Despite predictions of boomers leaving Sydney for a sea change, many are choosing to downsize in Sydney.
A lot of boomers desire a move into well located modern apartment.
The big consideration for boomers moving into apartments is the ongoing rates and levies once they reach retirement.
Paying quarterly strata levies of $2000 or $3000 is a financial burden for someone who is earning. It can become a crippling financial burden for someone not working.
Apartment complexes that have generous amenities are usually the more expensive ones. Gymnasiums, spas, sauna, concierges and elevators are all features that can drive strata levies higher.
Boomers heading into apartment living should consider the cost of strata fees over the term of their expected ownership.
The only thing worse than knowing about expenses, is not knowing.
Apartment buildings with strata fees at the lower end of the spectrum will hold obvious appeal to baby boomers downsizing.
Developers would be well advised to cater to the baby boomer apartment market