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Retirement villages more affordable than a residential home: report

first_imgResearch found the real savings came off lifestyle services included as part of retirement village living.A NEW report has found that retirement villages are more affordable than remaining in a residential home when living costs for older Australians are factored in.Retirement living and aged care specialist Lois Towart, of the University of Technology Sydney, found that while the ownership costs of a house were generally lower, the real savings were provided through the lifestyle services included as part of retirement village living.“This research … is on a like-for-like basis and compares nine retirement villages across Australia with general residential properties of a similar age, style and level of accommodation in each locality,” she said.Of the nine locations investigated, two retirement villages were in Brisbane — one in the southeastern suburbs and one in the Moreton Bay region.PROPERTY MANAGEMENT: Top gong for true championINNER CITY: CBD studio sold for $150,000NEWS UPDATES: Get The Courier-Mail ’s real estate news free, direct to your inboxAt each retirement village, Ms Towart looked at entry and exit costs, ongoing costs and the value of facilities and services provided on-site, and other factors that could not easily be replicated in the general community.For example, where a retirement village had a gym, Ms Towart sought out a similar facility that would be available to a retiree living in a private residence, comparing any fees and travel costs.“What I found generally was that the further away from a major population centre you got, the more cost effective it was to move to a retirement village,” she said.More from newsMould, age, not enough to stop 17 bidders fighting for this homeless than 1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investorless than 1 hour ago“You have to look at the comparative value of living in a retirement village versus a residential house … so not just the physical building but the lifestyle costs or savings.”Retirement villages and communities provide intangible benefits like a sense of security, the research found.Property Council of Australia, Retirement Living executive director, Ben Myers, said the report highlighted the financial benefits of being in a community with health and lifestyle services at a resident’s door.“Critics of retirement villages are quick to point out the cost of leaving a village, but this research shows the cost of living should be measured much more broadly than by just looking at exit costs,” he said.“Retirement villages offer access to facilities and services that lead to improved health outcomes and greater social interaction than would be possible in a general residential setting.“As the research notes, these services are normally provided privately to residents, which in turn reduces the need for government-funded services and infrastructure, leading to budget savings.“The report also highlights that retirement villages and seniors living communities also provide other intangible benefits, including an increased feeling of security, which is an invaluable benefit that is impossible to put a price tag on.”The full report will be released today.last_img

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