CHOOSING A RETIREMENT VILLAGE - WHAT TO LOOK FOR

What is a Retirement Village?

In summary a Retirement Village is a collection of residences together with shared recreational, dining, rest home and/or hospital amenities designed for the accommodation of the elderly and/or retired.

Choosing a Retirement Village

Decide whether living in a Retirement village is right for you.  Retirement Village living provides many benefits, but it also requires a degree of flexibility and invariably involves some trade-offs.

Don't leave it to the last minute.  Deciding to move into a retirement village is essentially a lifestyle choice so it doesn't necessarily make sense to delay until your health frails, you no longer very mobile, or your spouse moves into a nursing home or even dies.  Remember, some of the Retirement Villages can have a long waiting list to get in.

Research, Research, Research.  Inspect Retirement Villages, surrounding areas (including shops, public transport and other local amenities) in detail to make sure it satisfies your requirements. Talk to Retirement Village management, staff and residents, in particularly members of any Resident Committees and carefully pay attention to the daily life in the Retirement Village.

Look into the Future.  Make sure you are Satisfied that the Retirement Village will sufficiently meet your needs now and in the future, especially if you do require additional assistance as you age.

Know your Legal Rights. There are at many legal structures which raise multiple issues in terms of applicable legislation, stamp duties, taxes, service levies, responsibility for refurbishment and replacement costs, vacating the premises, operator default, termination, occupancy security, capital losses and credit risk.  Feel free to consult with your attorney or lawyer if certain terms are unclear and to go over the contracts with you.

Know the Departure Fees. Find out how much (if any) the departure fees are for all forms of scenarios and be satisfied that it is suitable for your intended or occupancy period.  Note, in most cases capital gain is foregone or handed back as part of the departure fees.  It wouldn’t hurt getting some professional advice if uncertain.

Costs should dictate your decision. Don't base your decision purely on the entry cost, the departure fee or the service charge structure.  Retirement Villages can offer a range of benefits, which can involve a number of costs and risks, all of which should be considered.

Ask about the Pet Policy.  Some Retirement Villages have strict Pet Policies, so it pays to find this out, especially if you do have or would like to have any pets while living in the Retirement Village.  Realizing the importance of pets to prospective residents, some Retirement Village operators may allow certain current pets to live in the village, but may not allow replacement pets should the current pet pass away or otherwise leave the village.

Shop Around. Inspect a number of Retirement Villages before you make your final decision.  This will give you some form of comparison, which is usually the best way to identify best value.

Find an Attorney (Lawyer) with Retirement Village experience to go over the documentation. You should receive a number of legal documents, so make sure you do read it and don't accept verbal promises.  If you agree on something that isn’t written, make sure you get them to write it down before signing.  Take a copy to your lawyer to make sure everything is above board before signing.  Remember, Retirement Villages are a complicated and a specialized area of law so make sure your attorney (lawyer) has relevant experience in this field.

Look at the big picture.  Remember that a Retirement Village may become home for you and you do still require money to live (ie. to buy clothes, essentials, etc.) even though many Retirement Villages do cover all meals.  Create a Financial Plan to ensure that you can live comfortably in your new home, the Retirement Village.

Remember, living in a Retirement Village you can have the best of both worlds, you can enjoy the benefits of privacy and security whilst not having to worry about maintaining your home. Choosing a Retirement Village that suits your requirements, can enrich your life and give you the time to pursue your interests amongst friends.