You should read all this material, and then bring it in to us. It explains the financial implications of the purchase, provides details of development plans, village rules, policies, shared facilities and much more. You must be provided with a package of the documents (including the ORA and a disclosure statement) setting out your rights and obligations. When you purchase a license to occupy you will sign an application and pay a deposit. It is usually called an Occupation Rights Agreement (ORA).Īs residents, you won’t actually own the unit and are unable to sell or lease it (including renting it out as an Airbnb property). If a couple owns a licence it continues until the survivor has died. This licence gives you the right to live in a unit for your lifetime. Retirement village essentialsĪ ‘licence to occupy’ is the most common structure used for retirement villages. If you are ‘house rich but cash poor’, you could consider taking out a reverse mortgage although this should be investigated fully beforehand. You should also look at other options such as staying in your current home (or downsizing to a smaller one) and bringing in help for gardening and maintenance, having home carers visit, using driving services and so on. You’ll want their support to make sure the move is right for you.
We recommend you visit as many villages as you can, including those close to where you live now (you may want to keep up connections to clubs and your social circles), and talk with family and friends about their villages and about your intentions. Why do you want to live in a retirement village? Will this move meet your needs in the future? What happens if your health or financial circumstances change? Have you considered the alternatives? Do your family and friends support a move? Consider carefullyĭo your homework and consider your options.
It’s important to think carefully about what this move means for you – both financially, and in terms of your current and future needs. Many clients tell us how happy they are to have made the move, some even say they wish they had done it sooner, but retirement village living is not for everyone. A new apartment or cottage in a secure, well-maintained environment, offering a lock-up-and-leave lifestyle, and providing resort-like facilities such as cafes, gyms, pools, bowling greens, libraries and men’s sheds can be very appealing. For many looking to retire or slow down, retirement village living is attractive – and it’s not hard to see why. New Zealand’s ageing population has created a boom for retirement villages, with record numbers being developed. Retirement village life The upside (and downside) of downsizing
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