Retirement villages have gained a firm footing in the housing market, as they offer what many
believe to be the best of both worlds. On the one hand, residents are able to live independently in
their own homes, partake in a wide variety of activities, and spend time in a community of peers.
On the other hand, there is direct access to greater levels of care, with many villages offering on-site healthcare facilities, along with intensive care and assisted living options. Many retirement villages also offer residents additional benefits and services, such as transportation, cooked meals, salon services, and home cleaning.
However, these perks can oftentimes come with a substantial price tag, depending on the village.
Retirement village costs can also include some aspects that people might forget to consider before choosing to buy into one, including monthly levies, compulsory meal purchases, and even additional maintenance fees.
As villages vary quite widely, it is necessary to do sufficient research into what costs are included,
what benefits are offered, and what might form additional expenses before settling on a viable
retirement village option. Then there is the need to determine whether or not the village offers life
rights or full ownership, and the pros and cons of each should be weighed accordingly.
Despite the noted associated costs, moving to a retirement village still tends to work out cheaper
than living in a traditional home. This is because all expenses remain solely the owner’s responsibility when living in a full-title house, while many of the costs are shared in a retirement village. It can also become costly to equip a traditional home for assisted living and to hire in-home care. Since most retirement villages include and share such expenses, it’s often easier to live well and within budget by opting for this investment.