If your home has become too large or no longer meets your needs, moving into a retirement village is worth considering. Villages can offer a wide variety of accommodation, facilities and services so finding a village that suits you may take some time.
Before you purchase a unit or villa in a retirement village, we recommend that you consider the following:
Determine the location
Where you want to live and the lifestyle you want is often the first step in the process. Once you have a location and an understanding of what you want, you can then start searching for villages that meet your criteria.
Do some research
Talk to family and friends. Arrange a tour of the villages you are interested in and if possible, speak to some of the residents. Ask lots of questions; take the time to find out what facilities and services are available and what it is like to live in the village.
Decide on your budget and find out the costs
It is important to consider what you can afford now and in the future. Make sure you understand the ingoing contribution fee (or entry fee), the ongoing and leaving costs and any personal services charges. We recommend seeking independent financial advice to assist you with this.
Understand your rights and responsibilities as a resident
Remember you are not just purchasing a unit or villa in which to live. You are purchasing a lifestyle in a community. Obtain copies of all relevant paperwork, including the resident contract. This is the legal agreement between you and the village operator, which outlines use of the facilities, access to village services and your rights and responsibilities as well as those of the operator. If required, seek independent legal advice.
Make the decision in your own time
Purchasing a property is a big decision. It is important that you are not rushed make the decision your own time. (However, keep in mind that it can be a long process, so don’t leave it too long). As many of our residents say, ‘Why didn’t we do it sooner?’