Retirement villages – they’re a popular option for older Australians who are increasingly ready to embrace the lifestyle benefits offered by communities catering specifically for older age groups. And it’s easy to see why they’re so popular. Retirement villages remove the burden of upkeep for a house and garden, allow residents to live amongst like-minded people of a similar age, provide safety and security, along with activities and lifestyle pursuits, and allow retirees much greater freedom to do as they please. There’s no doubt about it, retirement village living enables seniors to truly make the most of their retirement and live out their golden years in a comfortable, safe community.
But the question must be asked – who exactly can buy into these drawcard communities that are so popular? Are there rules and regulations restricting access – or can anyone own a retirement property in Australia?
Let’s dive in and find out.
Who are retirement villages designed for? Retirement villages generally cater for seniors aged over 55 or 60, who are able to live on their own, or with minimal assistance. They are specifically designed to meet the needs of older people who are seeking in-built social connections, a maintenance-free lifestyle, convenient services and amenities, and access to activities. This type of community offers flexibility and independence in a setting shared with people of similar age and interests.
Do you have to be retired to move into a retirement village?
It’s right there in the name, so it seems quite obvious that you have to be retired before moving into a retirement property, right?
Well, no. Actually, you don’t have to be retired, despite the name. That surprised you, didn’t it? Of course, most retirement village residents ARE retired, but it’s not a requirement. Retirement villages are targeted towards people over a certain age, and it doesn’t actually matter what they are currently doing with their lives. Whether you’re still working full time, transitioning to retirement by working part time, or fully retired, you can buy into a retirement village (as long as you meet the age restrictions).
So, I can’t buy into a retirement village if I’m younger than the age restriction?
Say you’re 53 and retired early and want to move into an over 55 retirement village – is that possible?
While the above made it sound like it’s not possible until you hit the particular village’s lower age limit of 55, there are loopholes. While in general, retirement villages will stick strictly to their age limits, some may be happy to sell properties to younger people in certain cases. For instance, if you’re aged 51 and married to an older person, you should be allowed to buy an over 55 retirement property, as most villages will accept one member of the couple meeting the age requirement, even if the other one doesn’t. Talk to your potential retirement community if you’re unsure if you’ll be allowed in – as it does depend on the policy of each individual community, and how flexible they are based on your circumstances.
Can I buy into a retirement village if I need care?
This is a bit of a grey area, as generally, retirement villages are only suitable for seniors who don’t need a high level of care or assistance. Retirement villages just don’t provide these kind of facilities, which are more the province of aged care homes.
However, if you do have some care needs, that doesn’t mean you won’t be able to buy into a retirement village. While people who need round-the-clock care or nursing won’t be suitable for retirement village life, there are options for people with lower-level care needs to enable them to start or continue living in a retirement village. Home Care is one such option, which allows you to remain in your home for as long as possible by providing tailored support and care in your own home. This can certainly happen in a retirement village.
As well, many retirement villages are partnered with aged care facilities, meaning that you’ll be able to smoothly transition across to aged care if and when you need to. It’s a great idea to look for a retirement village located near an aged care facility, so that you don’t have to move away from your friends, community and the location you’re familiar with.
Discover home care services in regional NSW here: https://www.finleyregionalcare.com.au/services-at-finley-regional-care/complete-care-packages/
Can I buy into a retirement village as an investment?
Perhaps you want to buy a property early on to secure it for the future, or buy a property before you need it and rent it out. Whether you can do this or not will depend on the policy of each individual community. Speak to your potential facility to find out exactly what’s possible, and read the conditions of the sale or lease carefully.
So, not anyone can buy into a retirement village. You do generally have to be in the target age group, have minimal care needs and the ability to afford the fees. If you have any further questions, or to discuss your retirement living options, get in contact with Alumuna here: https://www.alumuna.net.au/contact/
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