Retirement Villages

A survey by John Bell, senior lecturer in Marketing at Otago University to test the satisfaction levels for residents, reveals some interesting statistics.

Survey questionnaires were sent to more than 2,000 village residents and 1,310 residents responded.

Some of the key findings of this Satisfaction Survey were:

• Only 1% of retirement village residents were dissatisfied with their retirement village, none were extremely dissatisfied while 34% and 55% were satisfied and very satisfied respectively and a further 10% had no view on the issue.
  
• Knowing what they know today, 83% of the residents said they would purchase again, and only 4% would not do so - with 13% undecided.
  
• Just 3% of residents said they would like to see a major change at their village relating to maintaining or lowering the weekly service fee, while 2% or less wish to see other changes including the provision of more services or facilities.
  
• Major motivations for moving to a retirement village included the size of the house and garden at their family home, health-care on site, security and special lifestyle offered.
  
• One third of residents who responded said that membership of Retirement Villages association was important to them.

If you are thinking of looking at moving into a retirement village, Bill Duncan and Tony Fortune have had extensive experience in advising prospective purchasers in this rather complex industry.  It is essential prospective purchasers understand the bundle of rights they are purchasing and the obligations of the respective parties that make up the retirement village.

Please review articles for further information:

Choosing a retirement village: What to look for 

Considering retirement village living?: update on Retirement Village legislation

A lifestyle investment

Your rights surrounding entry into occupation right agreement