Deciding on a retirement village is a significant life step, whether you’re supporting a parent or client, or planning for your own future. It’s about more than just a change of address; it’s a decision that involves lifestyle, legal and financial commitments, care needs, and family involvement. The process can feel overwhelming, but thinking through the right factors will help you make confident, informed choices. The Burke Lawyers Retirement Village Checklist is designed to provide guidance at every stage of the retirement living journey, ensuring that all key considerations are addressed before any decision is made.
What Should be Considered When Choosing a Retirement Village?
1. Research and Village Experience
- Tour the village and attend open days to get a real sense of the environment.
- Speak to current residents to understand the lifestyle and community.
- Review brochures and promotional materials for each village.
- Reflect on whether the village’s culture and amenities align with your expectations and needs.
2. Legal Agreements and Rights
- Carefully review the Retirement Village Agreement.
- Make sure you understand your rights and obligations.
- Seek legal advice if anything is unclear or complex.
3. Financial Planning and Costs
- Understand all upfront costs, ongoing service and management fees, and utility charges.
- Consider the costs of selling your current home and any exit fees.
- Think about the potential for capital gains or losses.
- Check if the village offers a “change of mind” money-back guarantee if you leave within the first year.
4. Future Care Needs
- Consider what happens if you or your partner needs higher care in the future.
- Find out if the village is linked to an aged care facility and how transitions are managed.
- Consider whether couples can remain close if one partner’s care needs change.
5. Family Involvement and Support
- Involve your family in the decision-making process.
- Make sure they understand your rights, obligations, and costs.
- Prepare them to deal with the village if you lose capacity or pass away.
Why Use a Retirement Village Checklist?
A checklist helps you:
- Compare retirement villages easily
- Avoid costly mistakes
- Discuss options with family and advisors
- Feel confident about your decision
Specialist Legal Support for Retirement Village Residents and Families
The Burke Lawyers Property Team offers:
- Guidance on purchasing or leasing retirement village units
- Review and advice on Residence & Management Agreements
- Support with aged care agreements and financing (RADs)
- Comprehensive Wills & Estate Planning services
Our goal is to make your transition to retirement living seamless and stress-free. For expert advice, contact Burke Lawyers on +61 3 9822 8588.
Download the Retirement Village Checklist PDF below.
