2018 Census showed home ownership was most common for those aged 70 to 74 years (at 77.8 percent), followed by those aged 65 to 69 years (at 77.2 percent). Real Estate Institute of New Zealand acting chief executive Rowan Dixon said 2021 was a strong year for the New Zealand property market. “Despite gathering headwinds — from regulation changes and interest rates to lending criteria and tax restrictions — confidence remained. “Underpinned by high demand and low stock, house prices showed steady year-onyear growth, with percentage increases in price growth sitting in double figures throughout 2021. “In December, the median price for residential property across New Zealand reached $905,000.” As the year ended there were signs of deceleration in annual price growth, he said. “While this may in part be the result of the usual summer slowdown, more recent feedback from local agents nationwide suggests a shift in buyer sentiment. “All that said, the property market remains firm, demand remains high; any decrease is relative in a market that has demonstrated double-digit growth for 12 months-plus.” It is expected price growth will gradually slow in the coming months, Dixon said. “While the market remains confident, the impact of rising interest rates, tighter lending criteria and changes to investor taxation restrictions will shift market dynamics. “The inability to secure finance, alongside rising interest rates, will likely be a key factor in softening residential property price growth in the coming year.”
First-time buyers have been impacted the most but investors are also feeling the pressure, he said. “Interest rates, higher prices at auctions, uncertainty around further legislation and tighter lending rules have all impacted
investors, with reports of fewer investors in the market.” CoreLogic chief property economist Kelvin Davidson said older people who own their own home – or more than one – will have benefitted in capital gains from price increases. “We know that home ownership rates are higher amongst the older generation, so broadly speaking, higher property values will have helped to raise their wealth.” Looking ahead to this year it’s going to be another fascinating year for the property market, he said. “The recent move to red is a clear signal that Covid’s disruption is not yet done, which may cause some turbulent times for the New Zealand economy and property market in the months ahead. “However, despite this, we suspect that by mid-2022 the balance of power could tip towards buyers. “It certainly wouldn’t be a surprise to see average value growth slow from almost 30
Summerset Retirement Villages general man nager sales Fay French says there is a lot to enjoy about retirement village life. Inset: Rowan Dixon, Real Estate Institute of New Zealand acting chief executive. Photos/Supplied percent in 2021 to single digits in 2022.” Quotable Value general manager David Nagel said 2021 had growth that is unlikely to be seen again for a generation. “We’ve seen house listings surge in many locations where previously there was an acute lack of stock. “And with the banks tightening their lending criteria in response to the new legislation, we’ve noticed a real falling off in auction and open home attendance.” For the future, all eyes will be on the overseas response to the country’s scheduled border reopening, he said. “If the floodgates were to open again to new migrants and returning Kiwis at the levels last seen in 2019, then we could see some strength return to the property market as demand for housing increases. “But more likely we’ll see a gradual decline in the rate of growth, as interest rates rise and tax deductibility rules take effect for investors, with only a few locations showing any significant reductions in value.” Downsizing vs retirement villages – which one is best for you? For people in or nearing retirement the capital gains growth seen last year makes it the perfect time to sell the family home. The most common options for retirement after selling are downsizing or moving into a retirement village. Both come with advantages and disadvantages so it’s important to decide what will work for you. Retirement Villages Association executive director John Collyns said retirement villages are a great option for people wanting a comfortable lifestyle. The association’s most recent survey of residents, which was undertaken last September, said the main benefits of retirement villages were security, socialising, access to a continuum of care and not having to worry about maintenance. There’s also financial security and releasing pent-up equity on the sale of the
family home, Collyns said. “They know to the last dollar how much they’ll pay to move in, how much they’ll get when they move out, and how much they’ll pay while living there.” The research shows that residents are overwhelmingly satisfied with their decision to move to a village, he said. “Our last survey showed that 91 percent were satisfied or very satisfied with their decision, while around 7 percent were neutral. “Of course problems can arise, but the legislation is designed to protect your investment in the village and ensure you can remain living there for as long as you want to or are able to.” The benefit of a retirement village over downsizing is that you are no longer responsible for your home’s maintenance and upkeep, he said. “You sell your family home, release the equity and purchase the right to live in a village, usually for significantly less than you realised from the sale. “You can add this equity directly to your retirement savings and get an immediate improvement in the quality of life. “Villages also offer the opportunity to make new friends, learn new things, or just relax knowing that almost everything will be taken care of.” However, only around 14.3 percent of people over 75 choose to live in a village, he said. “Clearly it’s not for everyone. “The principal disadvantage is the loss of between 20 percent and 30 percent of your original capital sum and, generally, no share of any capital gain. “On the other hand, you also don’t risk any capital loss, and don’t have to worry about inflation around insurances, rates, and maintenance costs.” Summerset Retirement Villages general manager sales Fay French said there are a number of things to consider when choosing a village.
