Once the children have moved out, your home can seem large and lonely – which explains why many Over 55s seek downsizing to a lifestyle village.
Both leasehold and licence retirement villages provide residents with monthly fees, including water and electricity utilities, council rates, building insurance premiums, and the maintenance of their homes and garden.
1. Socialising and activities
Lifestyle village for over 55 provides you with an opportunity to meet like-minded individuals while leading an active life. Many communities offer resort-style amenities such as swimming pools and clubhouses to keep residents active throughout the week. Plus, special social events are often organised, from golf days and bowling competitions to simply meeting friends!
Residents can take advantage of a range of convenient services for seniors in 55+ communities, such as bus transport, meals on Wheels, personal care services, nursing care and personal chaplain services, hiking trails and sports clubs, and dementia and memory care villages.
Lifestyle village operators tend to offer various in-home care options as optional paid extras; this may differ with retirement village operators, as when selling your home in lifestyle villages, you are typically required to pay a ‘surrender fee’ that covers operator costs and community maintenance.
Deferred management fees differ from deferred maintenance fees, which are charged regularly – usually weekly, fortnightly or monthly – and cover ongoing upkeep of communal areas, facilities and gardens. Such charges supplement other expenses like stamp duty, body corporate fees and council rates.
2. Peace of mind
Lifestyle village for those over 55 provides the ideal community experience if you desire an integrated environment where like-minded individuals exist, including supportive and connected neighbours with similar interests – helping each other with gardening or home maintenance tasks so that you can spend more time socialising with new acquaintances.
Luxurious resort-style amenities and regional-specific benefits make these communities ideal for living your best life. Additionally, your weekly site fee covers maintenance of both the home and garden and operator’s costs like gardening and security – providing great value for money when you don’t rely on high pensions or full-time employment.
Review all contract terms and clauses thoroughly when searching for a retirement village, and hire someone familiar with crunching numbers to ensure you find an ideal home for retirement. Doing this lets you know if this retirement community meets all your criteria.
3. Affordability
Once your finances have improved, you may find more money to spend on hobbies or travelling. Also, community garden teams will take care of outdoor spaces for you!
Dependent upon your contract and the type of village you select, some retirement villages may charge an exit fee when you leave. It could consist of either taking a percentage of any capital gains or selling your home with the village operator while keeping some profit for themselves.
4. Convenience
When selecting a lifestyle village for over 55, it’s essential to understand its amenities. Popular features for Boomers are bars and cafes and pet-friendly features like dog parks. Boomers don’t want age to hinder them from enjoying life fully!
Before purchasing in an area, ensure it has access to public transport and medical centres nearby. Furthermore, research the site for any future development plans, as this may impact how you use your home.
Example: The Villages in Florida is America’s top-selling master-planned community for 55+ residents and offers residents convenient amenities that are only a golf car ride away from their quality homes. Residents enjoy various clubs, interest groups and fitness activities, which has earned this community high ratings from Google reviews and 55 places.
When purchasing a villa or unit in a freehold retirement village, the building that it sits upon belongs entirely to you – unlike in lifestyle villages where dwellings may be purchased but land rent paid annually; should you leave such an environment behind, its operator may sell or buy back your dwelling depending on your contract terms.
