Residential Villages

The type of residential or retirement village you consider as a senior has a lot to do with the facilities, housing options, services and financial and legal plans offered. It's a complex decision and one that needs to be approached from many perspectives.

Here are some of the key decisions you might be making while choosing a retirement village and some relevant questions to ask:

• Before making a decision one way or another about retirement villages talk with family and friends and consider all alternative forms of help - such as in-house help, government support, smaller accessible housing, etc.
• If you decide to move ahead with a retirement village option, try and visualize your future needs and lifestyle. Visit a few residential villages and talk to occupants to get to know the insider point of view.
• Before shopping, try and make a list of must-have items and desirable features of a residential village. This will help you compare and short-list ones that meet your basic criteria.
• There are usually three types of costs involved with residential villages: entry costs, living costs, and departure costs. Entry costs may include percentage down-payment on residential unit; living costs may include service fees such as security, insurance and healthcare; departure costs may include refurbishment costs and exit fees. Strongly consider hiring an expert financial planner for qualified advice.
• Some legal forms that you may have to fill out will include your right of occupation, who will be the title holder of the house/lease, as well as codes of practice that must be adhered to within the village. It may be prudent to hire an independent lawyer specializing in residential villages to help guide you.
• Villages may be managed by non-profit organizations, local authorities or businessmen. Each kind of management brings with it a different approach, so check to see which you're most comfortable with. There will typically be a long term management agreement for day to day running of the village, for which you may pay management fees.
• Village management decisions will also include such items as pet policies, gardening and landscaping requirements, sub-letting or renting your unit, running a business from your unit, timings and curfews, options for redecoration, etc. You may want to subscribe to the village's newsletter or receive an updated copy of these rules and guidelines when you sign the lease/rent/sale contract.

The Retirement Village Association of Australia (RVAA) oversees the administration of retirement villages and manages complaints. Residents have the right to approach RVAA for any issues relating to the management of their residential village.