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Top: Retirement Villages Association executive director John Collyns. Bottom: First National Real Estate chief executive Ray Ellis. Photos/Supplied
These include location, amenities, quality of homes, community vibe, provision of care and reputation of the operator. “Look around at different village options to understand what is available and the types of homes that are available. Also, talk to friends and family.” People should start to look well before they want to move as many villages have long waitlists, she said. First National Real Estate chief executive Ray Ellis said downsizing is a good option for people wanting independence, an easier lifestyle and capital gains. “Ultimately, retirees in good health are likely to find greater freedom and financial benefits by downsizing to a freehold property. “However, everyone must consider their personal circumstances and retirees who are experiencing health conditions may find their best choice is to move to a retirement village environment, where their changing needs can be fully supported over time.” House prices have risen substantially recently, making it easier for young retirees to sell a large family home and buy something smaller, which leaves them unencumbered (or at least reduces mortgage repayments), Ellis said. “Moving from a larger, older style property that has more bedrooms and a larger garden than you need can deliver immediate financial savings. “If you have a mortgage, you’ll immediately enjoy reduced mortgage repayments. “For others, the chance to liquidate some equity or extinguish their mortgage and put some money into investments is very appealing.” People wanting to downsize need to choose the right home for their needs,
he said. “Don’t rush – the house you choose now is likely the one you will spend the rest of your time in.” Things to consider are neighbourhood and ease of access. “You may want to live close to family, or near shops and businesses that you like to visit. Think about if the house will adapt with your age.” Apartment living is also becoming more popular for several reasons, he said. “There is little to no maintenance on the property, security is tight, and you are generally closer to metropolitan life.” Retirement villages may seem appealing as the purchase price will often be lower than a freehold house, he said. “But you will likely pay more in the long term as you or your estate/beneficiaries will not receive any capital gain that may have applied to any freehold property you own.” Ray Ellis’ downsizing benefits: • Selling the family home gives you immediate equity or reduced mortgage payments. • You still get capital gains from the new property. • You may be able to help your kids onto the property ladder. • You can choose the home and area that suits you. Fay French’s top reasons for choosing a retirement village: • You do not need to worry about house maintenance • You are surrounded by like-minded people where you know who your neighbours are. • Peace of mind that care, should you require it, is offered on site. • Security – villages are fenced and gates are closed at night that can only be
accessed by security pass. • There are a wide range of activities and events. Concept created for alternative retirement lifestyle An alternative to retirement village living is being set up in Northland. Resource consent is being sought to turn a holiday park into a lifestyle holiday park to provide a way for old people to live in a supported community with the option of gaining equity. Lifestyle Holiday Parks project and operation manager Eric Chase, who has 42 years’ real estate experience, said the goal is to create a holiday park where retired people can purchase a property with a title similar to a cross lease rather than a license to occupy, which is used by many retirement villages. “We’re looking to have the consents by the end of March.” The goal is to sell prefabricated tiny homes on the park so people can enjoy retirement but know their equity isn’t being reduced, he said. “Let’s give elderly an opportunity for capital growth during retirement.” There will be weekly costs to cover rates, power, internet, insurance, water and amenities at the park such as the pool and restaurant. People will also be able to stay at the park and they are hoping to open more around the country. It won’t just be for people in retirement because research has shown that older people do better when they are in a community and can interact with different generations, Chase said.
