Moving to a retirement community requires careful consideration, so here’s a quick summary of the common benefits and downsides people identify.
Retirement living developments have come a long way in just a relatively short period of time. Not so long ago, the only choice available for most people was a rest home where you could see out your final years in relative comfort. Although there are still many, publicly and privately-owned, care homes in operation, there are also now thriving communities with various combinations of independent villas or multi-bedroom apartments, assisted living flats and hotel-style rooms offering hospital-level care. They’re home to active people making the most of the retirement living and enjoying the company of like-minded people from all sorts of backgrounds.
So, why do people move to a retirement village?
Here are some of the things people say they enjoy most about retirement community living.
Peace of mind
Most people say there’s a lot less to worry about, leaving more time to enjoy the things that are important. When you move to a retirement village that suits your lifestyle, it also provides peace of mind for your children. They know you’re safe and happy, with quick access to extra care if required.
No maintenance worries and less chores
In a retirement village you don’t have to worry about things like painting the roof and cleaning the gutters. Your windows are usually cleaned for you and you probably won’t have to mow the lawns, unless you want to of course.
Onsite facilities
These vary from one village to another, but it’s often like living at a country club. Typical facilities can include shared lounges, games room, café or restaurant, library, small shop for essentials, craft room or workshop, gym, swimming pool, bowling greens and a putting green for golf practice. You don’t have to use them of course, but they’re right there whenever you’re in the mood.
A choice of social activities
Loneliness is rare in a retirement village. In fact, you may be busier and happier than you’ve been for some years. How much you get involved with is up to you, but most retirement communities or their resident groups arrange outings, social activities, a weekly happy hour, restaurant nights, quiz nights, outdoor activities, yoga classes, special interest and hobby groups, and more.
Optional onsite services
Most villages come with a range of services beyond what’s included in your regular fee. This can give you the option to easily organise and pay for things like a hairdresser, beauty treatments, cleaning, laundry and meals. You can typically use them on a regular basis or just when you need a little extra help.
Medical care
A range of healthcare services could be available onsite. These vary a lot from one village to another, so check what’s available when doing your research. It’s common to find registered nurses, podiatry and physiotherapy. Some villages also have visiting doctors and hearing specialists, or there may be a medical centre close by. Remember your healthcare needs and willingness to drive across town may change with time.
Assisted-living options
As your needs change, either temporarily or permanently, you can often move up to a higher level of care without having to leave the community you know and enjoy. This may be provided in your existing accommodation or require a move to a more suitable option within the village, such as a serviced apartment or hospital-style care room. But it’s still in a familiar place and close to the friends you’ve made.
Onsite security and emergency responders
Most retirement communities have monitored security cameras, onsite security guards and entrance gates that are locked at night. Homes, apartments and rooms typically have an emergency call button that links directly to trained responders.
What are the potential downsides of retirement village living?
Retirement villages don’t suit everyone’s circumstances or needs. Here are some of the challenges people can encounter.
Financial arrangements
Most retirement communities require a substantial initial payment. This is commonly for a licence to occupy (aka ‘occupational right agreement’) or sometimes for a lease or rental contract. Although the payment may be much less than a comparable private dwelling, you usually don’t receive any capital gain or even your full initial investment back when you leave. This is due to an exit or deferred management fee. There’s also a regular fee for standard services and maintenance, which is a bit like the body corporate fee for a private apartment. It’s important to get experienced legal and financial advice before signing anything, to make sure a village’s particular arrangements suit your situation and goals.
Waiting lists
Many retirement villages have a waiting list and may not have a property available when you need one, or you may have to move to a different area or town. Planning well ahead can help avoid this challenge.
Close neighbours
If you’re used to living in the country or in a property with full privacy, you may not like the cosiness of apartment or villa living in a retirement village. While most people adjust easily though and residents generally respect each other’s space, for some it can all seem a bit too tight for comfort.
Downsizing
Another challenge can be having less room for your furniture or storage for gathered possessions. While some people find downsizing quite liberating, others find it difficult to let go of the things they’ve collected over the years.
Research and professional advice are essential
If you’re thinking about moving to a retirement village lifestyle, it’s important to do plenty of research, get professional advice from an experienced accountant or lawyer, and talk to those who have been there and done that before making up your mind.