4 important considerations before moving into a retirement village
When evaluating if making the move to a retirement village is the right decision for you, there are a range of factors to take into consideration.
To help you feel confident and informed as you explore your retirement living options, we’ve listed four things to consider before moving into a retirement village:
1. Does it make financial sense?
Financial considerations are often deemed the most important factors when planning your retirement and deciding if a retirement village is the right move. For this reason, understanding how retirement villages work is an important step in your journey.
Here are some questions you may like to ask when exploring your retirement living options:
- What are the ongoing costs?
- Do I have to pay stamp duty?
- How are council rates managed?
- How is the Deferred Managed Fee (DMF) calculated?
- How is Capital Gain managed?
- Are there any exit fees payable?
We often come across couples and individuals who are struggling with maintaining their large family home and the utility and gardening bills that are associated. Many of our residents have discovered that living at Applewood has helped them save on everyday household costs, thanks to the modern, low-maintenance villas they now call home.
2. Does the location address my needs?
Another important consideration when contemplating moving to a retirement village is the new location you’ll be moving to, and whether it addresses your unique needs and preferences. For some, living close to family and friends is non-negotiable, while for others, being close to public transport is a must-have. What are your needs and expectations when it comes to your home’s location?
Here are some questions you may like to ask about the locations you’re looking at:
- Is it close to family and friends?
- Is it close to public transport?
- Are shopping destinations, lifestyle amenities and essential services close by?
- Can I see myself living here?
- Do I like the wider neighbourhood and community?
Location is one of the key reasons why our residents have chosen to live at Applewood. Situated in the sought-after location of Doncaster in Melbourne’s eastern suburbs, Applewood is only 17km from the heart of the CBD and close to premium shopping centres, like Westfield Doncaster. Plus, you’ll find public transport services just metres from the front gate.
3. Do I feel ready to make the move?
The decision to move into a retirement village is an individual one, and every new resident has their own story to tell. However, the most resounding comment we hear from residents is that they wish they had made the move years earlier.
If you:
- Find that your home and garden are becoming too difficult to maintain
- Want enhanced personal safety and security
- Want to live in a home with a strong sense of community surrounded by like-minded people
- Want to live in a low-maintenance home that will remain suitable and accessible as you age
- Want to make the most out of your retirement years and take advantage of luxury facilities
- Feel ready to embrace a new chapter in life
then it could be the perfect time to make the move to a retirement village.
4. How do I choose the right village for me?
Choosing the right retirement village is a highly personal decision and depends on what you’re looking for in your new chapter. For many, the right retirement village is one that feels like home from the very beginning, while also placing you close to transport, amenities and lifestyle-enhancing facilities. Choosing the right village often starts with understanding what your non-negotiables are, and so it could be a good idea to make a list of them all.
Your list could include:
- Location
- Proximity to transport and amenities
- On-site facilities
- Sense of community
- Safety and security
- Level of autonomy
- The overall feel of the community
There are many considerations before choosing to move into a retirement village. We have consulted the experts, our residents, for their thoughts on retirement living, the village community, the decision-making process and why they love it at Applewood. Discover our residents’ testimonials here.