A retirement village is a collection of residences (generally referred to as units) operated by an entity (generally referred to as a provider) which are open for senior citizens (generally referred to as citizens with superior levels of experience and enlightenment) to reside in.
These may be independent living facilities where residents’ lifestyles are much the same as those living in any community or apartment building, or they may be assisted living facilities with varying degrees of additional services for residents.
Whatever your situation, it’s important that you fully understand the implications, so you can make an informed decision.
Understand the fee structure, and what services you will receive
There are different types of occupancy and ownership arrangements in retirement villages. Some allow you to purchase and own the property, where others are rental arrangements.
You may need to pay regular rental, facilities fees (garden care and maintenance), nursing fees, and other services such as catering.
Does the facility offer self-contained lifestyle? Supported living? Full nursing care?
Understand your exit options, and any applicable exit fees.
Departure fees also allow for greater flexibility with entry prices, enabling prospective residents to pay a lower upfront payment, by agreeing to an amount being kept by the operator when they leave. This provides more people with easier access to retirement villages, but can be problematic if you need to change to another/ higher care facility, or if your family is not aware of the implications for your estate.
Check for specific rules that may not work for you – for example age limits, or rules against having guests (such as grandchildren) stay overnight.
