Living in a retirement village
Buying into a retirement village is different from buying a house. Retirement villages vary in their accommodation, support, management, legal and financial structures.
Making the decision to live in a retirement village or not, and when to make that decision, can be challenging for many older people. Most intending residents release equity from their home or other savings to help purchase occupation rights to a retirement village unit and to supplement their superannuation.
We suggest breaking your decision-making into three parts:
- Be clear about your personal and family circumstances and future lifestyle preferences.
- Use our Sorted tools to work out how much equity you may need to retain for the lifestyle you want.
- Understand the costs of entry, costs while you are there, and exit costs. Decide if you are comfortable with the financial implications of becoming a resident, relative to your unique financial position.
- Consider how your assets might be needed if you have a change of circumstances later on and require full time residential care.
- Be comfortable you understand the legal regime, occupancy model and key consumer protections of living in a registered retirement village
Download these checklists and take them along when visiting retirement villages:
Click here to see an overview of the key participants in the retirement villages industry and their roles and functions.
Click here for more information about care and assistance.