Understanding Retirement Village Costs
Understanding weekly fees, deferred management fees, and other financial considerations.
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Frequently Asked Questions
How do retirement villages work in NZ?
Retirement villages in New Zealand operate under the Retirement Villages Act 2003, offering various living options from independent units to full care suites. Residents typically purchase an Occupation Right Agreement (ORA) which gives them the right to occupy a unit. Villages provide amenities like community facilities, healthcare services, and social activities. When you leave, you receive back your capital sum minus a deferred management fee.
What are the costs involved in retirement villages?
Costs typically include the purchase price or capital sum (ranging from $300,000 to $1,500,000+), weekly fees for services and amenities ($100-$500+ per week), and a deferred management fee (typically 20-30% calculated over time). Additional costs may include body corporate fees, utilities, and optional services like meals or additional care.
What is the difference between independent and assisted living?
Independent living units are for active seniors who can live independently but want the security and community of a retirement village. Assisted living (also called serviced apartments) provides additional support with daily tasks like meals, housekeeping, and personal care. Rest homes and hospitals provide 24/7 nursing care for those with higher care needs. Many villages offer a continuum of care as your needs change.
Can I sell my retirement village unit?
You don't actually own the unit - you have an Occupation Right Agreement. When you leave, the village operator markets and resells your unit, and you receive your capital sum back minus the deferred management fee. The Retirement Villages Act protects your rights in this process. Average resale times vary from 3-12 months depending on location and market conditions.
What happens if I need more care later?
Most modern retirement villages offer a continuum of care, allowing you to move from independent living to serviced apartments, rest home care, or hospital-level care within the same village community. This means you can stay in a familiar environment even as your care needs increase. It's important to check what care levels are available when choosing a village.