A retirement village can provide a wealth of new opportunities for seniors, and offer easy access to a range of care services, enabling older people to retain their independence for as long as possible. When considering a move to a retirement village, it’s important to remember that not all retirement villages are the same. Management costs, service prices and facilities offered vary significantly depending on which one you opt for.
Independent legal advice and financial advice is essential before you decide to commit to retirement village accommodation.
Main advantages of a retirement village
For many older Australians, a retirement village enables them to enjoy all the benefits of their own home without any of the hassle associated with ownership.
- Maintenance, repairs and gardening are all carried out on site.
- In addition, most retirement villages offer a 24-hour response service, enhanced security measures and easy access to a range of care services, including assistance with medication, help with daily activities and nursing services.
- Residents also benefit from a comprehensive package of facilities, activities and pastimes, providing ample opportunity to keep fit, socialise and enjoy hobbies as well as learn new skills.
Legal and financial complexities
Although you can purchase accommodation in a retirement village, it’s often subject to a significant number of restrictions which wouldn’t apply to a standard purchase.
- A management fee (used for the upkeep of the village and providing the various services on offer) will be charged and may even need to be paid when you have left the retirement village.
- Care services aren’t usually provided for free – they must be paid for on top of existing commitments.
- As residents become increasingly frail, they may have to pay for nursing care and assistance with everyday activities in the same way they would if they didn’t live in a retirement village.
Although a retirement village environment offers an appealing option for seniors, there are a number of legal and financial issues that need to be considered before you commit your money. Rules and conditions vary between retirement villages. So getting independent advice on your specific circumstances and choices is important to maximise your chances of making the best decision.
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