Purchasing into a retirement village is a lifestyle choice. Residential care is for people with high dependency needs who have been needs-assessed as requiring long term care.
In a village you purchase tenure, for example an Occupation Right Agreement, and pay an ongoing service fee. This usually covers emergency call, rates, building insurance, security, lawns, gardening and exterior maintenance.
Serviced apartment fees are generally higher and include extra services such as meals, housekeeping and personal care.
It may be possible to access rest home and hospital care in a serviced apartment or care suite that you purchase. You then pay for care privately or via the residential care subsidy. Check details with your Needs Assessor and lawyer before making a commitment.
Things to note:
Good legal advice is vital. The Law Society website(external link) lists lawyers experienced in retirement village work or phone them on 04 472 7837.
The Commission for Financial Capability website(external link) has useful information, and publishes a booklet called Thinking of Living in a Retirement Village?
Check if the village is a member of the RVA. The association's website(external link) has information or you can phone them on 04 499 7090.
Eldernet(external link) has listings of rental accommodation in complexes or villages.