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Get to know your garden ABOVE: ABOVE: ABOV E: G Gardener a de ar dener Kath Kath IIrvine rvvine in ne re recommends ecomm mme ends looking en loo oo okiing a after fte ft er your er you ourr so soil il to to get ge the t e best th best results res esul ults ts from fro rom m your your veggie veg eggi gie e patch patc pa tch BELOW: BELOW OW W: Check sso soil oil i h health ea alt lth h by squ squeezing quee eezi zing ng it in yyour ourr ha ou hand nd will get know environment before building veggie patch. – the the good g od go d sstuff tu uff w illl mostly most mo sttly sstick tick ttogether tick ti oget og ethe herr & g et tto o kn k now ow yyour ou ur en envi viro ronm n en entt be befo f re eb uild ui ldin ing g a ve vegg ggie i p atch at h. Photos/Supplied Photoss//S Ph Suppl up pp ied
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ummer is almost over and it’s time to have a look at your veggie garden ahead of the colder months. Organic gardener and author, Kath Irvine, who is based in Horowhenua, talks to journalist Ruby Harfield about planting in March/April.
What are the best things to plant at this time of year? It’s time to plant winter crops and make the most of the fast growth that comes with warm soils while the nights are balmy. In a month things will start to cool and as they do growth slows - if you want to eat fresh through winter - get on the job today. You can directly sow carrots, parsnips, coriander and rocket now. Sow or transplant lots of easy greens like miner’s lettuce, corn salad, land cress, pick and come again salads, spinach or mizuna, along the picking edge (outside edge) of flowers, fruit trees or veggies for easy access. A mix of greens - some spicy, some sweet, some bitter - make for the best salads. Broad beans and sweet peas (not a veggie but a glorious fragrant climbing pea) can also be sown now. Plant lots of parsley and easy leafy greens like kale and silverbeet - these are super easy and nutritious. I think of them as the winter baseline - if you only have a little space or not much time - lean on these guys. Plant a mixture of broccoli, cabbage and cauliflower. Leeks and celery can also go in now. If rust is an issue at your place - get some early garlic growing now so it’s nice and fat by the time rust hits in spring, and you’ll still get a crop. Plant or sow as many companion flowers as you can fit such as calendula, cornflower, phacelia, crimson clover, bishop’s flower and poppies What do you need to consider when planting at this time of year? The first port of call is your soil. It’s normal for it to be a bit dry and tired by now after pumping out crops under the hot sun. Check in with it. If it’s dry and has no worms, nothing will
grow well. Bring it back to life before planting by watering, then once it’s nicely moist again - add compost and/or vermicastings and top it off with mulch. Once the soil’s back in good health, you’re ready to plant. Cover new seedlings with a bit of shade cloth to prevent wilting. Once well established, remove the shade cloth. And if cabbage white butterflies are abundant at your place, you’ll need to either squash caterpillars on a regular basis - look beneath the leaves - or cover the crop with insect mesh. What advice would you have for people who are starting out with gardening? Don’t rush into building a veggie patch. Take your time to get to know your unique environment first. Work out where the sun shines throughout the year - you need at least 10am-2pm sun year round in your veggie patch. Make sure it’s out of frost, not in a poorly-drained spot or the brunt of the prevailing wind. In permaculture design, we begin by making a base map, which is a simple sketch of your land in which you draw all these details. It can be life-changing when you create your garden in a well thought out spot. While you wait to gather this knowledge, grow veggies in existing gardens or grow in pots/containers. Another awesome project while you wait is to have a go at making compost. It’s really not as hard as you think and your own compost is alive. There’s also no herbicide/ pesticide residue to ruin your soil life. Even if you don’t grow all your own compost, it’s so good (important even) to convert all your food scraps and recycle your garden waste/grass clippings. Mix your own compost with good bought compost for the very best results. On my website www.ediblebackyard.co.nz check out my easy compost recipe - even time poor gardeners use it with great results. What veggies are in abundance at this time and what are some good uses for them? Early autumn is a time of great abundance
in the garden. Summer crops are still pouring in - tomatoes, peppers, eggplants, corn and zucchinis. We begin to harvest pumpkin, kumara and squash for winter storage. The first carrots and broccoli are showing up too as we cross from one season to the other. My favourite ways to preserve are quick and simple things like mixed vegetable ferments and surely the most useful preserve of all - roasted tomato passata. Learn to love your soil Your soil is the heart of the matter. Take the time and check in with it before you plant or sow a crop. Pick it up in your hand and give it a slight squeeze then open your hand back out and give it a light shake. Good growing soil will mostly stick together with a few crumbs falling away - it’ll smell good and earthy and have a few worms.
