Retirement Villages

Key Points

  • A retirement village is essentially a managed community for seniors, although you don’t necessarily have to be retired.
  • There are many different models and you should consult your financial advisor before entering into any contracts.
  • Three different types of costs are involved – entry fee or purchase price; service or maintenance fees; exit fees (also known as ‘departure fees’ or ‘deferred management fees’.)
  • Benefits of retirement village living include living in a community, life style and convenience, flexible services and economic benefits (in that, a large part of the costs can be deferred until after you leave a village).
  • To enter into a retirement village a prospective resident enters into a contract with the village operator.
  • Some retirement villages also provide on-site residential aged care.
  • Make sure that you clearly understand your rights and obligations, the financial details of your contract and also carefully compare the fees and charges involved, with the various financial models offered to you.

Useful Links – Retirement Villages

Useful links for Retirement Villages: Please note that these links may be subject to change over time.   Resident Associations The Retirement Village Residents Association NSW & ACT (RVRA) Association of Residents of QLD Retirement Villages (ARQRV) South Australian Retirement Village Residents Association SARVRA…

Removals and Storage – Retirement Villages

This is especially applicable for those family members who live long distances away, or whose commitments leave them with little time to assist with such work. Seniors Relocation Services – are businesses that provide a wide range of services which may include the options…

Retirement Village Aged Care Options

Other retirement villages may not be able to provide such services, so it’s important to ask about the provision of such care, before making any decisions. As the Commonwealth Government subsidises much of the cost associated with the provision of residential aged care,…

Retirement Village Serviced Apartments

In certain circumstances, the services and accommodation may also be GST free. Serviced apartments are suitable for older people who wish to live in a supported environment where services such as laundry, linen, meals and cleaning are provided on a fee-for-service basis. The…

Retirement Village Contract Types & Fees

All retirement village contracts deal with a number of issues including the nature of the tenure (in particular long term lease, purchase or rental), and costs associated with moving into, living in, and leaving the village. For people moving from their own home…

Retirement Village Living Benefits

Being part of a community of like-minded senior people (usually over 55’s) and enjoying the social contact, interaction, companionship and physical and emotional security that it provides is quite rewarding. An additional benefit of retirement village living is lifestyle and convenience. Most retirement…

Retirement Village Financial Models

Entry is generally restricted to people who are over 55 years of age or have retired from full-time employment, and their spouses. Entering a retirement village usually enables you to ‘downsize’ and move into a new home that will be more suited to…