Life stages > 60plus > Retirement villages > Getting started

Getting started

Thinking about moving into a retirement village? You've come to the right place. In this section, we start from the beginning with information about:

Tips for your search

Take your time. You're more likely to choose the right retirement village if you don't make a quick decision:

  1. Think ahead and consider what you might need in the future - will you be able to continue to live there if your health or mobility declines?
  2. Imagine the lifestyle you'd like to have in a retirement village, and make a list of the things you think are most important
  3. Visit different villages and find out about the lifestyles they offer, including housing options
  4. Talk to the residents - they know better than anyone what life is like in the village they live in
  5. Read the disclosure statement and occupation right agreement for the village
  6. Find out the total costs. What will you have to pay on entry? What are the ongoing expenses? Will you share in any capital gain when you leave? Will you have to pay for any capital loss? How will these affect your future and the choices you have?
  7. Get independent financial advice from a financial planner or accountant with experience in retirement villages
  8. Get independent legal advice from a lawyer with experience in retirement villages. Ask them about the different legal titles and what they mean
  9. Involve your family or friends in your decision

What retirement villages offer

Retirement villages are usually purpose-built for people ranging in age from their fifties to their nineties. Some might have just a few units or apartments and basic services, while other complexes offer a range of housing and care options, from independent villas and serviced apartments to rest home and hospital facilities. The type of village you choose will depend on your needs and the kind of lifestyle you want to have.

People moving into retirement villages often want to stay as independent as they can, with access to support and care as they get older. You might want a more easily managed home with better access, where maintenance, security and healthcare are all part of the deal.

Retirement villages may offer a range of services such as maintenance, security, gardening and transport. They may also have shared facilities, including communal lounges, libraries, shops, pools or bowling greens, and many have activities such as clubs, outings and shopping trips.

If you're considering retirement village life, you should think about the type of village you might want to live in. When you're shopping around, look at what kind of housing a village provides, the services, facilities and activities offered and what the ongoing costs are. There are also concessions associated with village living, such as privacy and autonomy - don't forget to think about these as well.

To view information on retirement villages and find one near you, visit:

Publications that list retirement villages:

The New Zealand Retirement Guide is available free from Full Moon Guides at orders@seniors.co.nz or call (0800) 738 473.

Directory of Retirement Villages - South Island is available for $5.00 from Care Publications at carepubs@xtra.co.nz or call (03) 326 6291.

 

The Retirement Villages Act 2003

The Act protects people entering into and living in retirement villages. It introduces a Code of Residents' Rights and Code of Practice as well as dispute resolution.

The Act requires all retirement villages:

The Act requires all intending residents:

For more information about the Act, read the Guide to the Act.

Glossary: capital gain
The profit you make when you sell an investment for more than you paid for it. If you buy a house for $300,000 and sell it for $320,000, your capital gain is $20,000. A capital loss is when you sell an investment for less than you paid for it.
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