The best ways to nurture it are to: • Not dig, go on top (caveat here if you are on heavy, poorly drained clay in which case aerate with a broadfork once or twice a year until it comes right). • Use organic matter - natural byproducts of life like food scraps, leaves, seaweed and manure. Artificial fertilisers put all the natural responses in the soil to sleep and a common byproduct of artificial fertiliser are sucking insects like aphids and passionvine hoppers. A balanced, steady soil built on natural, organic material will have less pests and disease, in time. • Keep it covered at all times either with plants (the best way) or mulch. Even a bit of shade cloth or sack tossed over bare ground until you have time to deal with it is far better than leaving all that hardearned fertility to fade away when at the mercy of the weather.
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Campervan Camp Ca m er mp erva van travel trav tr avel ell has has become bec ecom ome e in incr increasingly crea easi s ng ngly lyy popular popul opul op ularr tthroughout ular hrro h ou ug gh ho ou ut the the Covid Covi Co v d pandemic. vi p nd pa ndem emic em ic. Photos/Supplied Phot Ph otoss/S Su up ppl plie ied ied
A fine way to travel By Ruby Harfield
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he peace of mind that comes from holidaying in a self-contained campervan has seen thousands of kiwis hit the road over the last couple of years. Rental companies such as Maui, Britz and Mighty, owned by Tourism Holding Limited (THL), have seen an increase in the number of hires as people come to terms with Covid-19. A THL spokesperson said campervans are a great holiday option for those concerned about new Covid variants getting in the way of their plans. “Motorhomes provide sought-after flexibility – with travelers able to change plans and directions as needed. “The self-contained nature of the vehicles, the travel flexibility, along with being outstanding value when compared with other holiday options is credited with 2021 being billed the ‘The year of the RV’ by many in the States and the UK.”
Around the world, in places where travel restrictions have eased, but Covid continues to be in the community, holidaying in a campervan has become the perfect holiday solution, he said. It offers holidaymakers a travel cocoon that’s safe, comfortable, and enables any bubble to have everything on hand to have an incredible time, he said. “One of the reasons New Zealand is so popular as a road trip destination is the variety of experiences nearby. “Motorhome travel enables us to see it all – it’s the ultimate in freedom and flexibility.” Campervans also allow people to travel at their own pace and discover the hidden gems of New Zealand, a THL spokesperson said. “It is a fantastic way to spend some quality time with your loved ones, experiencing an adventure together, whilst also supporting tourism operators along the way.”
It is important to plan where you are going and ensure you have enough time to get there. “Some days may include long driving hours, but this can be split up with another passenger or organising stop-off points and activities along the way.” The next thing is to decide where to go. “With an incredible range of iconic road trips, New Zealand really is an epic place to travel via motorhome,” the spokesperson said. “Head to the far North and discover an abundance of golden sand beaches and
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crystal clear waters, the perfect backdrop for relaxation. “Explore the central North Island for some cultural enrichment or head south for an adventure-packed trip as you explore alpine wonders and glassy lakes.” Co-founder of the New Zealand Motorhome Travel Group, Mark Aldridge, said the RV world has seen huge growth with limited overseas travel. “This has pushed up the demand for new and second hand units that the country has never seen before.”
Regional tours tailored for specific themes or activities
Classic Cars of the South 6-12 Apr 2022, 7 days from $3,285 pp
Preservation Inlet Cruise 22-30 Apr 22022, 9 days from $5,995 pp
From Blenheim to Invercargill, we experience some of the South Island’s best museums and private collections of classic cars and vehicle memorabilia
A voyage of discovery; explore five of New Zealand’s most seldom visited fiords; Chalky and Preservation Inlets; Doubtful, Dusky and Breaksea Sounds
Hawkes Bay Historic Homes 20-24 Apr 2022, 5 days from $2,020 pp
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Experience a fascinating selection of interesting Stay for four nights in Rotorua, enabling you to unpack period buildings, includes a guided art deco walking and each day enjoy a nearby activity including; tour, and dinner at Mission Estate Winery Fieldays, Hobbiton, and a Lake Taupo cruise
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2-5 May 2022, 4 days from $1,810 pp Visit amazing natural highlights of the King Country. Immerse yourself in the wilderness of the Pureora Forest with a three-night stay at the Timber Trail Lodge. We include a visit to Otorohanga Kiwi House, a private sunset glowworm cave tour, a guided walk through the Pureora Forest, and a tour at Sanctuary Mountain Maungatautari.
