How Do Retirement Villages Work in Australia?
Are you reaching that point in life where you’re ready to trade in the hustle and bustle of maintaining a larger home and garden for some well-deserved “me” time?
Retirement village living might just be the answer you’re looking for. But before you take the leap, it’s crucial to understand how these villages work.
From complex contracts to ongoing charges, there’s a lot to consider.
But don’t worry!
In this blog, we’ll cover all you need to know including how retirement villages work in Australia and how an over 55s lifestyle home can help you downsize stress-free.
What is a Retirement Village?
A retirement village is like a special community for folks over 55 who are ready to kick back and enjoy life without the hassles of big homes and yard work. It’s a place where you can live independently in your place but also be part of a close-knit group of neighbors who are at a similar stage in life.
These villages come in different sizes, from cozy ones with just a few homes to larger ones with lots of amenities like pools, cafes, and even bowling greens – all to create that cozy “village” vibe.
With the rising popularity of retirement villages, there are plenty of options popping up all across Australia, especially in New South Wales, Victoria, and Queensland.
How Do Retirement Villages Work?
Retirement villages are special communities for older folks, usually 55 and up. Imagine a big neighborhood where everyone is around more than 55 years old. These villages have different types of homes, from ones where you live on your own to places with extra help like nursing care. You can buy a home there, but renting options are rare.
How Retirement villages work varies depending on where you are in Australia, as each area has its own rules. But overall, they’re meant to give seniors a place to live independently while sharing things like pools, gyms, and community centers.
It’s important to know that retirement villages are not the same as aged care facilities. In retirement villages, the focus is on being independent, while aged care facilities provide constant care. Some retirement villages have aged care facilities nearby for residents who need more help later on.
So, if you want a place where you can enjoy your older years with people your age and the help you need, a retirement village could be a great choice!
What is the Cost of Retirement Living?
Apart from how de Australian retirement villages work, let’s now discuss finances and retirement lifestyle. A home in a retirement village is typically a more affordable option than purchasing one privately. The 2021 Retirement Living Census indicates that the average cost of retirement village homes is 80% or less of comparable local properties, providing you with a sense of financial security and peace of mind.
However, expenses can differ significantly based on location, unit size, and the amenities the village provides, much like when purchasing a home. When you move in, you usually have to pay an entry fee (a one-time fee based on the property’s market value). Then, while you live there, there will be continuous expenses to cover maintenance and staff pay.
But, because additional costs are involved, things become a little trickier. In addition, exit fees, deferred management fees, renovation fees, and maintenance costs could lower your retirement savings. Therefore, before deciding, knowing all the costs involved is critical to ensure that moving to a retirement village fits into your budget and retirement plans.
How to Find a Retirement Village Near You in Australia?
Searching for retirement villages in Australia, but don’t know where to begin. Look no further than Over55s.au. We’re your trusted platform dedicated to simplifying your search journey.
Our platform is made to simplify your search. We take the time to learn about your needs and provide outstanding assistance while you sort through the many options. We have options for both new builds and established communities, so let us know which one you’d like.
With Over55s.au, you can easily find, evaluate, and contact over 55s living communities throughout Australia. So why hold off? With Over55s.au, begin your search for the ideal retirement community right now!
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