When Is the Right Time to Move into Your Retirement Home?

Should you wait until you retire to move into a retirement village, or can you still work and live in a retirement village?

When is the right time to move into a retirement home?

Is it when you are 60, 70 or 80? Or is it when climbing the stairs becomes too difficult, or maintaining the garden becomes a burden and an effort?

In my personal experience, there is no specific age. The better question is: when are you ready? When is your current home no longer working for you, and where do you see yourself in the next 10, 15 or even 20 years?

But Why a Retirement Village?

Modern retirement villages offer a lot more than just a place to stay.

Newer villages offer:

• Security
• Lock-up-and-go living when it is time to visit the kids and grandkids
• A sense of community
• Recreational facilities
• Wide-open communal gardens with walking trails
• Clubs and societies
• An on-site restaurant, sometimes with meals included in the levy
• Access to healthcare, including frail care facilities
• Reduced maintenance

The most important thing to remember is that not all retirement village offers the same amenities or facilities or level of care. Home buyers need to look at their own needs and make sure the retirment village they choose can meet them, both now and in the future.

Don't Wait Until You Have to Retire

You don't have to wait until you are old and frail to make this decision. Many people make the move while they are still mobile, active and able to enjoy everything a retirement community has to offer.

Moving house is already a major life change. Making this decision when your mobility starts to decline or after losing a spouse can add stress and make things more difficult.

If you make the decision at a younger age, while you are still independent and have more options available to you, the process can be a lot less stressful.

Will This House Work for Me When I Am 80 Years Old?

Let me give you a few examples.

At my current age, I love having a large open garden, Will I still have the energy to maintain it in 10, 20 or 30 years?

The same could be said for stairs. I don't mind climbing them now, but as we get older and start experiencing mobility problems, they can become an issue.

Finally, I love having plenty of space in my house. But later in life, I might ask myself: do we really need four bedrooms and a swimming pool?

The most important question is whether the house will still suit us at that stage of our lives.

The Great Thing About Retirement Living

One of the great things about retirement living is that many properties are designed to make life a little easier as we get older.

They often offer:

• Single-level living
• Large bathrooms with showers and seating, rather than difficult-to-access bathtubs
• Wider doorways for wheelchair access
• Parking close to the unit.

An important question is how close you are to medical facilities.

Buyers also need to consider whether there is space for a caregiver / nurse if one becomes necessary. What happens if one partner, or eventually both partners, need frail care assistance or extra medical help?

We don't know what the future holds, but it is important to think about these possibilities before making a decision.

Different Types of Retirement Village Homes

There are generally three main types of property ownership to consider.

1. Full Title/Freehold

With full title ownership, you own your house and the land it stands on.

These units are usally freestanding, & homeowners can make changes or improvements to their property, provided they comply with the development's rules, regulations and any necessary plans are submitted to the municipality for approval.

2. Sectional Title

Sectional title properties are often attached or semi detached. Owners own their individual section and share ownership of the common property, ( gardens and open spaces) which is managed by a body corporate with a levy.

This is one of the more common forms of home ownership in retirement villages. The monthly levy may include building insurance, maintenance of communal areas and access to certain amenities.

It is always worth checking exactly what is included in the levy before buying.

3. Life Rights

With life rights, you generally acquire the right to live in a property rather than owning it in the traditional sense.

You usually have the right to live there for the rest of your life, subject to the terms of the agreement of the contract.

When you pass away, the life right comes to an end, and the property is dealt with according to the agreement. The financial arrangements, including whether any amount is repaid to your estate, depend on the specific contract agreed upon.

It is important to understand how the agreement works, what fees apply and what happens when the life right comes to an end before making a decision.

What Does This Offer Me in the Long Run?

The final important question should not only be about the purchase price or rental cost. What does the property offers me in the long run?

It is about living in a neighbourhood with people of a similar age or having less maintenance to worry about or enjoying the convenience of lock-up-and-go living.

The right retirement property isn't necessarily the biggest property you can afford, nor is it necessarily the cheapest. It is the home that gives you the lifestyle you deserve today while giving you the confidence that you can continue living there for many years as your needs change and you get older.

Perhaps the best time to make this decision is not when you desperately need to move, but when you still have the freedom to choose a property where you can spend the next golden chapter of your life.

A Buyer's Checklist

I always tell people to have a buyer's checklist before looking at any property. It helps you focus on what really matters to you.

1. Lifestyle

• What do I want my retirement to look like?
• Do I want community activities?
• Do I want lock-up-and-go living?

2. Property Needs

• Is it a single-level home?
• Is the bathroom accessible?
• Is the garden manageable?
• Does the property have stairs, steep walkways or steep driveways that could become a problem later?

3. Location

• How close is it to medical facilities?
• How close is it too familiars shops?
• Most importantly, family members how close are you to t?
• Is transport available, or does the village offer a shuttle or utility vehicle?

4. Finances

• What are the monthly levies?
• What do the levies include?
• What are the rates and taxes?
• What maintenance will I still be responsible for?
• Can I comfortably afford the property if my income changes?

5. Our Future

• What happens if my partner passes away?
• What happens if one or both of us need frail care?
• Can I remain here if my mobility changes?
• How does the resale process work?
• What happens to the property or our financial interest in it when my spouse and I are no longer here?

The important thing is to think about these questions before making a decision, rather than having to figure everything out when circumstances change.