According to the 2024 PWC/Property Council Retirement Living Census, the average age on entry into a retirement village is 75.
This suggests people move when they’re ready to prioritise comfort, community and a lifestyle that frees them from the upkeep of a larger home. For many, downsizing in retirement is about finding the moment that feels right – whether you’re looking to the future or considering making the decision soon.
Before buying into a new retirement villa, it’s important to understand the contract, so you know exactly what’s included. The contract will outline:
Facilities and services
Emergency, medical and security arrangements
Options for in-home support or aged care accommodation if your needs change
Maintenance and gardening services
Rules about pets and parking
The key financial details – such as your entry fee, recurrent fees and exit fee
How the refund process works when you leave
Understanding the costs of buying into a retirement community is also essential. At BaptistCare, we pride ourselves on our flexible financial options, which empower you to make the choices that are right for you. At BaptistCare, these include:
Entry fee (ingoing contribution) – this is the amount you pay to secure your home in the village. This fee is refunded on departure, less the Deferred Management Fee (DMF) (see below) and any agreed deductions.
Recurrent or ongoing fees – These fees cover some big-ticket expenses, such as property insurance, rates, repairs and maintenance and capital items.
Exit fee (DMF) – At BaptistCare, we pride ourselves on our flexible financial options, which empower you to make the choices that are right for you. The exit fee, or DMF, is deducted from your refunded entry fee when you leave and helps keep your ingoing contribution lower.
