What should your retirement housing options look like? Are you planning for retirement? It can be daunting, planning to downsize your home and move into more appropriate accommodation. There is plenty of information out there about retirement housing, but it’s not always specific to your set of circumstances. It doesn’t matter whether you plan to sell your own to buy a new one, or if you plan to lease both. There are six basic types of retirement homes available to you.
Villages – Retirement Housing Options
- Retirement – this is probably the most well-known (and common) option for retirement living. The reason for this is you have that strong sense of community, the security of close neighbours, and maintenance is out of your hands. These homes are leased so, you won’t own your retirement village home. You pay a lump sum when you move in and if/when you leave, your departures or management fees are taken from that sum.
- Rental – how does a rental village differ from a retirement village? These are gated communities and you lease these units. Normally, it’s a weekly rental basis. This is an excellent option if you want to maintain your independence, but also need a minimum level of care.
- Co-Located – for longer-term thinking, a co-located village may be of interest to you. It’s essentially a retirement village, but the care home is adjacent to it. It means that you can easily move into a care home if and when it’s necessary. All of your needs are met.
Community Living – Retirement Housing Options
- Assisted – assisted living is a combination of a nursing home and retirement village. They are designed to offer different levels of care as the needs of occupants shift and change. In the majority of cases, the payment for the highest level of care is like an insurance policy. So, you pay a weekly fee that is essentially preparing for the increased care you will need later. You don’t need to move into a care home until your needs change.
- Independent – independent living offers serviced apartments for residents who are highly independent but still need (or want) certain services, such as meals and fresh linen. If you want to maintain a sense of community, but you don’t need a lot of space, this is an excellent option.
- Resort Communities – these are also referred to as land lease communities and this is specifically for young retirees. If you want to enjoy your retirement and surround yourself with beautiful homes and like-minded people, this new concept could be the perfect move for you. The homes are upmarket and affordable and it’s possible to own the home itself and lease the land. The communities are typically gated and offer tennis courts, bowls, swimming pools, and a life of luxury.
With the many retirement housing options available, it’s up to you to decide how you plan to spend your senior years. Ultimately, there is a suitable option for everyone, and you aren’t stuck with just one. You can enjoy the benefits of a land lease community and move on to a village later.
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