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Get back in the swing Don’t let little wee leaks call the shots in your life.
Each year, more than 4000 New Zealand men are diagnosed with prostate cancer. While most live to tell the tale, bladder leakage is a common side effect of treatment. Until recently, the one in five men and one in three women who pee a little when they sneeze, cough, laugh or lift something heavy, had few options for managing their bladder leakage other than dissposable pads, shields and gu uards, which tend to slip around unreliably and are a ma ajor contributor ntr to landfill.
But now innovations in textile technology have led to the development of ordinary cloth underwear with life-changing absorbent and leakproof properties. Leading the field is Kiwi company Confitex, which has created and patented the world’s most absorbent and leakproof textile without added bulk. Initially invented with elite athletes in mind, this revolutionary textile is used in Confitex for Men leakproof trunks and Just’nCase absorbent briefs for women. These quality reusable underwear come with the bonus of a discreet panel of
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Designed to be worn every day and at night, they are comfortable and convenient to wear, and can be machine washed and even tumble dried, exactly like ordinary undies. They come in a range of designs, colours, fabrics and sizes, so Confitex CEO Christine Arden recommends buying one pair and testing them out in the comfort and privacy of your own home. Then, once you know you’ve got the right size and absorbency level for your needs, you can stock up on enough pairs to allow you to get on with life. Just’nCase absorbent briefs for women and Confitex for Men leakproof trunks are available only online at confitex.co.n nz
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Above: Changes have been made to the NZ Blood Service’s donor eligibility criteria. Right: Paul Tomlin has been giving blood for 45 years Photos/Supplied
It’s not too late to give blood By Ruby Harfield
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f you’re heading towards retirement, or well into your golden years, helping save lives through blood donations is now easier than ever. Last November, a number of changes were made to NZ Blood Service’s (NZBS) donor eligibility criteria, which enabled more people to give blood. The biggest of these changes was the extension of the upper age limit – new donors can now make their first blood or plasma donation until they turn 71 (previously, it was 66). Existing donors and lapsed donors may now be able to donate up until they are 81. NZBS national marketing and communications manager Asuka Burge said more than 300 donors may benefit from this change. “We are thrilled to extend the age criteria for both new and existing donors, so age is no longer a barrier to donation for eligible, fit and healthy donors. “We know there will be plenty of donors
who will be delighted to hear this news and encourage anyone who thought they might be too old to donate for the first time to consider giving lifesaving blood or plasma.” The service regularly reviews its eligibility criteria based on scientific evidence and international best practice, she said. The changes were submitted to Medsafe for approval before being implemented. Other changes include reduced stand down periods for donors with certain medical conditions or those who have undergone a medical procedure. Also, if a person has recently had a tattoo or body piercing, the stand down period has been decreased to three months. “We strongly encourage everyone to review the new criteria, especially if you are a donor over 71 or if you have never donated and you are under 71 years of age,” Burge said. “It may be that you can continue donating blood or plasma or start your donation journey today. Please get in touch and speak
with one of our team to see if this is possible.” Aucklander Paul Tomlin, who is the country’s top donor, has many more years left of giving blood thanks to the extension. Tomlin was 19 years old when he first signed up to be a blood donor – he was accompanying his uncle and had agreed to give a few minutes of his day to donate blood. Although he did not set out to break any records, Tomlin continued making blood donations on a regular basis for the next 45 years and has more than 600 donations under his belt. Like clockwork, he shows up at Auckland’s Epsom donor centre every second Friday at 7.30am. “The donor centre is on my way to work so I book my appointments and just stop by before I start my workday”. Tomlin works at the University of Auckland as a technician and said his workplace has been supportive, which has only fuelled his dedication. “I never thought I’d get to this many
donations, but the truth is I never really thought about it. “I’ve just kept it up because it’s such a worthy cause.” He began donating whole blood before making the switch to plasma, a procedure that takes about 45 minutes once on the donor bed, and involves an automated process where the donor gives only a certain part or component of their blood. The donor’s blood is collected, and the red blood cells, plasma and platelets are separated. The plasma is then extracted, and the red blood cells and platelets are returned to the donor using a process called “apheresis”. Plasma collected in New Zealand is used to make up to 11 different life-saving medical treatments for people with immune deficiency related health issues. More information about the donor eligibility changes can be found at www.nzblood.co.nz.
