Is a retirement village right for you? 7 questions to ask yourself

If you’re ready to move it’s hard to overlook the luxury amenities and built-in community available at modern retirement villages. Just do your homework to make sure it will suit you for years to come.

By Carolyn Tate

There comes a time as we reach an - ahem - certain age that we might start to think about making a move. Maybe it’s because we’re ready to downsize now that we live in an empty nest, or maybe it’s because the idea of a tree- or sea-change appeals. But if you’re over 55 and thinking about moving house, you should also consider moving to a retirement community.

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Retirement communities have come a long way in the past couple of decades. No longer the stale and dull villages of yesterday, advertising for retirement villages these days shows a very different proposition - something more akin to resort-style living with endless activities and services on tap, showing people living the best years of their lives.

Of course, every retirement village is different, and it’s important to inspect your possible future home to decide if it’s right for you, but in the meantime, there are a few questions you can ask yourself, to determine whether retirement living could be right for you.

Question 1: Do I like being part of a community?

Living in a retirement community can be a little bit like living in a small country town in that you get to know everyone, and everyone gets to know you. If someone hasn’t seen your blinds go up by mid-morning, they might ask management to check on you. And when you move in, you could have the president of the residents’ committee on your front doorstep with a welcome basket before the week’s end. 

Does that sound endearing or annoying? If it’s the former: good news!

Question 2: Do I have the funds required?

Homes in retirement villages are usually cheaper than comparable homes in the general population, but they do come with ongoing fees to cover things like ground maintenance; amenities like gyms, pools, putting greens, and possibly a community bus; and services like 24-hour emergency or nursing support. They also come with an exit fee, which is taken off the sale price when you move on (one way or another). 

You can find out about different retirement living tenancy options at NSW Fair Trading, Consumer Affairs Victoria, Queensland Housing or through a similar government body in your state.

Question 3: What if I change my mind?

There are costs that come with a change of mind, no matter where you go. If you buy a home at the beach and then decide you don’t like the salt water causing rust on every metallic surface, there will be costs associated with selling that home and buying one in the country, with nice salt-free air. 

But when you enter a retirement village, some different costs – called exit fees – may apply if you decide to move out. Understanding what these costs will be before you’re in that position can be helpful. CHOICE has a good explainer of retirement village contracts and hidden costs.

Question 4: Will I have anything in common with my new neighbours?

As we’ve already covered, a retirement village is a bit like a country town, so it’s important to know who your neighbours might be. 

Once you’ve found a village you like, don’t be afraid to knock on some doors and introduce yourself. Your potential neighbour could be just as grateful to meet you as you are to meet them. Plus, if you will be sharing a wall with someone who likes to practise the bagpipes at 5am each day, you’ll definitely want to know that in advance.

Many villages also have ‘meet and greet’ events for prospective members, so ask what’s coming up on the social calendar.

Question 5: Can I still access what (and who) is important to me?

Having a whole new community around you is wonderful, as is enjoying a range of new activities and services. But how far away will you be from your favourite coffee shop, gym or beach, as well as your family and friends? Are they welcome to visit and join in the fun? 

If doing the things you love, and seeing the people you love, becomes an onerous task, that could eat into your quality of life, and we don’t want that. Try to find a village that’s close to the amenities you already love. 

Question 6: What are the rules and regulations and am I comfortable with them?

As well as the obvious laws that apply to tenancy in any neighbourhood, each retirement village will likely operate its own set of ‘the way we do things around here’ obligations. Sharing common areas with people means there have to be rules and regulations, and that can be okay, as long as you’re aware of them and you’re comfortable with them.

Find out all you can about any additional regulations that will apply for you. What are the rules on pets? Can your grandchildren sleep over? How do they handle complaints or grievances? Do you have a say in the way things are run? And what can be done about those bagpipes?

Question 7: Will I actually use all those facilities?

A tennis court and bowls green are fantastic – if you play tennis and lawn bowls. Whether you use them or not, you’re paying a price to cover the maintenance of the facilities. If your retirement village has an endless list of shiny offerings but you prefer a quiet morning walk and entertainment at home, you might want to consider whether you want to pay for the many bells and whistles that you probably won’t ever use.

Like any big decision, working out whether a retirement village is the right place for you to move to will take ample research and time. Don’t rush yourself. Instead, take time to get to know the people and culture in possible neighbourhoods to work out whether you’ll feel comfortable there for years to come.