Retirement villages
Information on retirement villages for over 55s
A retirement village provides accommodation and other amenities and services to a person who is over 55 years of age and his/her partner. Usually, entry into a retirement village involves:
- signing a residential tenancy agreement, or some other lease or licence;
- buying shares in the ownership of the village;
- "buying" a unit, subject to the administering body having the right or option to repurchase the unit; or
- "buying" the unit, where there are restrictions about the sale of the unit.
Before entering a village, you will be asked to sign a residence contract and you will be required to pay a one-off or up front payment, which may include the cost of buying the unit (as well as ongoing village operating costs). The entry payment is required to be held in a trust account until you take up residency in the village (on the assumption that the village is covered by the Retirement Villages Act 1992).
You may also be asked to sign a separate service agreement (or these provisions may be included in the residence contract), which details the types of services you will receive and the amount of ongoing fees.
Things to think about and do when considering moving into a retirement village:
- The law
- Find out about various villages
- Visit before you decide
- Information they must give you
- Some questions to ask
- Consider all fees and charges
- The residence contract
- Changing your mind
- Finding a new home...and lifestyle - a case study
- Legislation Review