Oct 17, 2017

Are Retirement Villages More Affordable Than Staying At Home?

Retirement living provides benefits and amenities in addition to independent accommodation. This analysis provides a comparison of retirement living with commensurate general residential living. These benefits and amenities are compared on a like-for-like basis using data across Australia.

The accommodation, facilities and services available in a retirement village provide amenity and quality of life. Most general residential does not offer this. A senior living in general residential would either have to compromise or pay an additional amount for the benefits provided in a retirement village.

A new report by Lois Towart at the University of Technology Sydney has found that retirement villages are more affordable than general residential homes, when you factor in the total living costs for older Australians.

The report finds that while the ownership costs of a house are lower, the real savings are provided through the lifestyle services included in retirement village living.

The report highlights the financial benefits of being in a community with health and lifestyle services at a resident’s door.

If you live outside a retirement village and you access facilities and services like swimming pools, gymnasiums, libraries, GP clinics and social activities, this report shows you’re going to probably end up paying more than it costs to live in a retirement village.

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.

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.

Report author Lois Towart said, “This research highlights the differences between the choice of retirement village living and general residential. It is based 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.

“This comparison was based on the financial and lifestyle components of retirement village living including entry price, ongoing costs, facilities and services, exit price and intangible factors.”

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement
Advertisement
Advertisement

Wound Awareness Week 2020: tackling an unnoticed crisis

The hidden epidemic of chronic wounds impacts the health, wellbeing, and finances of many Australians. Treatment and care for chronic wounds this year will consume over $3 billion from the health and aged care budgets. For individuals, the average out of pocket cost can be around $4,000 a year. Read More

COVID-19: What more needs to be done in aged care?

‘Stop the world – I want to get off’ is the title of a musical created in the 1960s. Some 55 years later as we become globally enmeshed in a pandemic the like of which none of us has experienced before, one could be forgiven for wanting to shout those words from the rooftops. I... Read More

Proposed new quality commission must be independent of government and peak body interests, expert pleads

Aged care oversight and regulation should be removed from government control, so long as no aged care providers or peak bodies have roles on governing bodies, an aged care expert has proposed. Read More
Advertisement
Exit mobile version