What is a Retirement Village?What are my accommodation options?When is it the right time to move into a retirement village?What sort of contract will I enter into?What is an ingoing contribution?What is an outgoing contribution/ deferred management fee?What is a recurrent charge?Can I take my pet with me?Is there any in-home assistance?What about the actual move?Why choose an Australian Unity Retirement Village?What is Resident Wellbeing?
What is a Retirement Village?
Retirement villages are communities of people aged 55 and over who wish to live independently but want to downsize their home and enjoy the benefits of living in a shared residential environment.
Accommodation can range from spacious villas to smaller home units and town houses or apartments. In many cases, retirement villages provide a range of common facilities for the enjoyment of residents such as community centres, meeting rooms, library, swimming pool, gymnasium, bowling green, art and craft rooms and other lifestyle amenities.
Personal care and home help services are also available in many villages and assist residents in maintaining their independence over time. [Back to Top]
What are my accommodation options?
Retirement villages usually include a broad range of accommodation options which can all be packaged differently. What is a townhouse in one village may be a villa in another! There are, however, some general distinctions to keep in mind.
Home Units
Also referred to as villas, cottages, townhouses and independent living units, these are self contained houses designed for the active, independent retiree and can range in size from one bedroom to three or four bedrooms.
Serviced Apartments and Assisted Living Apartments
These are private apartments and are ideal for those who wish to maintain their independence but want a smaller living space and the benefit of daily in home personal care and support services.
Residential Aged Care
Residential aged care is suitable for older people who can no longer manage at home. There are two different levels of care provided in residential care and these are known as low care and high care. Unlike options for independent living, people cannot simply move into residential aged care. First, they need an assessment of their care needs by an Aged Care Assessment Team (ACAT). More information on Australian Unity’s aged care options. [Back to Top]
When is it the right time to move into a retirement village?
The decision to move to a retirement village is ultimately a very personal one and for many people it can be a daunting and confusing process. While there is no ‘one size fits all’ approach, there are some general tips which can make the decision making process easier to negotiate.
1. Consider the move before it becomes necessary
Often, people postpone the decision to move into a retirement village until a health crisis or emergency forces them to move out of their family home. While this approach is understandable, many people now living in retirement villages comment that they wish they had made the move sooner! Rather than waiting to make a significant lifestyle and financial change during a time of predicament, ask yourself:
- Have I given up hobbies, interests or pursuits because of lack of time or opportunity?
- Am I becoming isolated or lonely?
- Have the routine chores of home maintenance become burdensome or difficult?
- Am I able to manage my own personal care and health?
- Am I finding access to transport a challenge?
If you answer yes to any of these questions, it may be worthwhile considering a the advantages of moving into a retirement village.
2. Do some homework
Talk to friends and family members about your options and preferences. Consider your lifestyle requirements and visit retirement villages which appeal to you to gain a better understanding of the facilities on offer.
3. Get some financial advice
It is wise to consult a financial planner for professional advice on the best way to manage your income, expenditure and investments. Ensure your financial plans take into account the costs associated with selling and/or moving, possible new furnishings and ongoing service fees in your chosen retirement village.
The decision to move to a retirement village is ultimately a very personal one, and for many people it can be a daunting and confusing process. While there is no ‘one size fits all’ approach, there are some general tips which can make the decision making process easier to negotiate. [Back to Top]
What sort of contract will I enter into?
Retirement villages can offer a number of contractual arrangements, but the two most common types are called Leasehold (also known as Loan Lease) and Strata Title.
Leasehold/ Loan Lease
This is the most common type of contract in retirement villages. New residents enter into a contractual arrangement with the operator to take out a long-term lease. The lease is usually 99 years in duration. Residents are required to pay an ingoing contribution in the form of an up front deposit. When the resident departs the village, a departure fee (also known as an outgoing contribution or deferred management fee), as well as a share of any capital gains or other charges are payable to the operator and the balance of the ingoing contribution is refunded to the resident. Recurrent charges are also payable and are usually calculated on a monthly or quarterly basis.
Strata Title
In this arrangement, new residents pay an agreed purchase price to the owner of the unit, to buy the unit and become a member of the owner’s corporation (also known as a body corporate). Under a Strata Title arrangement, residents enter into a service contract with the retirement village operator and are required to pay strata levies (or alternatively they will be required to pay recurrent charges as part of the village budget). Residents are able to sell their property, but may be required to pay the operator a departure fee (also known as an outgoing contribution or deferred management fee), as well as a share of any capital gains or other charges. [Back to Top]
What is an ingoing contribution?
