Retirement Villages

Are you coming to the end of your working life and wanting to downsize, or a change of scene? Are you looking for rewarding living options, where less of the upkeep burden is on you? Where other people of your generation are also living? Somewhere that offers more support and assistance, should you need it, as you get older?

If you, or your spouse, are 55 or over and no longer working full time, a retirement village may be the perfect option for the next stage of your life.

Retirement villages vary widely- in layout, housing types, entry costs, ongoing service fees, exit fees, legal aspects- so it is important to explore the possibilities and to fully understand what each entails.

There is quite a lot to look into in the financial and legal side of becoming a resident of a retirement village, so make sure you read the fine print, and preferably get advice from people familiar with the field. You will probably need a lawyer to help you through the process, as it is complicated, and it is best to find one who has experience dealing with the retirement village process.

Recommendations and tips from friends or family who already live in a retirement village, or have relatives who do, can be an excellent way to find out what might suit you best, and to help you avoid pitfalls.

There are various different structures used by retirement villages- conventional lease, long-term lease, long-term license, strata title, community title, company title, unit trust, manufactured home- which affect your legalities in various ways, such as what legislation applies, stamp duty, GST, termination, refurbishment costs to name a few. Make sure you know which one applies to the village you are looking at, and therefore what legislation, charges etc apply.

As long as you really fully comprehend all the ins and outs of retirement village living- legally, financially and socially- it can be a truly gratifying experience for the right kind of people. As it is community focussed living to a large extent, you will no doubt find new friends and activities to add excitement to your retirement. But if you are the shy, privacy loving type, you may find it takes a little getting used to.

When looking for the ideal retirement village, consider the following:

What kind of care level do you require? Independent or self care units basically mean that you are responsible for your own care, though some extra services may be available for a charge. Assisted living units or serviced apartments provide a much higher level of support, and may include things such as cleaning and meal help, and some basic health help and personal services. Do you want to be in a retirement village which offers both levels of care, so that you can move on to a higher level within the same facility (availability permitting) if health/age makes this necessary?

What size residence are you looking for? Do you want a one bedroom apartment? Or maybe 2 or 3 bedrooms, for when your large family comes to stay!

Do you have a pet you want to bring with you? Some retirement villages do not allow pets at all. Others allow small well behaved pets in independant living units. Large pets, or several pets may present a problem- make sure the retirement village management fully understands what pet/s you have, so that they can give you a realistic answer.

What kind of community facilities and activities are available- and what do you want to have available?

What facilities, such as transport, shops, library etc are close by?

What about natural scenery - do you want to be by the beach, or in the hills, or maybe the suburbs? In the city or the country? Is there a special part of the country you've always wanted to live?

Make good use of the internet to pare down your list of possible retirement villages. Most villages have websites with photos and information which will give you at least a view of what it might be like, so that you can decide if it may be worth a visit. It's much easier narrowing it down online, from the comfort of your own home, than visiting dozens of places that with one look you know just aren't right.  A wasted trip!

Start visiting potential retirement villages. Walk around the village... observe the lifestyle... chat to the people there... talk to the management... does the place "feel" right? Could you feel "at home" there? If not, move on. If so, don't rush into anything. Check out some more places for comparison.

It's a big step- a lifestyle change- so make sure it's the right one!

With the right research, the right questions, and the right advice and support, you should be able to avoid the pitfalls and find the best possible retirement village for your ongoing life adventure...