Pitfalls of Retirement Villages

It’s not always simple to find the right retirement village at the right price.

There are pitfalls of retirement villages you need to avoid. You’ll also need to consider factors like your financial plans, costs of the move, and contract terms before you sign up.

Is there a way to avoid common issues when it comes to choosing a retirement home? Here’s what to look out for.

4 Pitfalls of a Retirement Village

Don’t play the victim of hidden charges and living arrangement problems. Make sure to avoid them to get the perfect home.

Not understanding the fee structure can be dangerous.

For many retired Australians, fee structures of retirement villages may be complicated. The current regulations on fee transparency may expose retirees to financial vulnerability. That’s why it is very important to fully understand the payment structure before signing the document.

Ask the facility operator for clarification on money matters, like:

• entry capital and recurring payments,
• ongoing fees,
• exit fees,
• other things you have to pay

Make sure it suits your lifestyle

Does your chosen retirement village have activities that suit your interests? Does it have common areas where you can meet other residents too? One aged care property can cater to the social needs of their retirement village residents, while another may not have the same programs and services that you like.

Make sure you have easy transport options and are conveniently located.

Specific rules can be problematic

Look into the terms and conditions regarding the dos and don’ts of the retirement village. This is important if you prefer to bring pets or want regular visits from your family.

You should also check for other details on the contracts, such as maintenance of the place, help during the move, and on-site assistance services before buying the unit.

Check your exit options

Thoroughly read your contract especially on the terms for exit options. You need to keep your exit options open in case you have to transfer to another place in the future. You don’t want to pay extra recurring fees for your vacated unit, right? Ask whether you’ll still have to share the maintenance fee until another resident buys it.

Age diversity: check the visitor schedule

Most retirement homes in Australia are located in an idyllic place away from the energy of a typical neighbourhood. Know the retirement village’s visitor policy, especially regarding young children.

Of course, you’re free to go out into the community. But you might want to check whether the retirement village offers opportunities or programs to engage with people in different age groups.

Say No to Obscure Retirement Village Issues

Prepare for independent living, your own way.

• Review the terms for exit options carefully

Reading your contract twice or thrice does not hurt. Especially if you want to see your choices should you decide to move out of the retirement village.

• Choose a community that suits your lifestyle

This is your life! Make it count. List down what you want in a retirement village and choose one that meets your requirements and preferences.

• Decide on your health care plan

If you need a special health care plan, ask the village operator if they can cater to it. If not, you can also ask if their people can help you arrange it.

• Think of long-term retirement goals

Are you thinking of working even after retirement? Can your chosen unit and community cater to your needs? Will there be possible conflicts with the people around you with this professional move? If so, then plan ahead for your long-term goals.

Living in a Retirement Village or Aged Care Homes: Common FAQs

• What is the difference between a retirement village and a lifestyle village?

The most common differences are in terms of legal rights, contract obligations, land title, and cost structures between the two. Be sure to do your research to make a sound decision.

For example, moving to a retirement village means dealing with strata title, leasehold, rental, and other ownership structures. While a lifestyle village legal contract is much more similar to a rental agreement.

• In terms of location, what things should I think about?

When choosing among new retirement units, potential residents should check their proximity to necessary facilities. For instance, a good house location would be close to shopping centres, entertainment places, medical facilities, or even a specific community.

• What are the usual restrictions in a retirement village?

There are no standard restrictions in facilities for seniors and retirement villages. Be sure to ask the one showing you around for the specifics on the terms and conditions of your residency.

A Key Idea When Choosing and Living in a Retirement Home

Remember that your happiness and peace of mind are on the line. Years ago, you have already worked hard in preparation for this. It’s time to enjoy your retirement days in a great aged care facility that doesn’t cost you much more than your budget.

 And you can do that when you get the right place for you. Only when you consider the relevant factors and avoid the common issues of aged care facilities and homes can you really live your senior years to the fullest.

 Are there any additional drawbacks of retirement villages that you want to share? Let us know in the comments below. You can also follow us, Daily Beacon, on social media for more updates.