Finding the right home is one of Retirement's BIG questions. There is an enormous variation as to what is on offer from one retirement home or village to the next. From freestanding cottages and units to frail care and assisted living, plus a host of recreational amenities such as the clubhouse, restaurants and sports facilities. In addition, moving into a retirement facility can be very stressful and emotional. Consider these factors before making a decision...
Decide on a location Deciding on where to retire is a big decision. However, this decision is a critical one, and one that can make all the difference to your happiness, for what could be a long time. You may prefer to stay in your existing community. You may prefer to move closer to family members. You may prefer to move to an area where you have always wanted to live, such as on the coast or in a favoured holiday destination. The decision on where to live should be the first you should make in this new phase of your life and this will help you focus your search criteria and let you shop around to compare options in the destinations you have chosen to look at. You may choose to rent for a period of time, to ensure that you have made the right decision. Think about the following: Decide on a list of five locations that you would like to live. Visit each location, looking at the area objectively and through the eyes of a resident. Think of the following when considering a location:
1. What facilities do you require? 2. What lifestyle elements are you looking for? 3. Do you wish to be close to family and/or friends? If you are still undecided, create a list of pros and cons for each area and this may help you narrow down your choice.
Waiting lists Many retirement villages and homes have lengthy waiting lists. To get on to the waiting list, you generally need to put down a deposit, which is usually deducted from the price of the home that you buy. If you decide not to buy a house in the village, it is usually non-refundable. The process usually works that the top 10-100 names on the list are contacted when a vacancy becomes available. YEI's tip: Best to get your name down on a retirement home or village's waiting list as soon as possible, as early as in your 50's, or even in your 40's. Retirement Matters
Buying into retirement property - understand the different types of ownership? When buying into a retirement property, it is essential that you understand the types of ownerships of retirement properties that are on offer, and that best suit your needs. There are three ownership options available to you when buying retirement property -
It is imperative that you research each of the options and implications of the sale prior to committing yourself. The retirement village itself or the estate agent is in a position to provide all relevant information about what sale options are available.