Read this before choosing a retirement village
Making the move from your own home into a retirement village is a huge decision. And with more than 2,000 villages around the country there’s a world of choice. These are some of the things you need to know before you make the move.
Get your priorities straight
Think about the kind of village you can see yourself living in. Make a list of features that you absolutely must have and a list of those that are desirable but not essential. Don’t be tempted to compromise on the first list because you could end up very unhappy in the long run.
Do your research and find a village that meets your requirements. Don’t rush into somewhere that you aren’t completely sure about.
Money, money, money
Retirement villages aren’t cheap so you’ll need to be realistic about what it’s going to cost and how much you have to spend. It’s a good idea to see a professional financial adviser to get a complete picture of your financial situation, including things like selling your current home, super and any shares you own.
You will have to sign a contract with the village before you move in, so get your financial adviser or a lawyer to go over it with you and make sure you understand all your obligations.
Location is key
As with any move, you need to think carefully about location. If the village is a long way from your current residence it can drastically alter your social life and connections with friends and family.
You also need to think about proximity to public transport, shops, health services and community activities.
Choose your style
Retirement villages range from self-contained independent living to serviced accommodation and residential aged care. They also vary greatly in size from just a handful of units to villages with hundreds of residents. Larger villages tend to have more facilities, so if you’re an active person who loves to swim or play tennis then this could be the choice for you.
However, extra facilities come with extra costs so if these aren’t important to you then you could find a cheaper option. You’ll also want to find out about communal dining options and social activities or groups within the village.
Get the help you need
As with accommodation styles, there is a wide range in the levels of assistance available. This can be as basic as having a cleaner come once a week right up to full nursing care. Some villages have the option to raise your level of care as you age or become unwell, which can be a better option than moving into a new village.
Stick to the rules
Can visitors stay the night? Can I have a pet? Is there a system for resolving disputes? You’ll want to be familiar with the rules and regulations of the village so read the fine print in your contract or ask questions before you commit.
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