I would argue that no accommodation option promotes ageing in place better than retirement villages, which offer a community of peers, various recreational and social activities, homecare and support services and lifestyle benefits.
There are a lot of factors to consider when deciding whether a retirement village is the right choice for you.
There will usually be:
- a payment on moving into the village (a “ingoing contribution” or purchase price) normally in the form of an interest-free loan to the operator;
- ongoing fees called recurrent charges which pay for the upkeep of the village, communal facilities, and insurance, rates and council fees;
- a departure fee which is usually based on a percentage of the ingoing contribution you paid or which the next resident pays; and
- fees to pay for restoration of the home and legal fees to end the arrangement.
Many retirement village operators now offer different payment packages which can allow you to fund your accommodation in a way that suits you best.
Moving into a retirement village will often involve down-sizing. This may be important when maintaining a large family home becomes too expensive and difficult.
There is also the benefit of communal living where the costs of insurance, rates, and services are shared among all the residents.