What is a Retirement Village?

What is a Retirement Village?

A retirement village is a purpose-built community offering a range of accommodation, services and facilities to people who want a change in lifestyle to suit their retirement. Retirement villages tend to have a strong focus on community, lifestyle, and convenient access to amenities such as cafes, gyms, pools, communal dining areas, and more. 

How do Retirement Villages Work?

Typically, retirement villages operate on a License to Occupy agreement, which means the village operators are responsible for their upkeep. The advantage of this arrangement, and retirement living itself, can mean: 

• You don't need to worry about insurance
• You'll have no lawn to mow
• You won't have to pay for rates
• You won't have to pay for maintenance services such as plumbing or electrical repairs

A retirement home allows you to enjoy your retirement without the stress and time-consuming elements of living in your family home.

Why do People Move into a Retirement Village?

Moving into a retirement village gives people more choice and freedom for their retirement. Some of the main reasons we’ve found people move into a retirement village includes: 

• Moving closer to friends or family
• Moving to a different location such as the beach, closer to shops or restaurants, or living more rurally
• Downsizing to a more manageable home with less maintenance
• Reducing ongoing maintenance costs on property and leaving more money in their back pocket
• Increased security for peace of mind - having the ability to easily lock up and travel without concerns

Is Retirement Living the Same as Aged Care?

Aged care and retirement living are very different living situations. Residential aged care home (also known as nursing homes) provide residents with constant access to high levels of care, whereas retirement living communities or villages provide a place for people to maintain independence and keep living life on their own terms.

How do you Choose the Right Retirement Village?

There's a lot to consider when looking for a retirement village that's right for you. Researching different retirement villages can easily become overwhelming due to the broad variety of options, each with different services and community aspects. 

We find it's helpful to decide what your non-negotiables are (such as cost, community, convenience to doctors and shops, or proximity to family and friends) and to visit each of your top contenders so you can get a feel for the environment. You can read more of our tips on how to choose the village that’s best for you here.

How Much Does a Retirement Village Cost?

Costs of retirement villages vary depending on factors such as the supplier, location, room sizes, and amenities. Some retirement villages may also charge additional fees outside of the cost of the home to cover maintenance and communal facilities – think of this as a body corporate fee. When you enquire about a retirement village, the provider will explain the upfront and ongoing costs to ensure you are aware of the fees.

What Makes St Vincent’s Retirement Villages Different?