For most people, this is the largest single payment that they are likely to make when entering a retirement village. This contribution will roughly equate to the market value of the property and it secures their right to occupy their new home. Most of this deposit will be refunded upon departure, although some may be retained by the operator as an outgoing contribution/deferred management fee. [Back to Top]
What is an outgoing contribution/ deferred management fee?
Deferred fees, also known as departure fees, deferred management fees, DMF, outgoing contributions or end of lease payments, refer to the amount of money payable to the retirement village operator on the departure of a resident from the village. The exact amount can depend on a number of variables, which should be explained to you by the retirement village operator, but is usually calculated as a percentage of the ingoing contribution multiplied by the number of years the resident lives in the village. [Back to Top]
What is a recurrent charge?
Recurrent charges, also known as maintenance fees or resident levies, are a contribution to the cost of running a retirement village. They cover expenses such as general village maintenance, community facilities, gardening maintenance, some rates and taxes and the provision of services. [Back to Top]
Can I take my pet with me?
Many villages are pet friendly, although you will need to check with each individual village. [Back to Top]
Is there any in-home assistance?
Home assistance options will vary from one village to another, however it is generally possible to arrange for personal care services to be delivered into a retirement village home. These services are flexible packages which are tailored to the needs of an individual and range from assistance with meals and housework to medication or transport assistance. More information on these services at Australian Unity. [Back to Top]
What about the actual move?
When you have secured your place in a retirement village, it is time to make plans for your move. Our specially designed checklist, The Secrets of Moving is a great place to start. [Back to Top]
Why choose an Australian Unity Retirement Village?
1. We focus on residents
Resident wellbeing is at the heart of everything we do.
Enhancing resident wellbeing is important to us and it is fundamental to the way we operate our retirement villages.
2. Our company is stable
As a proudly Australian, mutual organisation with a 167 year history, residents can be confident of our financial stability and longevity. Residents have the peace of mind knowing we are here for the long term.
3. We have options for care and health services
Australian Unity villages can provide residents with options for in-home assistance, supplementary levels of care or other health services to meet the changing needs of residents over time.
4. Retirement living at a fair price
With a wide variety of retirement accommodation types spanning coastal, city and suburban locations, there is something for everyone. Moreover, our pricing represents good value for money whether residents are seeking a home unit or apartment at the premium or more affordable ends of the market.
5. Community
Our residents feel a sense of belonging to the village community. It is how we manage our villages, with a neighbourly approach, respecting privacy but being inviting and welcoming at the same time. Australian Unity retirement villages really are friendly neighbourhoods.
6. Safety and Security
We are there to look out for you. One of the advantages of living at an Australian Unity retirement village is that resident safety and security is one of our core priorities. [Back to Top]
What is Resident Wellbeing?
Living in an Australian Unity Retirement Village can result in numerous physical, social and emotional benefits, spanning all forms of personal wellbeing. These include:
- More time to spend on personal relationships –Whether it is spending more time with family or making new friends, our villages provide the perfect environment for interacting with others.
- Stronger community connections – Many new friendships have been formed within our communities, with residents commenting that they are surprised at just how many opportunities for socialising there are!
- An emphasis on personal health – We are dedicated to the health and wellbeing of each and every one of our residents, with a range of health and lifestyle support services accessible at our villages.
- A feeling of personal safety - Living in a retirement village comes with the added benefits of improved security and peace of mind. Our villages all feature 24-hour emergency call buttons and with village management, grounds staff and neighbours also on hand, our residents can feel safe in the knowledge that there are people looking out for them and the neighbourhood.
- Confidence in future security – With a range of accommodation options available and staff dedicated to resident health and wellbeing, people in our villages can feel secure in the knowledge that we are there to support them through all of the changes they may experience throughout their lives, whether they be a change in financial circumstances or increasing health complications.
- Improved living standards – Because our retirement villages have a wide range of amenities onsite as well as dedicated staff to tend to them, residents often comment that they feel their standard of living has improved. They have said goodbye to cleaning out gutters and mowing the lawns and have more time to spend getting out and enjoying life!
- A sense of achievement – With more time to focus on the things they want to do, our residents often take the opportunity to learn something new, attend a class, volunteer, or just invest more time in longstanding hobbies or sports – all of these activities can lead to a strong sense of achievement.
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