If you’re struggling to keep up with the maintenance of your home, feeling lonely and isolated, or you’re starting to have health issues that make it harder to cope day-to-day, moving to a retirement village could be the answer. Each village is different, even within one company. The level of care varies, and the location – by a beach, set in bush-covered hills, or in the middle of a city suburb – can influence your decision. We talked to David King of Ryman Healthcare to get his advice on how best to go about it:
“Moving is a huge decision at any age, so it’s about finding a place that’s right for you,” he says.
Know what you want and make a list
If you know where you’d like to live – beach or bush, town or country – that’s a good start. Being close to family might be important to you, and so might the style of dwelling. Some are multi-storey apartment blocks, and others stand-alone villas or duplexes. Some villages are well-established with ‘old world’ charm, and others are shiny and new, with all the modern conveniences.
If you’re active and sporty, or you have specific interests or hobbies, there are villages that specialise in these aspects, so it pays to investigate before you decide.
You might be feeling a bit overwhelmed at this point, but help is at hand. Try using Sorted’s checklist to help you work out what you really need, and what are less essential wish-list dreams.
“Check out what activities are on offer, and what the menu is like. Sign up to their newsletters and see what outings they do. If you have a pet, check if you can bring it – that’s always an important one.”
Visit some villages
Put together a shortlist a visit a few villages; strike up conversations with people already living there. That way you’ll get a better idea of what village life could be like.
“The best people to talk to are the residents,” David agrees. “If you love your area, you’re more than likely to come across people you’ve known over the years. They’ll give you a warts-and-all view. We can always rely on our residents to do that!”
And don’t forget to talk to the staff – David says they’re a very accurate sign of how happy people are at the village.
“If staff look like they’re happy to be there, then so will you,” he explains. “We do surveys of staff, residents and families, and we find the happier our staff, the happier the residents.”
Decide if you’ll need care
As you age you may need more help – and uprooting your life again could be really hard. If you’re in a village with onsite care, that transition could be made easier.
“My dad had Alzheimer’s, and mum needed a place where she could be nearby if he had to go into care, so they’d be taken care of no matter what,” says David. “That was so reassuring for us”.
Work out what you can afford
Retirement village living isn’t free. If you own your home, the sale price of that might cover the price or lease of a village dwelling, but you’ll still need enough left over to pay the village fee and any additional services you require – gardening, meals, cleaning and so on. Sorted has a useful financial checklist to help you wade through all these complications and ‘what-if’s’ of retirement village living, so you know what you can afford.
“Weekly fees cover your insurance, rates and maintenance, gardening, window washing, that sort of thing,” David explains. “Some villages increase that fee alongside inflation – at Ryman’s it’s capped and fixed for life, at about $120/week. That gives financial certainty.”
Look at consumer reviews and awards
Another source of information about retirement village living is good old Google. If you have a shortlist of places you’re considering, search online for reviews and any awards they may have received. It’s also worthwhile to look at outfits like Consumer Magazine, Reader’s Digest and any industry awards, to find out how they rate your shortlisted places. What you find may completely rearrange your list, and even drop or add some places.
“We’re the Reader’s Digest most trusted brand five times running,” David says proudly. “We also won an award from ACC for prevention of falls.”
Talk to your lawyer
If your legal adviser isn’t well up on retirement village issues, ask for a referral to one who is. It’s a requirement of the Retirement Villages Act that you get independent legal advice before you sign the papers, and if your own lawyer can’t refer you, the Law Society can give you a list of experienced lawyers.
“We’re lucky in this country that we must have contracts in plain English, and there are really good consumer protections,” David says. “It works, and it’s fair.”
Legal titles – how village home ownership works
Retirement villages use one or more of four basic legal titles: licence to occupy, unit title, cross lease or lease for life.
Licence to occupy
This allows you to live in your dwelling, but you don’t own it. Licence to occupy is the most common form of legal title in retirement villages.
Unit title
This means you own your dwelling as part of a body corporate, and along with other residents you pay for the maintenance of common areas. A village’s body corporate and daily operation is usually run by a manager.
Cross lease
This is when you share the land ownership with other residents, and each of you grants leases to the others. The agreement specifies lease length, land use and a resident’s right to live there.
Lease for life
Similar to renting, you lease a village dwelling until you die or leave. You may also rent a unit in some villages.
David explains, “Ryman has a right to occupy model. Once you leave and your home is on-sold, the village takes a deferred management fee – that pays for all the amenities, things like happy hour, exercise classes and bowling green, and the cost of refurbishing your home.
“At Ryman, that’s capped at 20% after the first five years, so if you leave after one year you’ll get 94% of what you put in. If the property market goes down, we take a loss, not you.”
You choose – it’s your life
If you feel that retirement village living is for you, it pays to do your homework so you choose the right one. After all, it’s your life and you want to be comfortable and happy. Get good advice from a lawyer who’s an expert on retirement villages, decide what you want, make your wish-list, and start your search.
New friends are waiting!