Take time to consider and discuss your decision to move into a retirement village with family, friends and advisers. Visit a few villages, work out your budget, make sure you fully understand the contract and seek professional legal advice before you sign anything or pay any money. Use the checklist below to help inform your decision to move into a retirement village.
Making the right choice
- Have I fully discussed my decision to move to a retirement village with my family, friends or advisers?
- Is community living in a village right for me?
- Have I considered between the options of a self-contained unit or a serviced unit?
- Have I looked at enough villages to compare services, facilities and financial arrangements?
Financial and legal considerations
- Do I fully understand the contract and all the costs involved?
- Have I received a disclosure statement and a general inquiry document?
- What type of arrangement does the village offer, and how will it impact me? Is it a loan/licence, leasehold, strata, rental or company title?
- How much will it cost me to move into and live in a retirement village?
- Have I used the Retirement Village Calculator to understand my financial obligations?
- Can I afford to live there comfortably, even when the recurrent charges rise?·
- Am I aware of any upcoming costs for maintenance, repairs or replacement for major items of capital in the village? This information is contained in the asset management plan and the three-year report for maintenance estimates for the village (mandatory from 1 September 2021)
- Am I eligible for rent assistance from the Commonwealth Government?
- What if I decide to leave the village? Will I be able to re-sell the unit?
- What are the termination fees and charges?
- What ongoing charges will I have to pay after I leave if the unit remains vacant?
- How many vacant units are there in the village?
- What is the average time for the re-sale or re-letting of the type of unit I am interested in?
- Have I obtained adequate, independent legal and financial advice?
Lifestyle, accessibility and safety
- Are there village rules that may affect my lifestyle? Are pets allowed? Is there rules about smoking?
- Can I make changes to the inside of the unit?
- Will I be able to have someone visit or live with me?
- Can I do my own gardening?
- Is the village well maintained?
- Are the paths designed for easy access?
- Is the village secure? Is there adequate external lighting?
- Is there an emergency call system and/or staff on call?
- Will my unit still suit me if my needs and abilities change (eg. are there any stairs I will need to manage)?
- Have internal modifications related to frailty (eg. bath rails) been made to the unit?
Services and facilities
- Are the services and facilities at the village what I need? Will this still be the case as I age or if I get sick?
- Is there adequate parking for visitors?
- Are there local facilities nearby (eg. doctors, shops, hospitals, libraries, churches, clubs and public transport)?
- Is there a residents committee to liaise between residents and the operator?