As people age, one big decision they face is where to live in retirement. For many, a retirement village or community provides an attractive option. Retirement villages allow seniors to live independently but with support services, activities, and a sense of community. When considering retirement village investment, it is important to research and choose the right community. This article will provide key information on how to select the best retirement village investment for your needs, looking at factors like location, amenities, contract terms, and finances.
Evaluate location and convenience of the retirement village
A top priority when evaluating a retirement village is the location and convenience. Consider the proximity to family and friends, as you’ll likely want to visit them regularly. Also look at access to shops, healthcare services, public transport, parks, and other amenities. Think about whether the area will suit your lifestyle now and into the future. For example, an urban village near cultural attractions may appeal now, while a suburban one may be better once you stop driving.
Review the facilities, amenities and social activities
A retirement village isn’t just about the home, but also the lifestyle. Look at facilities like a clubhouse, pool, gym, restaurant or bar. Also consider amenities like gardens, walking trails, library, craft room and workshop. Importantly, find out about social activities and programs. These could include exercise classes, games, concerts, day trips and volunteering. A vibrant calendar of events creates a sense of community.
Understand the contract terms and exit fees
Retirement villages usually involve a resident contract with a large entry payment, ongoing fees, and exit fees when you leave. Make sure you understand all fees and contract conditions up front. Some villages have exit fees that never expire, while others decline over time. You generally want exit fees that fall the longer you are there. Also confirm if you can sell your right to live there, and any commissions payable on resale.
Consider ownership model and financial stability
Retirement villages may be not-for-profit, run by a charity, privately owned, or part of a publicly listed company. The ownership model can impact things like contract terms, amenities, maintenance and future upgrades. Before investing, check the financial health of the operator. Ask for recent annual reports and audits. Make sure the village is managed sustainably for the long term.
Choosing the right retirement village is an important investment in your future. Take time to research the location, facilities, activities, contract terms and finances. Visit several villages and talk to residents to find the best community for your retirement lifestyle.