Retirement Villages

Retirement villages are an attractive option because they can offer a good balance between living independently and having access to support and healthcare. Many elderly people view moving into a retirement village unit as a safe, secure and convenient way of life. However, the financial and opportunity costs involved in entering into a retirement village need to be carefully considered.

The Retirement Villages Act 2003 provides that an intending resident must receive independent legal advice from a lawyer before signing an occupation right agreement.

Retirement villages can offer a thriving community of support and camaraderie. The benefits of having other people around at a similar stage of life cannot be overstated, particularly for residents who are widowed. Safety and comfort for seniors are paramount considerations and are inherent in the make-up of the typical retirement village.

Entering into a retirement village occupation licence is a lifestyle choice with significant cost involved. It is not an investment decision but a lifestyle one. Our experience is that the majority of villages are well-run and offer a good level of security and convenience that is ideal for people who are retired and seeking a relaxed lifestyle. Removing the stress and complications associated with home ownership is attractive to many people.

We recommend that if you are thinking of entering a retirement village that you consider your life circumstances, goals and alternative living arrangements before signing up to a licence to occupy.

If you are considering entering a retirement village or wish to know more about the process, please contact us.