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Saving for retirement By Ruby Harfield
P
eople are living longer and, ideally, spending at least 25 years in retirement so it’s important to make sure they have enough money. Statistics New Zealand states that, on average, 80 percent of 65-year-old men can now expect to live until they are 90 and 65-year-old women until they are 94. Mint Asset Management head of sales and marketing, David Boyle, said people over 50 who have not started saving for retirement need to start now. “Don’t wait another day. It sounds flippant I know, however in my view it is never too late to start preparing.” When it comes to how much people need to have for retirement it is different for each person, Boyle said. “There are no easy answers to these next chapters in our lives, but the sooner you start the easier it is. “Everyone will have a different road to take and for many the road is much longer now than it has ever been before. “We are living longer and that’s great but it does create a host of challenges that other generations before us didn’t have to contend with.” People need to consider where they want to live, holidays, supporting wider family members, interests and life expectancy. Massey University has recently updated its guidelines on how much someone might need during retirement. A couple who wanted a comfortable lifestyle in a city would need about $809,000 to get to the age of 90. A good way to work out how to save for retirement is to develop three investment buckets, Boyle said. “The first is your three to five year bucket. Ideally, these funds would be used to top up your retirement income. So they need to be pretty safe, accessible and able to provide regular payments to your bank account.” Bank term deposits or a Diversified Income Fund could be options to investigate,
Boyle said. “The second bucket is for five to ten years. Ideally, this is money that you will use to fill up the first bucket but you will be able to take a little more risk because of the time you have before needing to draw down the capital. “So perhaps a diversified fund that has a higher weighting to growth stocks like shares and property could be a good place to start.” The third bucket is something more long term for at least 10 to 20 years. “Here you can take further risk (for a greater long term reward) to help maintain the buying power of your money when you really need it. “This could include some property you might already have or developing a growth portfolio that meets your personal circumstances. “There are so many quality investment options in the regulated market and this is where a little advice would go a long way.” Boyle recommends being wary of investments offering guaranteed double-digit returns. “Many are property syndications and have a range of risks you need to be mindful of. “If it sounds too good to be true it probably is.” Having a chat with an adviser or talking to companies that offer investment solutions is a great place to start working out what you need to do. A growing number of New Zealanders are nearing retirement but not near their savings goals – especially as people are taking on more debt to get into home ownership, Boyle said. “I suspect more Kiwis will have a mortgage when they reach the age of 65 so this does create a real challenge when preparing for a life after paid income and work.” On a positive note properties have grown significantly in value over the past five years so releasing some of that capital could be a good start, he said.
David Boyle is Mint Asset Management’s head of sales and marketing. Photos/Supplied “The first thing is to decide if you can, or want to, work longer. “The great benefit of working longer is that you are not spending your savings, which means all going well, you will have more money to spend later for longer.” Working longer will help people get rid of debt and save enough money to build up a small nest egg. Once people turn 65 they start receiving the New Zealand Superannuation so could, if still working, invest these payments or use it to retire debt, Boyle said. “If working past the age of 65 is not possible then things do become a little more challenging. “Downsize your house and invest the difference. “If the difference is not that great you could sell your house and move to a smaller town or city that is cheaper.” Sorted, which offers free financial advice, recommends using savings and investments
on top of pensions to make retirement more comfortable and enjoyable. Being mortgage-free by retirement is a great goal to aim for, it states. “The reason many people currently in retirement are able to manage financially is because they no longer have the burden of mortgage repayments.” The organisation has a retirement calculator to work out how much you will need to save based on what you currently spend – this can be found at www.sorted.org.nz. The calculator includes figures based on a basic lifestyle or one with some more luxuries. David Boyle’s retirement saving tips: • Work out a budget. • Review your KiwiSaver. • Get a plan completed by a financial adviser.
