There are several reasons seniors might choose to move into a retirement home. Some crave a sense of community, while others want to downsize. In many instances, seniors require extra assistance and support, choosing to reside in retirement villages to ensure they have access to everything they need. Whatever the reason, it’s important to understand what to look for in a retirement home.
Before making a long-term commitment, let us at The Village Retirement Group break it down for you.
Steps to Take When Searching for a Retirement Home
Remember, buying a retirement home is more a lifestyle decision than a financial one. While there may be economic benefits associated with living in a retirement village, ultimately, the decision is usually made by those seeking an easy, more accessible lifestyle.
Before commencing retirement home living, however, it’s important to understand what you are looking for. The following tips will help you make an informed decision when buying a retirement home.
Tip 1: Make an Essentials List
When researching retirement homes/villages, we recommend making a list of non-negotiables (more on this below). That is, outline everything your new home must feature. It’s also a good idea to think about the retirement village as a whole. Is there anything you absolutely do not want? For example, must it be pet-friendly, have carers on-call, close to shops, etc?
Jotting down a list of essentials will help narrow down the type of retirement home you’re looking for.
Tip 2: Speak to a Lawyer/Financial Adviser
Before making a commitment, it’s important you understand your budget and financial situation. We recommend speaking with your accountant or financial adviser to help you make the most appropriate decision for you.
Additionally, we recommend designating a solicitor who specialises in retirement village living.
Tip 3: Explore Your Options
Don’t settle for the first property that comes on the market. Inspect several retirement homes/villages (or have a carer or loved one do so) to ensure you’re investing in a property you’ll be happy and comfortable in.
Tip 4: Don’t Rush!
You’re looking for a property that is going to be your new home, so don’t feel pressured into making a decision quickly. Think about where you really want to live and whether the property checks most of, if not all, the boxes. Take your time!
Senior Living: What to Look For in a Retirement Village Home
When looking to buy a retirement home, you should always factor in your individual needs and preferences. Some seniors require more care, while others simply wish to downsize and be closer to family. That’s why when we’re asked what to look for in a retirement home, we recommend considering the following:
- Accessibility
- Lifestyle and amenties
- Location
- Finances
- Surrounding communities
- Recreation
- Property type
- Residents
- Village healthcare support and other services
- Your rights and responsibilities as a retirement home owner
There you have it. Now you know what to look out for when buying a retirement home. For more information about retirement home living, read our How and When to Retire: Tips for Making the Big Decision article. Otherwise, to speak to one of our representatives, reach out via our contact page.
