 As with all real estate, location is most important. If you are buying into
a retirement village, you will want to keep the value of the property.
Some retirement villages are built in
remote locations, on cheap land, to maximise profits to
the owners. They may also be cutting costs in the services
they provide, so shop around.
Some charitable or religious organisations
run retirement facilities, and these are often good value
and provide good service.
Then there are the more upmarket villages,
in pleasant locations, which cater for those looking for
a better lifestyle.
If you buy into a retirement village,
there are four types of contract you
can enter into:
- Strata Title (the nearest to ownership)
- Loan and Licence
- Leasehold
- Company Title
These contracts will have different service
agreements, and widely differing fees. Check the facilities
offered as part of the agreement. Ongoing fees cover the
maintenance of the property and the services provided.
Quick Checklist
- Good management reputation
- Good staff-resident ratio
- Friendly staff
- Pleasant common areas and facilities
- Unit close to communal facilities
- Safety, indoor and outdoor
- Proper outdoor lighting
- Full security system in village
- 24-hour assistance at touch
of button
- Good meals if required
- Regular visits by doctors
- Choice of using your own doctor
- Visits by hairdresser and podiatrist
- Pets allowed
- Individually controlled thermostat
- Handicapped access
- Fire sprinklers and smoke alarms
- Active social calendar
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