What do I get when I buy into a Retirement Village?

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.

If you are interested in exploring the possibility of a move to a modern retirement village around Melbourne. Booking a tour at one of the RCA Villages around Melbourne can be a great place to start. Visit the website of the village in the region you would like to visit for contact details.

South East Melbourne

www.mainstvillage.com.au

www.cardiniawaters.com.au

Mornington Peninsula

www.caseygrange.com.au

www.beleuravillage.com.au

www.marthacovevillage.com.au

Western Melbourne

www.pointcookvillage.com.au

www.wyndhamgrange.com.au 

Ask about RCA Villages no deposit reservation process on new villas.

What are the costs involved in moving into a Retirement Village?

What questions should I ask when enquiring about a retirement village?