Choosing the right retirement village in Melbourne
Choosing The Right Retirement Village In Melbourne
There are many great benefits for choosing to live in a retirement village in Melbourne. These include low maintenance, downsizing to a manageable home, social lifestyle and also safety and support. However, it’s important to choose the right retirement village that best suits your needs now and into the future.
Nearly 200,000 senior Australians have made this decision and these figures are growing. In 2017, the average village occupancy across Victoria was at 94% which confirms their popularity. This is slightly higher than the Australian average at 93% as reported by the Property Council.
For the right retirement village, Melbourne has it covered! There are many choices available including villages, over 55s communities and resort style retreats and apartments complexes.
Village living can provide residents with a feeling of being safe, secure and supported. Neighbours look out for each other, many villages have on-site 24 hour emergency call systems and staff that can assist with daily needs.
Plenty of retirement villages in Melbourne offer social lifestyle opportunities and leisure facilitates. Some of these include pools, gym, cinemas, bowling green, lounge areas, happy hour and more. Many have a community centre with organized outings and activities. Village living can help improve happiness and overall life satisfaction.
To help you choose the right retirement village in Melbourne, here are some things to consider:
1. Where do you want to live?
One of the first things to consider is ‘where do you want to live?’Do you want a sea change or a tree change?Maybe you would like to stay in your local community or be closer to friends or family.Do you want to be close to shops and medical facilities?There are plenty of locations and villages to consider.
2. What is important to you?
What’s important to you within a village environment?Would you prefer a social community, one with great recreational facilities or is a high level of care and support more of a priority?Ensure you know all the facilities and support (including medical services) available as this may affect your choice of village and this is important for planning ahead. Check what facilities and activities are included and if there are ones that cost extra.
3. Is it affordable?
Ensure you fully understand the financial implications.It’s important that you are clearly aware of the purchase price, ongoing costs and what you will receive when leaving the village.
The Retirement Council found that in the current market units are an affordable equation costing less than 70% of the median price of a house in the same postcode.This is good news for seniors as it allows them to unlock capital and improve their quality of life.
The Property Council reported that in Melbourne Metro, the average 2 bedroom unit price within a village compared to a median house price in the same postcode was a difference of $360,000.
4. Visit villages
Visit numerous villages and shop around.This way you can compare the living environments and community vibe to ensure it’s the right decision for you.Don’t be afraid to visit the village multiply times – chat with the manager and seek information, speak to the residents for honest feedback, go to Open Day and happy hours to get a taste of village living.
5. Village responsibilities and maintenance
Meet with the village manager and discuss responsibilities, maintenance and upkeep of the village.Some villages may have a regular maintenance or services fees.Also, ask if there is a resident’s committee where residents can have a say in decision making.
6. What’s in the legal contract?
It’s important to ensure you fully understand your legal contract including rights, legal and financial obligations.It is highly recommended to seek independent legal and financial advice before you more in.This is important for peace of mind.
For example, what guarantees are in place to protect the resident?Is there a ‘buy back’ clause on departing a village that guarantees that the village will buy the unit back if a buyer isn’t found in time?
Retirement Villages in Melbourne offer many lifestyle benefits, one of these is feeling part of a community and amongst likeminded people. It’s a great opportunity to socialise, share and feel supported which is invaluable.
For information on Cumberland View Retirement Living go to our homepage and see why we're the best retirement village in Melbourne.