Over 55 Living: How To Move Into A Retirement Village
It is normal to get anxious as you approach your retirement years. It is especially so since you expect drastic changes in your life. Housing, in particular, is a significant concern for most seniors. More often than not, they are often conflicted over whether they should age in place or move into a retirement village. Below is a guide detailing the considerations that you should make when moving into a retirement village.
Choosing An Appropriate Village
There are many retirement villages in Australia. So, how do you choose one? Below are some tips:
- Location: It is critical to consider if you would want to live close to your family, move into a new town or near the sea.
- Residents: Whom will you find in the village? Some villages are occupied by retirees of a specific location or people affiliated with a particular religion.
- Lifestyle: What is the quality of life in the village? Some facilities come with recreational and social amenities that can make life in the village exciting.
- Support service: Although retirement villages promote independent living, they could offer support services such as housekeeping and a resident doctor.
To Buy Or To Lease
Your needs will determine whether you should buy or lease property at the complex. Leasing would be ideal for people that require short-term accommodation at the facility. Remember, in the long run, leases typically become more expensive than the initial buying price. Furthermore, it prevents you from taking advantage of property appreciation. You could sell your home or seek financing from your bank if you are looking to buy in an over-55 living community.
It would be wise to engage the services of a property lawyer when buying and leasing property in the village. The lawyer will explain the terms of the lease or sale agreement and ensure you are not exposed to any liabilities.
Terms Of Living
Each retirement village has a set of rules that residents must adhere to. It is a sure way to encourage harmonious living among the residents. Assess these regulations to determine whether you will be comfortable living in the village. For instance, you would want to know whether you can renovate your property. For instance, you may want to install an awning or patio at the front of your house. If you intend to live alone, check whether you can sublet your property to raise extra income. In most villages, seniors are required to pay a small charge towards maintaining the common property.
Retirement villages allow seniors to enjoy a high quality of life. Start by choosing an appropriate village, determine whether you will buy or lease property, and understand the terms of living.