You will need to budget funds to cover entry costs, ongoing service and maintenance fees, longer term maintenance fees and in some cases a special levy from time to time, and exit fees. Some retirement villages may ask for payment of a fee to add you to their waiting list of available accommodation. This payment may or may not be refundable. Make sure to ask what the conditions are and make sure you keep a copy of the receipt. More information on retirement village fees and charges can be found in the online article ‘A brief introduction to retirement villages.’
You will also need to consider the usual costs of selling a property and moving to a new property, including legal fees, furniture removal costs, connection fees for utility services and the costs associated with the sale of your existing home. Stamp duty and title registration fees are only applicable when the retirement village is offering freehold titles.
It is advisable to include trusted family members and friends in making the lifestyle decision to move into a retirement village.
A legal counsel along with a financial planner experienced in retirement living options will be able to help you navigate the legal structures and financial outcomes of the retirement village accommodation you are considering buying into.