What is a retirement living village?
A retirement living village is a residential community designed for seniors who want to live independently in their own home. Many people in villages have chosen to downsize their home to free-up capital, allowing them to do the things they have always wanted, such as travel. Retirement communities typically offer amenities including transportation services, social activities, and importantly, they provide home and property maintenance, which gives peace of mind to residents (no more climbing on the roof, rickety ladders, or pushing mowers.)
If I downsize, will I have enough space?
One of the biggest concerns about moving to a retirement living village concerns lack of space or moving into a lesser property. Moving house is a good time to reassess your needs, including the number of rooms you require and the size of your backyard. For many people, the square footage will be smaller than your current house, however, modern architecture and smart design means you are only downsizing, not downgrading. While gifting or selling some of your excess furniture can be stressful, most people who move into a retirement village find that they are happy to have had the opportunity to get rid of unwanted clutter, and only bring with them the items they love and have meaning to them.
What type of living options are available in retirement living?
Most villages offer a variety of serviced apartments and independent living units, from townhouses and villas, to single-family homes. There is a range of floorplans to choose from, so you can find something that fits both your lifestyle and your budget.
Do I own my own home in a retirement community?
This varies in each village, but usually occupation or ownership rights are called a “tenure” instead of ownership. A resident might have leasehold, a Strata Title ownership, licence to occupy/right to reside, or a custom lease over the home. As the ownership options are dependent on where you are moving to, the easiest way to gain clarity is to ask the Sales Manager at the village for details.
What are the ongoing costs in a Retirement Living Village?
The cost of living in a retirement village will vary depending on the contract you choose and the size of house you choose to live in. In addition to the price of your home, costs to consider are the service fee, establishment fee, and management fee. When and how you pay these will depend on the contract you sign. Further costs can include legal fees, reinstatement costs, selling costs, GST, and stamp duty.
You will also have ongoing fees for maintenance, insurance, water, body corporate and general upkeep. Again, these depend on the village, so please talk the Sales Manager, and obtain a detailed list prior to making any decisions.
What is daily life like in a retirement village?
When you move to a retirement living village, you will be surrounded with people who are in a similar stage of life to you. This is a great opportunity to make new friends, build social connections and explore new activities together. Villages have a range of activities and facilities, including spas and pools, workshops and studios, movie and game rooms, beauty salons, bowling greens, tennis courts, restaurants, coffee shops, libraries and community clubhouses. Many communities also offer scheduled outings and trips to nearby attractions.
How do I know I am making the right decision?
It is normal to feel unsure whenever you are making a life-changing decision. While we can’t give you advice on your personal circumstance, the most common thing we hear from new residents is “we wish we had done it sooner!” They enjoy the convenience, the social activities, and the peace of mind that comes with knowing they don’t have to worry about maintenance or property anymore. If you’re still on the fence, take a tour of a few different villages and talk to the residents who live there. That way, you will have a better idea of what each one has to offer, and which one feels like the best fit for you
As you can see, there’s a lot to love about retirement living, so go ahead and start exploring your options—you might be surprised at how much you have to look forward to! If you have any questions about Kalyra’s Villages or wish to arrange a tour, please contact us for more information. Our email address is sales@kalyra.org.au or phone (08) 8278 0300.