Retirement villages are becoming increasingly popular and are seen as a great investment to live out your golden years in comfort, surrounded by like-minded individuals, and with all the amenities you need. However, moving to a retirement village is a major lifestyle choice and should be carefully considered before making any final decisions.
While these communities are specifically geared towards those who have reached retirement age and have several advantages, thorough research is always a good idea. From financial costs to legal matters, there are a lot of things you must consider before moving to a retirement village. In this article, we have highlighted the most important factors to keep in mind when making such a decision.
Location and Amenities
There are many retirement villages to choose from and each comes with unique advantages and disadvantages. Since this is a large investment and a big part of your future, it’s essential to consider the different amenities and services that you require. For example, swimmers may consider a pool necessary while avid readers may consider a library a requirement.
Other considerations include hobbies, clubs, senior-centric activities, gardens, and entertaining areas, on-site doctors, and more. Because of this, it’s best to make a list of the facilities and amenities you consider necessary and those that you can live without. This will be extremely helpful when narrowing down your selection.
Location is also an imperative part of selecting a retirement village. You may want to live closer to the city instead of in a remote location, or you may want to remain close to your family. Alondra, for example, is in the heart of North Brisbane and is known for its central location and easy access to different parts of the city. Always take location into account when looking at the different options available to you.
Rules and Regulations
All retirement villages have their own rule and regulations that you must follow. Looking into these is important to avoid future surprises or difficulties. For example, different retirement villages have different rules about having family and friends staying over. If you want to host your grandchildren, be sure to look for a retirement village that allows this.
Additionally, different retirement villages have their own rules about pets. While some have pet salons and grooming services on-site, others don’t allow any pets. Keep different regulations in mind when shopping around for the right retirement village for your needs.
Financial Cost and Legality
It should be noted that moving to a retirement village is not the same as buying a home. Instead of buying a property, you’re buying the right to occupy the property and use the retirement village’s various facilities. This is a big financial decision and should be carefully considered since unlike a normal property investment, there are no capital gains.
When touring or considering different villages, it’s always a good idea to know exactly how much the expenses are going to be so that you can either arrange for these or move on to more affordable options. In addition to ongoing expenses, you should ask how much you have to pay upon entry, and what the financial repercussions will be if you decide to leave the retirement village. We also suggest consulting with an accountant or financial planner to make sure that the village is within your budget.
In addition to financial implications, moving to a retirement village also has legal implications. Things like legal titles, lease for life, and cross leases can be difficult to manoeuvre, so finding a lawyer with experience in retirement village contracts is a great idea. Make sure you ask about your legal rights and obligations as well as any exit and departure fees that may apply.
If you’re moving to a retirement village, it’s important to focus on current and future needs. Since you’ll be living in the village for the next 15-25 years, you should ensure that any future mobility or health needs are taken care of. Some of these needs include looking for a village specialising in elderly care, has on-site doctors and nurses, living assistance, ready meals, home help, emergency buttons, and more.
Therefore, it is important to consider various factors before moving to a retirement village. Even if you decide that retirement village living is for you and that you can afford it, some considerations will shape which village end up choosing and making your home. Keep these aspects in mind before moving to get the most out of retirement living and your future.