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:
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.