Choosing a retirement village is a big decision. There are 10 things to think about before signing on the dotted line.
1. Price
Many retirement village operators offer a few payment plans that differ in relation to how much you pay upfront, what ongoing fees you pay, and how much you pay when you leave.
Get independent advice from a lawyer or your accountant on the pros and cons of each payment option to help you decide which payment plan works best for you.
2. Ongoing fees and exit costs
There may be ongoing fees for living in the retirement village. You need to consider whether you will be able to afford them now and in the future.
There may also be additional exit costs such as paying to reinstate the unit or marketing costs. It is better to know about these in advance and consider whether it is a price you are willing to pay.
3. Location
You need to be happy with where you are living. The location needs to be convenient and suit your lifestyle.
Do you prefer to live near the beach, near the mountains, or in the city? Do you want to move to be closer to family so they can visit you? Has a doctor recommended a warmer climate for your health or are you just sick of the cold?
Also consider whether you need to be close to shops, doctors, or other services. Even if you have a car now, what happens in the future if you can no longer drive? Does the village offer a shuttle bus service or is it close to the shops?
One of the benefits of downsizing from a home to a retirement village unit is that you may have enough money to live in a desirable location. The entry price for a retirement village unit is usually 15-20% less than the price of a traditional unit or apartment in the same area.
4. Facilities and services
Facilities and services help you make the most out of retirement village living, so consider what facilities you would like.
Retirement villages offer different facilities and services so shop around to see what’s suits you. Some have communal gardens, a BBQ area, library, golfing range, a pool, gym, a hairdressing salon on-site, social activities, or a community bus service.
If the retirement village doesn’t have the facility or service you need, will you still be able to access it?
5. Rules
Retirement village rules can be a benefit and a detriment. Rules may ensure that your neighbours keep the noise down and don’t have too many guests, but they also may prevent you from doing what you want.
For example, there may be rules restricting whether you have visitors stay over and for how long, whether you can keep a pet and what kind of pet, and whether you can make changes to your home.
Check the rules in advance because persistently breaking the rules can result in you being evicted.
6. Care needs
Will a retirement village unit provide all your care needs now and in the future? Sometimes you can leave moving into a retirement village too late and you find you need more assistance than is on offer.
You want to avoid the burden and extra costs of having to move from the retirement village into a serviced apartment or a higher care facility.
7. Lifestyle
Many retirement villages have a community atmosphere, in which neighbours live close together, share common facilities, and look out for each other.
The benefit is you have new friends who can help you with things, and who will raise the alarm if you have an accident. However, tight quarters are not for everyone. Some people may prefer not to run into their neighbours so often or live so close together.
8. Security
You need to feel safe in your home. If security is a concern for you, ask about the security measures a village has in place. Do they have security gates or 24-hour assistance?
9. The vibe
Before choosing a retirement village it is a great idea to visit several times to get a sense of ‘the vibe’. Anything can look appealing in photos, but how does it feel to move about the village? Does it seem like a safe and comfortable place to live?
Speak to some residents and get some feedback on what it’s like living in the village. Are they happy there?
10. Get advice
Retirement village contracts can be complex. Get independent legal and financial advice – to give you peace of mind and help you navigate the process. It is a small cost considering the risks of making the wrong decision.
If you are thinking of moving into a retirement village, talk to one of Catherine Henry lawyer’s caring, elder law and aged care law experts. We can help you with the sale of your current home, navigating retirement living contracts, and updating your will and other documents to make sure your rights and wishes are protected. To confidentially discuss your needs call us on 1800 874 949 or fill in the form below, and we will be in touch.
*The material provided in our information sheets is for general knowledge only and is not a substitute for independent legal advice. For further information about the issues affecting you, please contact one of our experienced and professional lawyers for expert advice.
