Steps to buying a unit in a retirement village Guide
If your home has become too large for you or no longer meets your needs, you may wish to consider moving to a retirement village.
There are a lot of things to consider when making your decision to live in a retirement village.
Before you start looking at units, it’s vital that you work out what you want and do your research. You may also consider discussing your retirement living options with trusted family and friends.
The Compare retirement villages website makes it easy for Queenslanders to find a retirement village that suits their needs. The site allows you to search for and compare villages based on location, services, facilities and entry price range.
Before you buy, you should:
- Think about where you want to live and what you want from your accommodation.
- Talk to your family and friends and do your research. Visit the Compare retirement villages website to find and compare villages based on location and facilities. When you have shortlisted villages, review their Village Comparison Documents, available on the comparison website or each village’s website.
- Decide on your budget. Speak to your accountant about what you can afford now and into the future.
- Shop around, talk to existing residents and compare the costs and facilities. Make sure you know the entry, ongoing and leaving costs. Ask for a Prospective Costs Document.
- Understand your rights and responsibilities as a resident. Get all the paperwork from the village.
- Appoint a solicitor who specialises in retirement villages. Call the Queensland Law Society on 1300 367 757 or visit qls.com.au.
- Don’t feel rushed into a decision. Take the time you need and go through the contract with your solicitor.
- Sign the contract. You have a short cooling-off period if you change your mind.
Read the rest of this guide for more detailed information.
This guide will take you through the steps involved in buying a unit in a retirement village, including getting legal advice and finding out all the costs involved.
The guide will also explain the risks involved in buying retirement units as investments, as buying into a retirement village is not the same as buying an investment property.
More information
- Get information about other housing options and aged care
- Visit our documents the operator must supply page
- Visit our useful contacts page
- Find out more from the Queensland Law Society (Opens in new window)
- Find out more from the Queensland Retirement Village and Park Advice Service
- Email regulatoryservices@housing.qld.gov.au
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Know the risks of retirement units as investments
Buying into a retirement village is not the same as buying an investment property.
You may face substantial costs when leaving a village. Buying into a retirement village is a lifestyle decision, not an investment to make money.
Living in a retirement village is not the same as owning your own home or renting. In most cases, you do not purchase the property title to the unit. Instead, you purchase a right to live in the unit and the right to benefit from the lifestyle facilities the village offers.
The cost of providing the unit and lifestyle generally exceeds the amount you pay when you move in to a retirement village. The village operator recovers the balance through an exit fee payable after you leave the village. This amount, together with other fees and charges agreed to when you moved in, are deducted from your refund when your unit is ‘sold’ to the next resident.
As a general rule, the deduction of the exit fee and other charges means the amount paid when you moved in is significantly reduced at final settlement, even though the market value of the unit may have increased.
The Compare retirement villages website provides example scenarios showing the potential effect of different village contracts and fee structures. It does not constitute advice, but shows some of the financial aspects you should consider.
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Shop around
Think about where you want to live and what sort of village might suit you best.
When you start comparing villages, ask lots of questions and try to speak to existing residents about what it is like to live in their village.
You may wish to think about whether:
- the amenities and facilities that the village has to offer suit you
- the housing options in the village suit your needs; for example, whether the rooms are big enough and the kitchen is to your liking
- the climate suits you
- the location of the village is close to family and friends, shops, transport, medical centres, churches, hospitals and other services you would like nearby
- they offer emergency call services
- pets are allowed
- family and friends can stay over
- they provide social activities you would like to join
- you are ready for retirement village living
- you think you’d be happy living in this village.
The Compare retirement villages website can help you identify villages that may meet your needs.
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Compare different villages
The Compare retirement villages website provides a starting point for Queensland retirees and their families when choosing a retirement village. The website allows you to compare villages based on location and facilities, and provides the Village Comparison Document (VCD) (DOCX, 113KB) for each Queensland village.
Retirement Villages in Queensland are required to have a website and a VCD for prospective residents to review. This document will enable you to view and compare features of different villages.
The VCD gives general information about the retirement village accommodation, facilities and services, including the general costs of moving into, living in and leaving the retirement village. This form replaces the Public Information Document that was used for residents prior to the 1 February 2019.
When you find a village that you are interested in living in, you can ask the scheme operator for a Prospective Costs Document (PCD) (DOCX, 240KB). This document must be provided to you at least 21 days before you decide to enter into a contract. The PCD refers to a specific unit in the retirement village and gives details about:
- the costs of entering village
- the current ongoing costs of living in the village
- the estimated costs when you will leave your unit after years 1, 2, 5 and 10
- the estimated exit entitlement you will receive if you leave this unit after 1, 2, 5 and 10 years.
You may be asked for further information by the scheme operator to assist in the completion of the PCD.
By law, you must have a copy of your residence contract, VCD and PCD, the village by-laws and any other required documents for at least 21 days before you and the operator enter into the residence contract.
This gives you time to read these documents carefully and seek professional advice about your legal and financial interests.
It is important that you understand the information in the PCD. Please note that the PCD is not a substitute for the full terms of your contract and it is strongly recommended that you seek independent legal advice.
Residence contracts
A residence contract is a legal agreement between you and the retirement village operator.
It gives you information about your rights and responsibilities to live in the retirement village as well as those of the operator.
The contract gives you information about using the shared facilities and access services of the village, and also explains the process on how your place in the retirement village can be sold or transferred.
Read more about a residence contract.
Retirement villages entry condition report
You will need to accompany the operator when they complete an inspection and an entry condition report of the unit you intend to purchase. The operator needs to complete the report to the best of their knowledge.
The operator must provide the entry condition report to you within 7 days of occupancy. You have 14 days to complete your section of the form and return a signed copy to the operator.
View the Retirement villages entry condition report .
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Get legal advice
You should get legal advice before buying into a retirement village. Additionally, it is strongly recommended you get advice from a solicitor with expertise in retirement villages before you sign anything.
The solicitor will help you understand your financial and legal obligations and whether the residence contract is fair.
Consider appointing a solicitor who has expertise both in retirement village law and, if needed, general property conveyancing to assist with the sale of your home.
Caxton Legal Centre provides information on the Queensland Retirement Village and Park Advice Service (QRVPAS). QRVPAS is a free legal service that can help you:
- understand your rights and responsibilities
- have increased access to appropriate legal information and advice.
Caxton Legal Centre also provides a self-help kit (PDF, 783 KB) that contains an overview of some key issues that you should consider before buying into a retirement village.
Complex contractual arrangements
Retirement village legal and financial arrangements can vary from village to village. These arrangements can be complicated so we strongly recommended you seek legal advice from an expert with experience in retirement village contracts before you sign any residence agreement or contract.
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Find out the costs
It’s very important to know how much you will need to pay to move into, and live in, a retirement village. You should also consider carefully the affordability of the ongoing fees and charges and how these could increase.
You also need to think about how much you will need to pay if you wish to leave the village, and how much money you will have left to find alternative housing or care. The residence contract and public information document will include this information.
Consider preparing a budget. Doing a budget can help you understand what you can afford, including having enough money left to cover unexpected costs and emergencies. Read more about your consumer rights and responsibilities.
It is also recommended that you get financial advice from an accountant or financial advisor with expertise in retirement planning and who understands retirement village contracts. The Australian Securities and Investment Commission provides information to help you choose the right advisor.
The Compare retirement villages website provides example scenarios showing the potential effect of different village contracts and fee structures. It does not constitute advice, but shows some of the financial aspects you should consider.
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