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.