If you’re thinking about renting a room in a rooming house, you’re likely looking for something affordable, flexible, and practical. Whether you’re a student, a young professional, or just in between living arrangements, rooming houses can be a great solution.

But what should you expect/ consider before making your move?

1. Shared Space & Amenity
Typically, you’ll have your own private room, but the rest of the house—like the kitchen, bathroom, and living areas—will be shared with other tenants. This means you’ll need to be comfortable with communal living. Most rooming houses have clear guidelines around shared responsibilities, like cleaning and being mindful of noise. It’s all about mutual respect and good communication to make sure everyone feels at home.

2. A Slightly Different Rental Arrangement
Before moving in, you’ll be asked to sign an occupancy agreement. This document is important as it outlines the details of your stay, such as the rent, the duration of your tenancy, and the rules of the house. These rules often cover things like guest policies, quiet hours, and cleaning duties. Be sure to read the agreement carefully so you understand everything upfront—this can help avoid any surprises later on.

3. A Cost-Saving Living Solution
One of the biggest advantages of rooming houses is that they’re generally more affordable than renting an entire apartment or house. In many cases, rent also includes utilities like water, electricity, and sometimes even Wi-Fi, which makes budgeting much easier. However, it’s always a good idea to confirm exactly what’s included in the rent before signing anything.

4. Safety Measures & Compliance
Safety is also a priority in rooming houses. They are required by law to meet certain safety standards, such as working smoke alarms and fire exits. Some may even offer added security features, like cameras or key access systems, to make you feel more secure.

If You Are Looking to Rent a Rooming House
The Hopkins Group is a trusted licensed rooming house operator, with an array of rooming house and co-living properties across Melbourne and Victoria for renters looking for a more flexible and affordable living solution.

Our listings are available on all major rental real estate websites, as well as on our website under ‘property’ and ‘rental property’. You can also contact us on 1300 762 136 and speak to our property team for our list of rooming house/ co-living properties currently available for rent.

If you’re looking to invest in a rooming house or need expert property management for your rooming house investment, we’d love to help.

Book a free, no-obligation 15-minute https://outlook.office365.com/book/MichaelWilliamsBookings@thehopkinsgroup.com.au/ discovery session to discuss how we can assist you in achieving your financial goals, whether for yourself, your family, or your future.

Estate planning might seem daunting, but it’s essential to protect your loved ones and ensure your wishes are carried out when you can no longer make decisions. Too often, people delay planning until it’s too late, leaving families to manage the aftermath during an already difficult time. By planning ahead, you make sure your family’s future is secure and your intentions are clear.

Why Estate Planning Matters

If you don’t have a plan in place, your assets may not go to the people you want them to. Without a will, your estate will be divided according to the law, which can cause confusion and stress for your family. Having a clear estate plan ensures your property and healthcare decisions are in good hands and helps prevent potential disputes between loved ones.

The Key Documents You Will Need are:

1. A Will – This is the foundation of your estate plan. It outlines who gets what and who will look after your children if they’re minors. It’s also a great way to set out your funeral wishes.
2. Power of Attorney (POA) – If something happens and you’re unable to manage your affairs, a POA lets you appoint someone to make financial and legal decisions for you. You can also set up an Enduring Power of Attorney to keep this in place if you lose the ability to make decisions.
3. Enduring Guardian or Living Will – An Enduring Guardian makes personal and healthcare decisions for you if you’re not able to. A Living Will outlines your preferences for medical care, especially if you can’t speak for yourself.
4. Trusts – A trust lets you pass assets to others in a way that can help reduce taxes and avoid long, drawn-out probate processes. It’s an effective way to protect your estate and ensure your loved ones receive what you intend.

How Can a Financial Advisor Help You Plan Ahead?

• Establish an Optimised Estate Plan– From establishing a trust to strategic allocation of your assets, a financial advisor can help you navigate the complex legal and legislative requirement needed to establish the optimise structure for your estate planning.
• Avoid Family Drama – Estate disputes are all too common, but clear instructions in a well-thought-out plan can save your family from unnecessary conflict.
• Save Your Loved Ones from Stress – Without a plan, your family may face tough decisions at a time when they’re least prepared. Having everything sorted out gives them peace of mind.
• Reduce Taxes – Planning your estate carefully can help minimise tax burdens for your beneficiaries, ensuring more of your assets go to them rather than the government.

Take Control of Your Future

Estate planning doesn’t have to be overwhelming—it’s simply about making sure your loved ones are taken care of when you’re no longer able to do so. If you’re ready to start, book a free, no-obligation 15-minute chat The Hopkins Group – Financial Planning with one of our advisors to get the ball rolling.

Retirement is a significant milestone that requires thoughtful planning to ensure a smooth transition. Below are ten essential steps that every professional should take as they approach this next phase in life.

1. Assess Your Financial Situation – Begin by reviewing your current savings, investments, and superannuation contributions. Take stock of assets like property or valuables that may contribute to your retirement. Understanding your financial picture will help identify any gaps, enabling you to make the necessary adjustments. A conversation with a financial advisor can provide clarity and help create a plan for growing your savings.
   
2. Evaluate Pension and Superannuation Options – Your retirement fund is likely to be your primary income source in retirement. Review your superannuation or pension plans to ensure contributions are on track with your goals. Explore options like income streams or annuities, and be sure to assess your eligibility for government support, such as the Age Pension, to fill any potential income gaps.
   
3. Plan Your Retirement Budget – Estimate both essential living expenses and discretionary spending, such as travel or hobbies. Don’t forget to factor in rising healthcare costs and inflation. Creating a well-balanced budget will ensure that your savings last throughout your retirement. Revisiting your budget regularly will help keep you on track.
   
4. Review Health Insurance and Estate Planning – Take a close look at your health insurance coverage to ensure it suits your future needs, considering private options if necessary. It’s also important to update your will, power of attorney, and other estate documents to ensure your wishes are clearly documented. Consulting with an estate planning professional will help secure your assets for future generations.
   
5. Consider a Transition Plan – Easing into retirement gradually can make the shift smoother. Reducing your work hours or taking on consulting roles can help maintain a sense of purpose. Consider how you’ll spend your time, whether through hobbies, volunteering, or learning opportunities, to stay mentally and physically active in retirement.
   
6. Downsizer – explain what downsizer is and outline this strategy works well for people who have no debt or significant equity in their primary place of residence looking to downsize into smaller properties for lifestyle purposes and inject surplus into superannuation as a Downsizer contribution. Do some research on this and may want to include the same.
   
7. Optimise Contribution Strategies leading towards retirement – strategies to consider include, Salary Sacrifice, Bringing forward any Unused Concessional Contributions, arranging Non-Concessional Contributions. Do some research across these and you may want to include the same.
   
8. Tax – moving into retirement doesn’t mean you will not have tax implications. Consider your existing investments and identify if these will continue to have tax obligations into retirement, or consider how to optimise ownership structure to help offset or reduce future tax into retirement.
   
9. Debt Management – review current lending position and determine if any debt will be retained into retirement, or whether you will be expunging remaining debt and how this will be arranged.
   
10. Consult a Financial Advisor – Before making any major decisions, it is prudent to consult a qualified financial advisor. An advisor can provide personalised advice based on your specific circumstances and goals, ensuring your strategy is sound and aligned with your retirement aspirations.
    
    Ready to Plan for a Secured Retirement? Book a free no obligation 15-minute conversation The Hopkins Group – Financial Planning with one of our financial advisors to discuss your retirement goals and ensure you’re on the right path.