Few decisions loom larger in our lives than choosing the right time to move into a retirement home. It is a personal decision at so many levels but still requires hard-thinking to make the right choice.
Retirement villages have a substantial allure. They are built to make your life convenient, taking away the stress of city living or coping with the lack of resources often found in regional areas.
They offer a community-focused lifestyle and provide the opportunity to make new friends. This is important as studies show we live longer when we are engaged in a community that provides a sense of belonging.
A huge variety of choices exist in terms of finding the right style of retirement village. You might like the idea of cosy apartment living, or alternatively, a development that offers open spaces away outside of urban areas.
A prime requirement for any villages on your shortlist is access to all the medical amenities that you will require in the years ahead.
Some villages offer their own care and support services at a price, or they partner with an aged care facility. Others encourage regular visits by doctors.
If having a pet is important, then don’t forget to check each village’s policies and restrictions.
Seek advice on the affordability of living in a retirement village with your financial adviser. The likely value of your existing home will largely determine whether you can afford to move, so conduct due diligence on current prices being paid in your area.
As your local real estate agent, we’d be happy to provide you with this guidance on the price you could achieve and how long your property might be on the market.
You should also read local media to discover recent auction results and assess whether you are going to get the required value from your existing property to make the move to a retirement village.
Some tips for making the right decision:
- Talk to your family in the early stages of the decision-making process. Get their feedback as, potentially, they might also be affected by your decision
- Check your local property market if you need to sell your home to buy into a retirement village
- Focus on the type of village you want – is it rural or coastal? Do you prefer an apartment to a townhouse?
- Make a list of your non-negotiable “must-haves” when living in a retirement village and match these against each option
- Double-down on the pricing models. Make sure you know all the costs associated with such a move. Some villages charge for utilities, others do not. Don’t be blind-sided by unexpected service or maintenance fees. Make it your job to find these out – don’t leave it to the salesperson!
- Seek the advice of a financial planner to make sure you can afford to move and retain the lifestyle you desire. Quiz your adviser on the costs their other clients have incurred when making similar moves.
- Ask local government offices about the availability of services from their agencies, particularly if you require home help.