B21 - Retirement Village

Retirement villages cater for retirees. They offer independent living options that can range from separate, compact dwellings of one to three bedrooms to apartments.

All villages have age-related eligibility criteria - some accept residents from age 65, while others accept residents from age 70.

Residents pay to live in a retirement village. Most New Zealand retirement villages work under a licence-to-occupy arrangement. The resident pays a 'purchase price', which grants them the legal right to live in their dwelling, but they do not own the dwelling. Some villages follow other arrangements, such as unit title or leasehold, while a few have renting options. Regardless of the tenure arrangement, villages also charge regular (weekly or monthly) service fees.

The term 'retirement village' is defined by the Retirement Villages Act 2003, and all retirement villages must be registered under that Act.

Pros

Cons

What do I need in order to take this option?

Could this option limit my future choices?

Homework

For more information