Live the best years of your life in peace and happiness.
The perfect retirement village exists. All you need to do is choose the right home at a good price.
But it’s not as simple as it sounds. There are pitfalls of a retirement village you need to avoid. Plus you need to consider many factors, like your financial plans, costs of the move, or terms on contracts before you cross the t’s and dot the i’s.
Is there a way to avoid the common obscure issues when it comes to choosing a retirement home? Read on to find what kinds of issues 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 the retirees to financial vulnerability. That is why it is very important to understand all the payment structure before signing the document.
Ask the facility operator for clarification on money matters, like the entry capital and recurring payments, ongoing fees to take care of, exit fees, and other things you have to pay.
Lifestyle changes are necessary if you’re not careful.
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 socialization needs of their retirement village residents. While others may not have the same programs and services that you like.
Missing out on specific rules are 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 have a regular visitation schedule for your family. You should also check for other details on the presented contracts, such as maintenance of the place, help during the move, or people to call for assistance before buying the unit.
Unchecked exit options are trouble.
Thoroughly read your contract especially on the terms for exit options. You need to keep them open in case you have to transfer to another place in the future. And when that happens, you don’t want to pay extra recurring fees for your vacated unit, right? Do you still have to share the maintenance fee until another resident buys it?
Age diversity is an occasional schedule, not a norm.
Most retirement homes in Australia are located in an ideal place away from the energy of a typical neighbourhood. It is also possible that very young family members will not be allowed in the retirement village.
Some retirement living places may have those rules, so you should check carefully before you make a choice.
Say No to Obscure Retirement Village Issues
After having an idea of things to think about when choosing a retirement village, it’s time to take note of these additional tips. Follow a senior, independent living in your style.
- Review the terms for exit options carefully
Reading your contract twice or thrice does not hurt. This is especially true if you want to see your choices should you decide to leave the retirement village unit.
- Choose a community that suits your lifestyle
Never compromise on your terms. You’re now in your retirement days, make it count. So 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, Aged Care Weekly, on social media for more updates.