Current location
You are here: where to start > lifestyle choices > retirement villagesWhere to start
Retirement villages
To join a retirement village, you should be over 55 years of age or have retired from full-time employment.
Retirement villages may suit a variety of people, but it’s worth knowing that they’re not a simple, unified product. You’ll find that they operate under a wide range of legal structures, often with fees that are difficult to understand (including a payment when you vacate the premises).
Types of Retirement Villages
There are basically two kinds of retirement village: resident funded and donor funded.Donor funded retirement villages are invariably owned and operated by not for profit organizations. They include an element of charitable subsidy and entry is generally restricted to the needy.
Resident funded retirement villages may be owned and operated by the private sector or by not for profit organizations and they are conducted on a commercial basis to produce a profit or surplus, respectively. Sometimes it’s hard to tell the difference between a profit and a surplus.
Legislation
Each State and Territory has enacted specific legislation that regulates the operation of retirement villages. The legislation in each area is different and has its own definition of what is and what is not a retirement village.In some cases the legislation applies differently to different legal structures and contractual arrangements. Particular legal structures and contractual arrangements may also attract the application of other legislation, such as strata title, community title, companies and securities, manufactured home or tenancy legislation.
Another option - Downsizing
Moving into a townhouse or another type of smaller housing option would reduce the amount of time that you would need to spend on the up-keep of the house and garden, leaving you more time to enjoy leisure activities.Common questions on this topic:
- Once I send an application form to a home, how long will they keep it on their records?
- Who has to pay for mum's Webster packs?
See all common questions