What to expect when you leave a retirement village

Leaving a retirement village is a big step, and it’s completely normal to feel a mix of emotions. Whether you’re moving closer to family, need more care, or your circumstances have changed, knowing what’s ahead can help you and your loved ones feel confident and supported as you take this next step.

The practical steps

Leaving a retirement village is different from selling a regular home. Here’s what usually it involves:

• Notify the village operator: You’ll need to give written notice of your intention to leave.
• Check your contract: It outlines what happens when you leave, including timelines, fees and how your unit will be prepared and resold.
• Final inspections: The operator may do a final check of your unit, similar to moving out of a rental.
• Financial settlement: Once your home in the village is resold, you’ll receive your exit entitlement, less applicable fees.

If your home doesn’t sell within a set timeframe, (specified in each state’s Retirement Village Act) the operator will buy it back. This ensures you’re not left waiting and can move forward with peace of mind.

Understanding the fees

When you leave a retirement village, you’ll pay a management fee. This is a capped percentage of your entry price or resale price, and it’s accrued over your first few years in the village.

This fee helps keep villages attractive, modern and comfortable for all residents by funding upgrades and support staff. In many villages, it also covers the cost of renovating and reselling homes.

To avoid surprises, review your contract early and ask the village team to walk you through the steps when it comes time to exit.

Tip: You can ask for an estimate of your exit entitlement at any time. It’s a great way to plan ahead.

Emotional considerations

Moving on from a retirement village can be emotional. You may be leaving behind friends, routines and a community you’ve grown to love. It’s natural to feel a mix of emotions depending on your circumstances.

Support along the way

You’re not alone. The village team can answer questions and guide you through each step. Your family, friends and professional advisers – such as a solicitor or financial planner – can also provide valuable support and reassurance.

By understanding the practical steps and preparing for the emotional side of the move, you and your loved ones can approach the change with clarity and confidence. With the right support, it can be a smooth transition to the next stage of life.