Monday, April 15, 2024

Looking into building a retirement village? Here’s what you need to know

Data from government agencies and the United Nations are showing an unprecedented increase in the world’s ageing population.  The older population is growing at an unprecedented rate, with 8.5% of global citizens who are 65 years old and older. This percentage is expected to increase to almost 17% in 2050. One staggering information is the fact that older people are increasing in proportion to world population growth. Another significant data is that the ageing population is found in almost every country in the world.

One of the effects of the increase in the world’s older population is that retirement villages are growing in popularity. Many senior citizens build retirement communities or villages where they can reside side by side a retirement village could be one apartment block or a number of condominium units adjacent to each other. If you are looking into building a retirement village with your group of friends, here are some things that you need to know:

  1. A retirement village is beyond sharing costs.

Many retirees not only consider shared costs when they build a retirement village.  More importantly, it is a system of support where a group of friends share life experiences, share tangible resources such as a vehicle or Wi-Fi, and lend a helping hand to make their lives easier. Many retirement villages have residents who have close-knit relationships and who are there for each other through thick or thin.

  1. Get financing from a dedicated team that offers flexible solutions.

When it comes to building retirement villages, there are many property finance deals available today offering many different options.  Choose the best one that would fit your budget, preferences, and lifestyle. Excellent property finance providers provide flexible solutions for seniors who are planning to build a retirement village.

  1. It is better to sign a village disclosure statement or memorandum of agreement which is duly notarized by a lawyer.

Although building a retirement village with your group of friends may be considered a personal decision, it is best to protect everyone’s interests by drafting a document that details various future issues that may be overlooked such as coverage of property, what to do in case of a dispute or problem among residents, and many others.

The retirement industry is booming because the baby boomers are all getting older. The demand is still expected to rise in the next few years. This article highlights three important things that you need to remember when you’re planning to build a retirement village.

Elliot Preece
Elliot Preece
Elliot is the Editor at ABCMoney. He manages a team that writes and contributes to many leading publications across a number of industries.

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