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Finding what’s right for you: Costs & contracts
Costs and contracts

Finding what’s right for you: Costs & contracts

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Finding what’s right for you: Costs & contracts

If you’re considering a move into a retirement village, you’ll want to quickly understand the potential costs and contracts and what these can mean for you.

Retirement village contracts are different from residential property contracts, so it’s important to read contracts thoroughly and to seek independent legal advice.

Independent retirement living experts like Rachel Lane say that when it comes to village costs, there will be different fees associated with moving in, while you’re living there and when you leave.

You may also wish to access some additional home care services to help you with things like personal care and cleaning. These costs may have an impact on any Age Pension, rent assistance or other government support you may receive, so it’s important to seek independent financial advice to work out what could be best for you.

We've put together a few helpful tips from independent retirement living experts Rachel Lane, finance expert Noel Whittaker and lawyer Danielle Lim to help guide you through your research of retirement living costs and contracts.

Gather and compare costs

Once you've decided on where you may like to live, the amenities you might enjoy, and any support services you might need, independent retirement finance experts like Noel Whittaker say the next step is to compare documents from your preferred retirement villages and properties.

In some states, retirement villages are required to provide you with village comparison information documents, and sometimes cost disclosure documents, soon after your initial enquiry. All villages in that state will use the same or similar templates, so collecting these documents from each village will help you most accurately compare the costs involved and the services and amenities provided.

In these documents, you’ll be able to learn more about what the ‘ingoing contribution’ or moving in fees are for a particular village, and what the current range is. You’ll see what’s covered in the general services/maintenance or ‘living in’ fee, and find out what the current costs are. You’ll also be able to see what the ‘exit’ or leaving fees are.

You should also be able to find out about any special levies, and when and how special levies can be raised.

Village documents must be very clear about everything upfront to help you make an informed decision.

Calculate your current cost of living

Now that you’ve gathered and compared the costs of each retirement village you’re interested in, independent retirement living expert Rachel Lane says it’s a good time to assess your current living expenses at home, and how these might compare to village living.

Create a budget of your own yearly expenses, including:

  • Living expenses: Food, car, clothing and medication
  • Home expenses: Utility bills (gas, water, electricity, phone), rates, insurance, maintenance, renovations, appliance upgrades, gardening and outdoors maintenance
  • Travel and entertainment expenses: trips away, social events, hobbies, subscriptions (e.g. streaming services like Netflix or newspapers, magazines)
  • Health and wellness: Club, gym or pool memberships, recreational activities, private care and health appointments.

Rachel suggests you compare your current budget to the costs of the retirement villages you’re interested in. You might find that village living could be more economical for you, depending on your personal financial situation and the activities and lifestyle you enjoy.

Consider the contract

If you’ve owned a home, apartment or land in Australia before, you would have come across some standard or quite similar residential property contracts that outline your rights and obligations. Retirement village contracts can be quite different.

Independent solicitor Danielle Lim says that’s because retirement village properties can often be contracted as leaseholds (long-term leases) with specific terms and conditions, freeholds (where you own the property and are on the title as owner) or licences (similar to leaseholds).

All retirement village operators have their own contract types, so it's important that you understand each contract, its terms and what these could mean for you.

Seek trusted advice

Appropriately qualified and registered financial planners and lawyers can provide you with independent advice about contracts and costs. They can review any retirement village documents and work with you to build a clear understanding of your personal financial situation.

Navigating your retirement living options, contracts and costs can feel complicated, and their guidance can help you decide the best course of action for you.

Experts say to always search online to ensure any practitioner you approach holds appropriate credentials and licences and has relevant expertise.

The information provided is general only and may be provided by a third party. It does not take into account your personal circumstances. Aveo encourages you to seek independent legal and financial advice about your particular circumstances before entering an Aveo retirement village.

If you’re considering a move into a retirement village, you’ll want to quickly understand the potential costs and contracts and what these can mean for you.

Retirement village contracts are different from residential property contracts, so it’s important to read contracts thoroughly and to seek independent legal advice.

Independent retirement living experts like Rachel Lane say that when it comes to village costs, there will be different fees associated with moving in, while you’re living there and when you leave.

You may also wish to access some additional home care services to help you with things like personal care and cleaning. These costs may have an impact on any Age Pension, rent assistance or other government support you may receive, so it’s important to seek independent financial advice to work out what could be best for you.

We've put together a few helpful tips from independent retirement living experts Rachel Lane, finance expert Noel Whittaker and lawyer Danielle Lim to help guide you through your research of retirement living costs and contracts.

Gather and compare costs

Once you've decided on where you may like to live, the amenities you might enjoy, and any support services you might need, independent retirement finance experts like Noel Whittaker say the next step is to compare documents from your preferred retirement villages and properties.

In some states, retirement villages are required to provide you with village comparison information documents, and sometimes cost disclosure documents, soon after your initial enquiry. All villages in that state will use the same or similar templates, so collecting these documents from each village will help you most accurately compare the costs involved and the services and amenities provided.

In these documents, you’ll be able to learn more about what the ‘ingoing contribution’ or moving in fees are for a particular village, and what the current range is. You’ll see what’s covered in the general services/maintenance or ‘living in’ fee, and find out what the current costs are. You’ll also be able to see what the ‘exit’ or leaving fees are.

You should also be able to find out about any special levies, and when and how special levies can be raised.

Village documents must be very clear about everything upfront to help you make an informed decision.

Calculate your current cost of living

Now that you’ve gathered and compared the costs of each retirement village you’re interested in, independent retirement living expert Rachel Lane says it’s a good time to assess your current living expenses at home, and how these might compare to village living.

Create a budget of your own yearly expenses, including:

  • Living expenses: Food, car, clothing and medication
  • Home expenses: Utility bills (gas, water, electricity, phone), rates, insurance, maintenance, renovations, appliance upgrades, gardening and outdoors maintenance
  • Travel and entertainment expenses: trips away, social events, hobbies, subscriptions (e.g. streaming services like Netflix or newspapers, magazines)
  • Health and wellness: Club, gym or pool memberships, recreational activities, private care and health appointments.

Rachel suggests you compare your current budget to the costs of the retirement villages you’re interested in. You might find that village living could be more economical for you, depending on your personal financial situation and the activities and lifestyle you enjoy.

Consider the contract

If you’ve owned a home, apartment or land in Australia before, you would have come across some standard or quite similar residential property contracts that outline your rights and obligations. Retirement village contracts can be quite different.

Independent solicitor Danielle Lim says that’s because retirement village properties can often be contracted as leaseholds (long-term leases) with specific terms and conditions, freeholds (where you own the property and are on the title as owner) or licences (similar to leaseholds).

All retirement village operators have their own contract types, so it's important that you understand each contract, its terms and what these could mean for you.

Seek trusted advice

Appropriately qualified and registered financial planners and lawyers can provide you with independent advice about contracts and costs. They can review any retirement village documents and work with you to build a clear understanding of your personal financial situation.

Navigating your retirement living options, contracts and costs can feel complicated, and their guidance can help you decide the best course of action for you.

Experts say to always search online to ensure any practitioner you approach holds appropriate credentials and licences and has relevant expertise.

The information provided is general only and may be provided by a third party. It does not take into account your personal circumstances. Aveo encourages you to seek independent legal and financial advice about your particular circumstances before entering an Aveo retirement village.

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