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More support needed for older renters By Ruby Harfield
R
enting in retirement is increasing as house prices sky-rocket and the rates of home ownership fall. Centre for Research, Evaluation and Social Assessment (CRESA) research director and sociologist, Kay Saville-Smith, has studied the importance of housing for older people’s wellbeing and wants better rental opportunities for retirees. Dr Saville-Smith said in 20 years, less than half of New Zealanders turning 65 will be homeowners. There are currently very high rates of owner-occupation in New Zealand but this reflects events of fifty or sixty years ago when people were easily able to buy houses. “These people are still alive and in their own homes so this brings up the rate. “It looks as though seniors are in a good position but the rates will go down and the proportion of people in rent will increase.” There are a number of reasons for this, first there’s a decline in the number of people able to buy a house earlier in life due to increasing prices. “If you haven’t gotten to owneroccupation by 40 it’s unlikely that you will at
any stage in your life.” There’s another group of renters in retirement who have been forced out of owner-occupation due to personal issues such as divorce, finance problems or health concerns. Some people are also quite badly affected when there are global financial issues such as the Covid-19 pandemic as they had their houses tied up into their business for equity, she said. “There are a range of personal crises as well as major adverse events like a flood or earthquake that can destabilise home ownership.” One of the problems with renting is that the properties perform more poorly than those that are owner-occupied, she said. “Older renters are much more likely to get health problems.” CRESA’s research has found that older renters are more vulnerable to housing stress, dwellings in poor condition, and social isolation. It said the probability of admission to residential care is higher among renters. Older renters in the private market
Dr Kay Saville-Smith is a research director and sociologist at the e Centre for Research, Evaluation and Social Assessment. Photo/Supplied face tenure insecurity and increased accommodation costs. The solution is to have dedicated rental homes for seniors, Dr Saville-Smith said. A lot of council housing is not affordable for people on a pension as it’s subsidised based on market rates. Some retirees have resorted to renting as a group to share the costs of living. Private rentals are often not appropriate as the Building Act does not require new builds or renovations to be accessible and, therefore, they are not adaptable for the
lifecycle of the people living in them. “It’s very hard to get landlords or property investors to do home modification due to the cost. “But it’s much better to have a home that is built to be accessible and able to be easily adapted.” More supported living co-operatives need to be created as well as a better and more diverse range of rental stock, she said. “The rental market in New Zealand is still lightly regulated compared to other countries.”
D E S I G NE D I N S T EP W I T H N AT U R E C R E AT E D F O R L I V ES F U L L O F P U R P O S E At The Botanic, we believe our retirement years are our very best years. It’s a magical phase of life when we renew, connect, and live joyful lives full of purpose, immersed in our community and surrounded by nature.
S TA G E O N E A N D T WO S O L D O U T
S TA G E T H RE E V I L LA S A N D S TA G E F O U R A PA RT M E N TS S E L L I NG NO W !
We know how important it is to support people to live healthy, active lives and that’s why we’ve placed purpose, wellness, nature and joy at the heart of our vision for The Botanic – a stunning new retirement village in development in Silverdale, and the very best in class in modern retirement and aged care living. Swim laps in the 20m pool, play Pebble Beach on the golf simulator, stroll along the tree-lined boardwalk, relish delicious cuisine at our restaurant, or enjoy a glass of wine at the light-filled Club House in the heart of the village. It will all be available at The Botanic. It’s your choice to live your magical years, your way, at The Botanic.
