NEWS

Retirement Villages Are Popular, But Buyers Must Do Their Homework

Monday 29 November 2021, 1:33PM
By Premium SEO NZ
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CHRISTCHURCH

There are various options available to the elderly in terms of living arrangements. From remaining in their family home or downscaling, to moving in with family members or entering a care facility, New Zealand offers a wide array of possibilities to suit different elderly individuals’ needs.

One popular option is retirement villages. While this route offers a happy median between independent and assisted living, buyers should still do their due diligence to ensure it’s the right option for them.

Good retirement villages in Christchurch, for example, offer residents various benefits, including healthcare services, social engagement, and additional conveniences like on-site hairdressers and exercise facilities. Since units in retirement villages are generally in the form of apartments, residents have greater levels of freedom than what might be offered at a care home or when living with family members. This freedom is then supplemented with specific aid that becomes a greater requirement for aging individuals. With these kinds of benefits, it’s easy to see why the retirement village option has steadily been gaining traction.

However, individuals who wish to own their own property may either have to compromise or find a different option, as most New Zealand retirement villages work on an occupation basis. This means that while residents gain the benefits of a certain lifestyle, they do not get any investment returns on the property in which they live. Different villages also have different, and often strict, rules on things like pets, visitors, and so forth, which should be considered before buying in.

As with any big decision, it is always best to consider all the pros and cons. Retirement villages have much value to offer, but finding the right one that fits a buyer’s needs and offers good lifestyle benefits that outweigh the loss of monetary investment gains may take some time.