Are you the kind of person who should buy into a retirement village?
You might be wondering who sells the family home to buy into a retirement village?
Chances are, it's you. Certainly they are the same people who have lived in your community most of your life, meaning they are approximately the same age, with a similar financial position and views on life as you have.
How do I know this? Because generally they are moving for the same reasons you are, travelling down the same life track.
Based on our McCrindle Baynes 2011 village census of 10,600 retirement village residents across Australia, I can tell you this with certainty:
People will seek out the village that matches their needs. While 46% of people travelled just 10 km or less to their new village home, another 37% would travel up to 100 km to move into the right village. Often it was a better-priced home that left some cash for a rainy day.
People of all ages over 55 join retirement villages. 39% are aged 55 to 74 and 41% are aged 75 to 84. This leaves 19% who are 85 or older. Newly built villages generally attract slightly younger residents and older villages often attracts a slightly older resident, on average nudging 80 years of age.
Nearly all retirement village residents are or have been married – in fact only 3% have never been married. Just over 60% of new village residents are couples, most of the rest are single, having lost their partners.
New residents are also very comfortable with the concept of downsizing. Few, only 14%, purchased a village home with three bedrooms or more. The vast majority - 70% - said downsizing from the big family home was one of the main reasons they moved into a village when they did. And they wanted to make that move while it was still easy
Often health is a major factor here too - knowing that some problem might be on the horizon, now is a good time to act. 50% of new residents moved into their village within 12 months of first considering the idea. Another 40% moved between one and three years.
As you can see, it’s people from all walks of life, people looking for a community similar to themselves who move into retirement villages. It's people like you.
The old expression that birds of a feather flock together remains true, and this includes retirement villages.
The objective is planning to age well.