What is common across all retirement villages is that you are buying a right to occupy accommodation to suit your retirement lifestyle, including the right to use and enjoy communal facilities such as a community centre or clubhouse, BBQ areas, sporting facilities such as a bowling green, swimming pool and gymnasium, library, community gardens, internet lounges, meeting rooms, lounge and dining rooms and parking for visitors. Village bars, health and beauty centres can also be part of the retirement village facilities. You are choosing a lifestyle and an opportunity to live in a community where you feel safe and secure. Better still, potential long term friendships could be just a few doors away.
Importantly, you are also buying into a community whose rights are well protected by the Retirement Villages Act 1986 (Vic).
Depending on the terms and conditions of the contract relevant to the retirement village accommodation you are considering buying into, there are a number of different legal structures on offer including:
- long term lease
- long term license
- strata title
- community title
- company title
- unit trust
- conventional lease.
A legal counsel experienced in retirement living options and the relevant legislation will be able to help you understand what you are buying.