Planning for Retirement: How can town planning advice help clients downsize or repurpose property assets?

Welcome to our blog series aimed at Buyer’s Agents and Advocates in Victoria. Throughout this series, we explore the critical role of town planning in identifying property potential, mitigating risk, and enhancing the strategic advice you provide to your clients. Navigating Victoria’s planning system can be complex, but understanding key planning considerations can be a significant asset in your service offering.

Further reading in this series:

Retirement is a significant life transition that often involves adjusting living arrangements and leveraging assets. For your Victorian clients, their property holdings are frequently their most valuable asset, and strategic planning around these can be key to their retirement goals. How can town planning specifically help clients looking to downsize or repurpose property as part of their retirement plan?

Understanding the planning options available allows you to provide tailored advice that helps clients utilise their property assets in ways that align with their evolving lifestyle during retirement.

Town planning strategies for retirement & downsizing goals:

Town planning regulations provide the framework for several property strategies that can support retirement plans:

  • Generating Funds Through Subdivision: For clients who own a large family home on a sizeable block, a planning permit for subdivision might be possible. This allows them to carve off and sell a portion of the land, potentially generating significant funds for retirement, while keeping their existing home on a smaller, more manageable block size that meets minimum planning requirements.
  • Creating New Living Arrangements with a Dual Occupancy: Clients might wish to build a smaller, more accessible dwelling on their current property (or a new property they purchase) to move into themselves. This is typically known as a dual occupancy and requires a planning permit for the building design and layout against density and site coverage controls. The original house could then be rented out to provide income or sold.
  • Repurposing Existing Property: For clients who own commercial or rural properties, planning advice can clarify if a ‘Change of Use’ permit is feasible to repurpose the land or buildings for a different activity that better suits a retirement lifestyle or generates income in a less demanding way (e.g., converting a rural building to a bed and breakfast, subject to zoning and planning permission).
  • Assessing New Properties for Suitability: When assisting clients in purchasing a new property specifically for retirement, planning due diligence is crucial. It ensures the site allows for any desired future modifications (like accessibility ramps or extensions), fits within a preferred neighbourhood character defined by planning overlays, and doesn’t have hidden planning constraints that could impact their retirement living plans.

By understanding these specific planning mechanisms, you can help clients explore concrete, regulated options for their property assets that might not have considered, directly supporting their long-term financial and lifestyle planning in retirement.

Need a planning consultant with expertise in retirement & downsizing projects?

AS Planning provides expert town planning advice to help Buyer’s Advocates support their clients’ retirement and downsizing goals in Victoria. We can assess the planning potential of existing properties for strategies like subdivision or dual occupancy, clarify options for repurposing commercial or rural holdings, and provide planning due diligence for potential new acquisitions, all while guiding the necessary planning permit processes according to the Victorian Planning Scheme. Get a quote today.