Albert, What is The Cost of Luxury Retirement Villages in 2021?

One of the most helpful things that can get us on our feet and spur us into action is the knowledge that rest is much sweeter after labour.

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While people really do not like thinking about retirement, there is an acute need for us to prepare in advance. Thankfully, the existence of retirement villages helps make that planning a whole lot easier.

Luxury Retirement Villages

Retirement villages are housing developments offering a variety of accommodation options, facilities and services. All these facilities are to help promote leisure and relaxation among older citizens in the country; such as swimming pools, gardens, golf courses and most importantly emergency health services.

In some cases, these retirement villages are situated close to healthcare centres or attached to aged-care facilities to ease the transitioning of older residents.

Factors that affect the cost of retirement villages

Before the cost of retirement villages can even be determined, it is important to note the fact that retirement villages come in all shapes and sizes. The nature of these villages are usually determined on the location, the types of apartments available and the forms of payment made. For example, resident-funded retirement villages are those that are owned by private organisations and in which residents pay a token for both the rent and maintenance. Donor-funded retirement villages, on the other hand, are those owned by non-profit organisations and open to those regarded as underprivileged in the society. Generally, more luxurious retirement villages cost more.

Also, as mentioned above, the properties on which these villages reside is a huge determinant for how much you have to spend. This could be a Villa or Independent Living Units(ILU’s) with different forms of housing options or secure apartments with basic amenities. Home care services could also be provided for the aged.

It is also important to note the fact that the legislation of the state where you reside could determine the rate of the housing options available such as deposits, entry payment, stamp duty, extra fees, Centrelink assessments, relicensing and exit fees.

How retirement villages charge

The cost of a retirement village is not just defined based on the rent of that particular apartment. This is due, majorly, to the fact that there are several payments that would be made before, during and after the period when the residents stay the village. These charges and dues are to help facilitate the availability of basic amenities such as security and care facilities.

On average, the charge of a retirement village depends on the facilities they are offering and the nature of their charge. For some service providers, you would be charged a flat rate of around $300,000 to $400,000 as a flat rate for villas, two-room apartments, three-room apartments etc. Some other companies charge a weekly rate which can range from $114 to $122 per week.

Some other retirement villages peg their price rates based on how big the apartment is. For example, for one-bedroom apartments, some companies charge within the range of $214,000 and $215,000. For 2 bedroom apartments, the price range is usually somewhere around $305,000-$350,000, and for apartments with 3 bedrooms, the prices range from $450,000-$490,000.

It is important to note that for all these apartments, all amenities like bathrooms, living rooms and other comforts would be present. Also, further fees and taxes may apply.

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