Thinking about moving into a retirement village? Here’s my handy guide
Retirement villages are an attractive option for many, but you need to find one that’s right for you. Here in the North Shore there are many retirement communities to choose from. Take the time to consider your options and budget to decide if this is the right path for you.
As an agent, I often talk to clients who are thinking about retirement village options, either for themselves or a family member. I welcomed the new regulations around retirement villages released by the NSW Department of Fair Trade last year, along with their easy-to read guide to choosing the right one for you.
First steps: Is a retirement village the right move for you?
Retirement home living suits some people more than others, so you’ll need to determine if it’s what you are looking for, or if you would be happier downsizing.
You’ll have an in-built network of peers, making it easier to keep up your social life
Retirement villages provide secure living environments for retirees, and many provide additional services, such as assisted living and memory care.
They are also great for those who no longer want to manage a large home, and they provide an in-built network of peers, providing opportunities to socialise close to home.
Starting your retirement village search: what to look for
Not all retirement villages are equal, so do your research to choose the right community for you, with budget being one important consideration. Here in the Upper North Shore, it’s easy to find the information you need.
The New South Wales government maintains an extensive list of retirement homes and villages within the state. Simply enter the postcode or suburb, and you’ll get a list of all retirement facilities and their contact details in the area.
Too work out your budget, visit the NSW Department of Fair Trading website, where you’ll find a handy calculator tool to complete this task.
Once you have narrowed down your list of suitable retirement communities, request general inquiry documents from each one. These documents will provide all the information you need about the community so that you can compare your options.
Choosing your ideal retirement village
When you’ve identified your top choices, visit each community to get a better sense of the lifestyle each provides. Take a tour through the community facilities and amenities, and chat with residents to understand their personal experiences.
The goal here is to get a sense of where you will feel happiest. This depends not just on your accommodation, but also on the community amenities, activities and people.
Before you leave, ask as many questions as you can. The more information you can gather,
the better.
The goal here is to get a sense of where you’ll feel happiest
Making the decision
After your visits, request disclosure documents from your preferred options. These documents are more detailed than general inquiry documents and will guide you in making your final decision.
Before you sign a contract, seek advice from a solicitor to ensure that everything looks good. In most cases, you’ll have a cooling-off period when you can back out of the contract without losing your deposit. This period typically lasts seven days.
Selling your home
Choosing a new home is a major decision, and one that ideally you shouldn’t rush. Familiarise yourself with your rights, take time over your decision, and seek professional advice to help you make the right choice.
When you are ready to sell your Thornleigh, Normanhurst, Westleigh or Pennant Hills home and move into a retirement community, you have help on your side. Having worked in local real estate for many years, I can make the move as easy as possible. Get in touch today to get started!
