None of us are getting any younger, and for many there comes a time where the security, sense of community and financial benefits of moving into a retirement village or seniors housing becomes attractive.
However, as this is the beginning of a whole new chapter in your life, filled with opportunities as well as potential pitfalls, it’s a decision that should not be made lightly.
Before making the move, five key factors should therefore be considered carefully, according to Tom Symondson who is the CEO of the Aged and Community Care Providers Association (ACCPA).
Amenities and Facilities
“Consider what amenities and facilities are important to you in a retirement village. Many villages offer recreational options such as swimming pools, gyms and bowling greens. On-site services such as hair salons, libraries and cafes can add convenience and enhance the community atmosphere. Identify which amenities are most important to you and ensure the village you choose meets those needs,” Mr Symondson said.
Health and Support Services
“Healthcare and support services may be essential to you as you age. Investigate the care services provided within the village. With the increasing popularity of home care in retirement village settings, it is worth exploring whether the village operates its own home care services or partners with reputable third-party providers to deliver these services. Some villages have co-located facilities with residential aged care. This can ensure a seamless transition if you care needs change over time,” he said.
Financial Considerations
“A big hurdle for ‘down-sizers’ is the confusion around exit fees, which are standard in retirement villages. The exit fee is simply the ‘lease payment’ for the period of time you spend at the village. Most states in Australia now provide village comparison documents to help prospective residents make informed decisions and compare different villages based on standardised criteria, making it easier to understand the financial obligations and benefits each village offers.
“For those considering other options such as land lease communities, Commonwealth rental support may be available to help offset rental fees. It is essential to do thorough research and figure out what is best for you, considering both the financial implications and the lifestyle benefits each option provides,” Tom believes.
Sense of Community
“The sense of community and overall culture of the village can significantly impact your quality-of-life. Spend time visiting the village, talking to current residents and getting a feel for the spirit and atmosphere. Research increasingly shows that retirement living is associated with a positive quality-of-life, bringing significant benefits such as a sense of safety, companionship and access to support. This supportive community environment can enhance emotional wellbeing and provide a network of friends and neighbours who share similar interests and experiences, making your retirement years more fulfilling and enjoyable,” Mr Symondson said.
Accreditation
“Accreditation is a crucial factor in evaluating the quality of a village. It not only ensures compliance with industry standards but also highlights areas for continuous improvement. The Australian Retirement Village Accreditation Scheme (ARVAS) is a comprehensive accreditation program that assesses various aspects of village operations, including governance, communication, corporate systems and service delivery. Achieving ARVAS accreditation indicates that a village is committed to maintaining high standards and prioritising resident wellbeing.
“When choosing a retirement village, consider its ARVAS accreditation status, as it reflects the village's dedication to providing a high-quality, supportive and well-managed living environment,” he suggested
In brief, Mr Symondson recommends taking your time, doing your research, and not rushing into a decision with a sense of urgency or inevitability.
“Choosing the right retirement village or seniors housing option involves careful consideration of various factors to ensure it aligns with your lifestyle, health needs, financial situation, accommodation preferences and social desires,” Mr Symondson said.
“Everyone is different, so there is no wrong or right answer – what works for one person, may not work for another,” he concluded.
