Purchasing in a Retirement Village
The original concept of a Retirement Village, and the current perception of this form of retirement living differs enormously.
Retirement Villages were originally an extension to Church and Charitable aged care facilities, such as nursing homes and hostels.
These forms of retirement living were very restricted in form and accommodation types, with limited facilities and little appeal for the majority of Australians. Going into such a Retirement Village was regarded as a 'last resort'.
Public demand influenced the retirement industry, which recognised the need to provide a greater variety of facilities. Rather than a tiny one bedroom unit, Villages now offer an alternative home, often with two or three bedrooms. In addition facilities can include a range of 'lifestyle options', such as common entertainment areas, tennis courts, swimming pools, gymnasiums, spa and recreational pools and even bowling greens as well as on-site aged care facilities within a greater range of 'high end' accommodation types.
Residents can feel comforted to know that the Retirement industry is regulated by both Commonwealth and State legislation. As well as this, The Retirement Villages Act is the relevant legislation in South Australia for independent living and effectively protects the rights of people who purchase the right to reside in a retirement village. The legislation is supported by a code of conduct, Fair Trading (Retirement Villages Code) Regulation which sets out terms, conditions and standards to be met by the owners and operators of Retirement villages in South Australia.
Remember, before you sign a contract to reside in a Retirement Village, the administering body is required to provide you with all relevant details in the form of pre-contractual disclosure information. This will enable you to be fully informed and also help you decide if a particular village will suit your lifestyle needs.
In moving to a Retirement Village you are investing not only in a new lifestyle but also a new opportunity to meet new friends and with the comfort of knowing that you are being cared for in the best possible way. As your needs increase the Village can usually arrange for additional services to be delivered to you in your home.
Talk to us at Seniors Card Real Estate SA and we can offer a variety of Retirement Village home options ready for you to purchase.