A life less ordinary Stage Three Villas selling now from $820k Stage Four Apartments selling now from $725k The Botanic Silverdale Show Home 44 Evergreen Drive, The Botanic Silverdale, Auckland Open for viewing 11am-3pm, Monday to Saturday 0508 268 264 (0508 BOTANIC) hello@thebotanic.co.nz | thebotanic.co.nz
14 |
Life in the slow lane By Ruby Harfield
T
he thought of paying off a large mortgage for the rest of a Canterbury woman’s life led her down an unusual
ABOVE: The 11-metre 1993 Mitsubishi Fuso called ‘Ilene’ BELOW: Canterbury ryy woman Michelle Nelson now lives in a bus. Photos/Su upplied
path. With many people nearing the end of their working lives considering downsizing or moving into a retirement village, Michelle Nelson broke the trend by moving into an old school bus. Four years ago Nelson sold her home in Mount Somers and bought an 11-metre 1993 Mitsubishi Fuso, fondly referred to as ‘Ilene’. “She was a decommissioned school bus, converted by the guy I bought her off. “She’s not a luxury fit out, but she’s rustically homely, fully self-contained, with a deck of solar panels atop, and a 12-volt inverter onboard.” There’s a three-way fridge, gas cooker, gas hot water and a wood burner. “I don’t miss living in a house at all, what is there to miss? I can get my housework done in 30 minutes tops. “It’s tiresome when it rains for days on end, but such is life. “ Ilene is the ultimate lock-and-leave home and if necessary, I can drive her out of here.” Nelson’s decision to downsize was for a lifestyle change, freedom and to spend more time with her grandchildren. “I was 60 years old and likely to be paying off my mortgage until the day I popped off the mortal coil.” Add to that, insurances, utility bills, rates and on-going home maintenance costs and it was really a no-brainer, she said. “I don’t have a fortune but count myself very fortunate. “This year I’ll get my SuperGold card and accompanying pension. I’ll probably have more disposable income than I’ve ever had. “I wanted off the treadmill, I needed a freehold home, and at the time Ilene ticked all the boxes.” Once she had decided on the change she needed to work out how to do it – especially making the choice between a tiny house and a mobile home. “I researched my options and to be honest, would have preferred a tiny house.
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“I liked the idea of an urban tiny house community, however, there’s an on-going bureaucratic battle between tiny house dwellers and local councils in this area and I wanted to simplify my life. “It’s also way easier to move a mobile home than a tiny house.” The bus is currently parked up on a lifestyle block in North Canterbury. “I work a couple of days a week at dog boarding kennels nearby. I spend two or three days a week in Christchurch caring for my grandchildren. “Obviously, we had no inkling that Covid was looming four years ago, but with two new additions to the family, both born in the first lockdown, the landscape has changed. “It’s my absolute joy to be free to care for these babies in such uncertain times.” The process of downsizing was a challenge but also fulfilling. “It was initially daunting sifting through the endless stuff accumulated over 60-odd years, and that left behind by three kids as they moved out, moved home, traveled, moved home, studied and finally started their own families. “Could I really part with that hideous pottery vase carefully crafted by little fingers in an art class long ago?” She became ruthless in getting rid of her possessions, which was cathartic, but the vase earned a spot in a storage box of precious things. When Nelson first contemplated buying a bus she felt she needed a big one but she’s now considering swapping Ilene for something smaller. “On reflection, I realised I only ever lived in a small area of the houses I owned, and suspect others might find the same. “Aside from the kitchens and utility areas, I sat in the same chair, ate at the same table and slept in the same bed. “Those are still my habits, and I could happily live in a smaller, more maneuverable bus.” Ilene is hard to drive, with a top speed of 80km, and Nelson said she would travel more in a smaller bus.
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“Ithink it’s a great investment and great value... I only took two steps in and immediately felt at home. It was a great size - plenty of room in the kitchen as I love to bake - a good size bathroom. It had everything I wanted plus my lawyer thought it was a good investment.
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LIZ CAMPBELL RESIDENT & RETIRED GOURMET FOODS RETAILER
“I’m really passionate about what this industry can offer people. When we talk about best interests at heart, the most obvious demonstration of that is the share of capital gain. It’s fair. However, that’s not the only thing we want to be known for. At Karaka Pines Villages we believe it’s important to listen to the people who live here. For us, taking on board what’s important to the people in each village is what counts and it’s those individual nuances that make each Karaka Pines Village different. It’s theirs and the place they can truly call home.”
BOOK YOUR PRIVATE VILLAGE TOUR ADAM YATES CEO KARAKA PINES VILLAGES
MONTHURS11.30AM3.30PM | CALL 0800 KARAKA There are many reasons why a Karaka Pines Village could be the right choice for you. Why not book your private village tour or visit our website and discover just how much more there is to be gained with Karaka Pines Villages’ new take on retirement living.
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KARAKA LIFESTYLE ESTATE 333 BREMNER ROAD (OFF JESMOND ROAD) DRURY, AUCKLAND CHRISTINA 027 208 9515 | CHRISTINA@KARAKAESTATE.CO.NZ
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