If you’ve recently retired, you may have started looking at housing options. You may be considering renovating the home that you’ve lived in for years, or you may be considering the retirement village option. When planning, consider your financial situation, desired lifestyle and plans for the future.
Financial Considerations
Most retirement villages in Australia operate under Resident Agreements. A resident agreement is a legal document between a resident and the residential aged care provider. The Resident Agreement sets out expected care and services to be provided to a resident, and the costs involved. As well as a Resident Agreement, a resident may also have an:
Lifestyle
The biggest consideration in your retirement housing decision is the type of lifestyle you want. In New Zealand for instance, one in five of the elderly are lonely, a problem that can be exacerbated by staying in their own home. If you have strong ties to the community, an active social life or prefer being alone, this may not be a consideration. If you lost a lot of your social circle when you finished work, a retirement village comes with a built-in community that may be a great benefit. Most retirement villages offer fitness and social activities where you can interact with other residents.
Living in a property where the maintenance is taken care of also allows you more time to explore your own passions, whether that’s gardening, dancing or golf. A lot of villages have lessons, groups, gyms and other facilities, so you have easy access to the resources you need to enjoy your retirement. Yes, you’ll have to research to find a village that meets your needs, but it’s possible to find most, if not all, of the facilities you’re looking for in the one village.
Looking Forward
The final point in favour of the retirement village is in forward planning. Even if you’re happy in your current community and renovate your house to your satisfaction, there’s a strong possibility that you might need a higher level of care at some point in the future.
In your own home, there are the options of visiting nurses, on-site nursing or even a relative becoming a full-time caregiver. These can be expensive solutions and it may be that you don’t have a relative who is in the position to care for you.
On the other hand, most new retirement villages are being built with aged care facilities on the grounds. This lets you have continuity of care, staying in the same community with familiar surroundings and people, even as you move to a higher-care facility.
Although renovating your home can be a good option, there are benefits to retirement village living. If you decide on a retirement village, remember to research your options and get financial advice if you’re signing an Resident Agreement . In the end, you should pick the option that lets you most enjoy your retirement.