A study conducted and published in October by the University of Technology Sydney has shown that retirement living proves to be better value than residential living, once the total of costs of living and lifestyle benefits gained by individuals are evaluated.
The report produced after the study, authored by Lois Towart, finds that while the ownership cost of a residential house might be lower initially, the real savings are made when lifestyle services included in a retirement village residence are included.
The comparisons between nine retirement villages across Australia and general residential properties of a similar age, style and level of accommodation in each locality, ultimately resulted in a favorability of amenities and lifestyle services experienced only in retirement village communities - such as the vital social connections within villages, and the security and safety of retirement village living.
Ben Myers, Executive Director of Retirement Living at the Property Council of Australia, says the report highlights the financial benefits of being in a community with health and lifestyle services at a resident’s door.
“If you live outside a retirement village and you access facilities and services like swimming pools, gymnasiums, libraries, GP clinics and social activities, this report shows you’re going to probably end up paying more than it costs to live in a retirement village.
The research was also able to sufficiently represent the costs of entry prices, ongoing costs, facilities and services, exit price and intangible factors, but also demonstrated how the cost of living should be measured far more broadly beyond the assessment of village fees.
“Retirement villages offer access to facilities and services that lead to improved health outcomes and greater social interaction than would be possible in a general residential setting.
“As the research notes, these services are normally provided privately to residents, which in turn reduces the need for government-funded services and infrastructure, leading to budget savings,” continued Mr Myers.
“The report also highlights that retirement villages and seniors living communities also provide other intangible benefits, including an increased feeling of security, which is an invaluable benefit that is impossible to put a price tag on.”
