Working out the costs of moving into a retirement village? There’s a new fee calculator for that

The calculator is available on the NSW Fair Trading website and is designed to give prospective retirement village residents an estimate of their costs.

Developed over two years in consultation with both residents and operators, it offers two options – a basic calculator and a detailed calculator.

The basic one is just that – a straightforward two-minute tool designed for people who may not have visited a village yet, but are trying to figure out how much they can afford to spend.

Simply put in the location postcode, plus how much you are looking to spend on your unit and monthly fees and it will estimate the three main village fees – the ingoing fee that you pay to enter the village; the ongoing fees that are paid to cover services and maintenance; and the exit fees that you pay when you leave the village.

You then have the option to print the results out or forward them onto a family member.

Doing your sums – and your research

The second detailed calculator is for those who have already found a suitable village and requires the disclosure statement from the village that you are looking at entering.

It takes about 15 minutes to complete and calculates estimates of what you will pay for each of the main fees, plus the capital gain and sale price.

We gave both a go and found them quite easy to use and reliable too.

Of course, it’s important to seek out independent financial and legal advice before signing a village contract.

But if you’re interested in village living, it’s a good way to get started.

Check it out here.

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