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The initial capital sum to buy a home in a retirement village is usually around 75-80% of the average freehold property value in an area* [Source: Retirement Village Association]. This allows a resident to release equity from their family home, which can boost their retirement savings.
The cost of a village home compared to residential property does vary depending on location and current property trends. For an accurate comparison in your area, schedule an introductory phone call with a member of our team.
The process of buying and moving into a village is designed to work in line with the sale and settlement timeline of your home. However, some villages have a ‘move in early’ policy where you can move in before your house is sold or goes on the market. This can be discussed further by schedule an introductory phone call with a member of our team.
Not all villages advertise the prices of available homes. This is because under a licence to occupy model, there’s more to consider than just the initial capital sum you pay for the home. For this reason, most sales managers like to discuss the cost structure directly with you.
However, it can be difficult to know if a retirement village is within your budget when you don’t have an indication of price, and calling around can be time consuming. Our team can make calls on your behalf and collate pricing information for you.
In addition, we provide free home appraisals so you have a budget to work with. This can be discussed further by schedule an introductory phone call with a member of our team.
Under the Retirement Villages Act 2003, a resident has 15 working days to cancel their Occupation Right Agreement (without giving reason) after it’s signed. In addition, some village operators offer longer money back guarantees (commonly 90 day periods). It’s important to speak directly to the village sales manager about money back guarantees as not all villages offer the same assurances.
There are more than 400 retirement villages across New Zealand and each village is unique. The best approach is to visit villages in your area, talk with residents and take a tour with a village representative.
Most villages also provide opportunities for you to involve yourself in village life. For example, you might be welcome to enjoy a meal at the village restaurant or join in on an activity such as an exercise class or hobby group.
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