Retirement Living Options
Types of villages There are many styles of retirement villages and they can be referred to by a variety of names.
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ome of the more common names include retirement villages, over 55 lifestyle villages, lifestyle resorts, lifestyle or retirement communities, supported living communities, lifestyle estates, manufactured or relocatable homes, residential parks, or rental villages. In this guide we will be referring to all as retirement villages. While many of these communities offer similar services, there are also differences. Some are designed for a younger set of active seniors while others enable residents to continue living at the complex as their care needs increase, meaning they may never need to move again. Others may offer aged care accommodation on the same location to suit the level of care you may require in the future.
Do your homework The accommodation options in villages will generally range from independent living units to serviced apartments with many different options in between. Each complex will offer a specific legal structure enabling you to ‘own’, ‘purchase’ or ‘lease’ your new home. Some villages may offer rental accommodation. When visiting a village, look for what makes you feel most comfortable. Do you enjoy a homely feel to your house or do you like the idea of feeling like you are waking up in a five star hotel? Entering a retirement community is an important financial investment, so be sure to check out the various purchasing or leasing options available. Ask a finance expert for advice about your financial situation before you settle on your retirement village preference. It is important to be clear about where you wish to live, and what community services you desire based around your current and future health and financial requirements.
Do your homework and carefully plan and research all of the options available to you, such as the type of accommodation which will best reflect your lifestyle and the legally binding documents that come with entering a village.
How villages are funded Resident Funded Village This type of residential village is owned and operated by the private sector or by a not-for-profit organisation on a commercial basis to produce a profit or surplus. The village is funded by residents who ‘purchase’ their villa or apartment under one of the tenure arrangements. The residents also contribute to the villages’ capital infrastructure cost and to the ongoing management of the village. Resident Funded Units are sold at market value, meaning the resident does not own the unit but purchases a loan licence agreement, giving the administration of the village an interest free loan and the resident a licence to reside in the village. Personal support or care is not always offered in Resident Funded Villages but, in residential communities, this can be purchased for an extra fee. Some new retirement complexes allow you to purchase the unit and land outright, so it is important to check the purchase or lease arrangements on offer.
Donor Funded Village These villages are normally owned and operated by not-forprofit organisations. Donor Funded Villages include an element of charitable subsidy, and entry is generally restricted to the disadvantaged. YourRetirementLiving.com.au
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