Moving to a retirement village
Buying into a retirement village is more than a lifestyle decision, it's also a major financial one. Learn about any costs, conditions and fees before deciding to buy.
Before you buy
Buying into a retirement village is more than a lifestyle decision, it's also a major financial one too. Make sure you understand all the ongoing costs involved and what any exit fee conditions are.
A retirement village can include accommodation in rooms, apartments, units or homes. You can either rent or buy the property.
Retirement villages are mainly occupied by residents over 55 years of age who've retired from full time employment.
There are different options for care in retirement villages, including:
- self-contained, for people who are able to live independently
- serviced (or assisted living), which includes meals, cleaning and other services
- a mix of self-contained and serviced, allowing people to change if they need to.
Some retirement villages also include optional support services, including:
- social groups
- health and fitness classes
- specialised medical staff and equipment.
If buying into a retirement village, consumer advocacy group, Choice, explains what to look out for, including:
- types of contracts offered
- entry and ongoing costs
- potential exit fees and conditions.
Learn more about retirement village options at NSW Fair Trading.