A retirement village can be viewed or termed as residential housing development usually planned for seniors (over 55 years) which are offering various accommodation facilities and services. However, in Australia, there are about 184,000 approximately 5.7 citizens who settle in retirement villages which are regulated by the state. Research has indicated that the high population growth in Australia of citizens aged 65 and above will demand more retirement villages and accommodations in the near coming years. A significant number of Australians go by selling their homes in order to migrate to retirement villages, once they are through with their various jobs. Leading Melbourne retirement villages work either by purchasing a unit and then pay the fees for the ongoing services inside or else buying the right to possess the property, a choice which is not preferred by many in Melbourne.
Process of settling in a retirement village in Melbourne
The entrance fee is the first requirement for one to settle in these retirement villages. Once that is cleared, the ongoing fees come in which cater to services and maintenance in the environment (which can be approximately $350 monthly for independent units and $1000 monthly for ritzy accommodation. Once those all settled, then one can harmoniously enjoy the villages.
These retirement villages are very crucial as they support the fast-growing Australia’s senior’s number and giving the government significant savings in the country through contributing to the national taxation revenue.
In Melbourne, the retired, or those nearing retirement usually consider the retired village market due to the following reasons;
- Retirement villages provide appropriate aid in the immediate environment
- Retirement villages reduce the expenses on health services that are funded publicly
- Retirement villages are self-funded institutions thereby no reliance on government subsidies
- Retirement villages offer health facilities to their clients hence saving them from the expensive health costs in the area.
- Retirement villages offer recreational services hence no need to travel to towns to access them
- Retirement villages offer opportunities for stronger interactions between citizens while still maintaining private space.
- The well-being of seniors is well addressed in these retirement villages.
Before landing into a retirement village, citizens from Melbourne usually consider some factors which guide them to the retirement village of their choice. These factors are: They, first of all, start by carrying out some investigations to know whether really the identified village is indeed a real retirement village. In this process, they find out if the identified retired village satisfies all requirements as provided in the Retirement Villages Act 1986. Secondly, these people again come up with a list which entails what they expect in the village. This indeed helps them to make an easy decision on the village that best suits their requirements. Additionally, they visit lawyers and experts who guide them in the contract signing between them and the retirement villages so as to be careful on financial commitments. Finally, they take time to understand the policies of the village because each end every retirement village has got its own policies and may bring misunderstanding with some of their clients if they are not predefined.
However, in Melbourne, there are some challenges that are experienced in these retirement villages. They include:
Lack of attractive senior housing which leads to the separation of some residents with their families.
The Retirement Village Act in Australia does not allow empty units to be rented out by the operators, discouraging more units to be built.
The costs these villages in Melbourne is not affordable to all, as many of those retiring have inadequate wealth and income.