When looking for a retirement village, the possibilities are endless. Now that you’re entering the golden years of your life, it’s time to think about what type of lifestyle you want to enjoy.
When searching for a retirement village, it is important that you do your research. Visit multiple villages in your area, chat to residents living there and make sure that you are aware of all the terms of the contract.
COTA have put together a checklist for resident-funded retirement villages. Use this checklist when looking for a retirement village to suit your needs & lifestyle:
Lifestyle Needs & Issues
- Why do you want to move to a retirement village?
- Have you checked all accommodation options available to you and talked them over with family, friends or support networks?
- Have you looked closely at the retirement village lifestyle images in advertisements and questioned their compatibility with your needs?
- Visit as many retirement villages as possible to see what they offer and get a feel of the atmosphere. Would you be comfortable with it?
- Talk to residents, staff and managers when looking at a retirement village. Make notes and compare results. How do the different villages rate? Visit the villages again – at a different time, day or weather.
- Consider future needs: would your later needs be limited, due to issues such as transport, location, proximity to services, friends, family, and recreation if you move?
Financial & Legal Considerations
- How much will you have to pay to become a resident?
- How much is the deposit to secure accommodation; is it refunded if you decide not to become a resident?
- If you leave the village, what is your refund entitlement? How soon after leaving will the refund be paid?
- Does the organisation have a registered trustee who will ensure that the refund will be paid, and that your financial rights are safeguarded at all times?
- How much is the weekly or monthly service fee; how is it increased and how frequently?
- What does the service fee cover and what does it not cover? Can you continue to afford it?
- What other costs are involved in becoming a resident, e.g. solicitor’s fees, stamp duty, insurance?
- What type of contract will you be entering into, e.g. strata title, leasehold? (A copy of the contract must be provided with adequate time for perusal.)
- If pension rebates are to be claimed by the owner or manager on your behalf, e.g. council/water rates, will you receive all of the benefits of the rebate?
Management & Resident Involvement
- How is the village managed?
- Is there a residents’ committee? What part does it play in the administration of the village? What power does it have in future decisions affecting tenancy?
- What system does the village have for resolving any disputes?
- What are the arrangements for the maintenance of units, community facilities and grounds?
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