Are you thinking about moving into a retirement village unit?
The many amenities and upfront costs may seem ideal at first, but you must know all the costs of retirement living.
The most important piece of advice for those considering selling up and purchasing a property in a retirement village is that you should not be doing it as a financial investment — what you are buying is a lifestyle.
Quality of life advantages of a retirement village unit
While retirement village living can seem costly, most residents are pleased they made the choice to move into a retirement village, where they gain advantages such as entertainment, social interaction, security, and facilities like bowls, croquet, gyms, swimming pools, and community activities.
There is plenty of choice in village style, from urban to rural, single-level or multi-level free-standing units, villas, apartments, and terraced housing, and whether they include a rest home along with varying ranges of additional activities and services.
The retirement village option is a difficult one, so you need to understand what you are choosing. For this reason, it’s a good idea to involve friends, family, and your lawyer in the decision.
Before you look at retirement villages
Moving to a retirement village is a big lifestyle choice. Before you begin looking:
- Discuss your decision to enter a retirement village with your friends, family, and other people you usually consult on important matters.
- Consider alternatives, such as home help, seeking assistance from government or other agencies, or moving to a smaller home.
- Ask a financial planner about the best way to manage your income and spending.
- Check the property market if you are considering selling your home.
- Ask anyone you expect to live close to about their plans for the future.
Steps to make the best decision
- Make a list of what you really must have in a retirement village, and another of features you want but do not need.
- Seek professional advice — for example, take the retirement village contract to a lawyer and/or financial advisor before you sign.
- Speak to Seniors Information Victoria for free information about housing options, from independent living to residential care.
- Shop around and make sure you are informed about your options.
- Refuse to be hurried or pressured into a decision.
Long-term needs in the retirement village
- Does the retirement village offer optional support services if you need them, such as cleaning, assistance with meals, and other personal services? If so, can you adjust your contract to add these services, and at what cost?
- Are meals available? Where, how often, and at what cost?
- Is there a communal dining room? Can you bring your own meals and eat there?
- Is there nursing home or hostel accommodation in the area? You may not want to move very far if you need to go into aged care.
- Places in aged care are allocated under a Commonwealth assessment system, but if there is no aged care in your community, it is more likely you will have to move away.
