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Steps to buying a unit in a retirement village

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 (PDF, 680.5 KB) .

In this guide:

  1. Know the risks of retirement units as investments
  2. Shop around
  3. Compare different villages
  4. Get legal advice
  5. Find out the costs

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Last updated:
30 April 2024
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