Australian Retirement Villages

ARV-Logo

Australian Retirement Villages

What are the disadvantages to living in a Retirement Village?

As with anything in life, there are pros and cons. However the negative aspects of retirement village living are few and far between. The main disadvantages that are discussed in relation to retirement village living are the contracts and the fees.

  • Contracts

Retirement village contracts are generally large and complex documents, and it is therefore best to go over your contract with a fine-toothed comb with the assistance of a legal professional. While most retirement community contracts are fair, some are complex and very detailed. Seeking professional advice prior to signing can ensure that you are fully aware of your rights and responsibilities and can be 100% sure retirement village living is a good fit for you and your situation.

  • Fees

Mostly, the fees in retirement communities can be fair, however some fees could be considered excessive or unreasonable. It is imperative when you are comparing fees, that you consider not only what the upfront costs will be, but also take into consideration any ongoing or deferred management fees (DMF).

As Australia’s population ages, retirement village living is set to become more and more popular. Across Australia they generally have very high occupancy rates of up to 92% with New South Wales even higher at an estimated 93% occupancy .

This popularity means the providers are broadening the service they offer to retirees increasing the style and range of accommodation options on offer. This means that you should be able to find accommodation in a village that is best suited to your needs and circumstances.

As Australia’s population continues to age, many over 55’s are now jumping on the retiree bandwagon. Not only are more over 55’s choosing to enter retirement, more and more retirees are choosing to downsize as part of their retirement plan. Gone are the days of holding onto the big 3 or 4 bedroom home with lavish manicured gardens and lawns. Many have spent their entire working lives diligently maintaining their homes, raising a family and paying off the mortgage. They are choosing to live a much simpler and easier and hopefully happier life in a retirement village.

Such is the strength of the downsizing retiree movement, that there are now many large companies and organisations including publicly listed ASX companies who are investing long term in the retirement village sector.

A testament to this emerging lifestyle trend, a survey conducted by the Property Council of Australia in 2014 suggested that there were more than 2,300 retirement villages in Australia, housing an estimated 184,000 seniors, with that number expected to double by 2025. Additionally, it is estimated that at least one third of the retiree population, has considered or are considering retirement village living either now or in the future.

You might also enjoy

Contact Us

Business name: Standout Website Design Services
ABN: 37 856 227 787
LOCATION: Lethbridge Park NSW
Phone: 0403 558 090

Contact Us
First
Last
Skip to content