Retirement Life
Tips for choosing a retirement village
Making the decision to move to a retirement village is a big step. There is a lot to consider and it’s something you want to make sure you get right the first time. Given all of that, take your time. You're more likely to choose the right place to retire if you don't make a quick decision. Here are our top tips to help you make the right choice.
- Think ahead and consider what you might need in the future - will you be able to continue to live there if your health or mobility declines?
- Imagine the lifestyle you'd like to have in a retirement village, and make a list of the things you think are most important.
- Visit different villages and find out about the lifestyles they offer, including housing options, facilities and services.
- Talk to the residents - they know better than anyone what life is like in the village they live in.
- Read the disclosure statement and occupation right agreement for the village.
- Find out the total costs. What will you have to pay on entry? What are the ongoing expenses? Will you share in any capital gain when you leave? Will you have to pay for any capital loss? How will these affect your future and the choices you have?
- Get independent financial advice from a financial planner or accountant with experience in retirement villages.
- Get independent legal advice from a lawyer with experience in retirement villages. Ask them about the different legal titles and what they mean.
- Involve your family or friends in your decision.