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Moving into a retirement village? Know what’s right for you.

Moving into a retirement village? Know what’s right for you.

Older Victorians are being urged to shop around and do their research before buying into a retirement village.

Buying into a retirement village is a lifestyle decision, not an investment to make money. You may face substantial costs when you leave a village, so it’s important to understand the financial implications of moving into one.

In 2013-14, Consumer Affairs Victoria was contacted more than 690 times for advice on retirement villages, including 71 complaints.

Consumer Affairs Victoria advises Victorians considering a retirement village to:

  • see as many as possible that fit their location and financial requirements
  • seek independent financial and legal advice. It can help clarify specific terms and conditions.
  • talk to residents about what they like and don’t like about living there
  • discuss options with friends and family.

Retirement villages must provide a standardised fact sheet to potential residents, to help them decide if the village is the right one for them.

COTA Victoria provides fact sheets on retirement villages:

Retirement Villages

Retirement Villages Checklist

Consumer Affairs Victoria also offers a free guide to help retirees. To get the guide, and for more information, visit consumer.vic.gov.au/retire.

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