Thinking of retirement living? Here’s a few things to consider…

Considering making some changes to your living arrangements? This may mean looking at smaller, low maintenance properties, however there’s another option to consider; that’s retirement living.

The 2018 Property Council Retirement Census showed nearly 30% of new retirement communities under development have vertical village components, and with modern retirees seeking holistic lifestyle solutions, this means a greater range of services than what may have been seen previously.

If you’re contemplating retirement living, consider these points.

Try before you buy: Many retirement villages offer the opportunity to stay in one of their properties for a period of time, experiencing what life could be like. Enjoy access to community facilities, participate in the many activities on offer and meet the residents. A trial stay is the perfect way to decide if retirement living might be right for you.

A solution that caters for you long term: There are retirement villages that cater only to independent living, with no assistance on offer. Other facilities offer in-house services as the needs arise; a move to low/high care facilities within the same establishment; or a neighbouring higher care facility within the same grounds. Research what’s available, and costs associated with these services/facilities if they are required later.

Doing the maths: The two most common scenarios will involve selling your home or renting it out. Assistance from a financial planner is strongly advisable, providing insights as to the amounts of money/assets allowed to have before things such as pensions are affected. They’ll also have the most up-to-date knowledge on schemes such as the governments ‘Downsizing Incentive Scheme’, and whether these are an advantage or disadvantage for your circumstance.

Understand what you’re signing: Seek expert advice; take the retirement village contract to a lawyer and/or a financial advisor before signing, and where suitable, discuss your thoughts with family members and friends.

Noel Jones understands a change in living arrangements is an important decision. With a portfolio of 10 Noel Jones offices throughout the eastern suburbs of Victoria, our team members can assist with the sale or lease of your property to help you make the change in living arrangements you desire.

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