Independent Living Unit/Villa
This is the most common type of retirement living. Residents must be capable of living independently. It’s not very different from staying in your own home, except that you are living in a community for retirees or over 55s. No personal services are provided, as they are in a serviced apartment, although they may be available as optional services on a user-pays basis.
Retirement living accommodation, where personal services are provided to assist you with daily living, such as cleaning, laundry and meals. You may be able to access these services as optional services at other types of retirement living accommodation. This type of accommodation is also known as Assisted Living and is generally smaller in size than other accommodation types.
Serviced Apartment living is not to be confused with residential aged care where care services are provided.
Rather than the traditional financial model of paying an entry price (and a deferred payment commonly being charged upon departure), a rental model may be available as an alternative within a traditional retirement village, or the entire community may be a rental model, where you pay an ongoing rental for your right to occupy your unit.
In a rental village (as opposed to a rental unit/s within an otherwise traditional retirement village where at least one resident has paid an entry price), you would sign a residential tenancy agreement and won’t be governed by retirement villages legislation. They’re not legally restricted to retirees or over 55s, however they may be designed and marketed towards this consumer group.
On the other hand, for a rental unit within a traditional retirement village where at least one resident has paid an entry price, you may sign a lease agreement governed by retirement villages legislation.
Land Lease Community
A community in which you lease the land/site from the community owner but own the building it sits on or lease the building from the building owner.
The entry price is the price for the house, and departure fees may apply if you sell the house to a new owner.
Land lease communities are also referred to as manufactured home parks. They may also be known as residential parks or lifestyle communities. They operate under different legislation than retirement villages legislation. They’re not legally restricted to retirees or over 55s, however they may be designed and marketed towards this consumer group.