3. Serviced apartments

Serviced apartments are exactly what they are called – an apartment or unit where you receive services ranging from cleaning, fresh linen and meals. Some serviced apartments also provide low-level allied care support.

The apartment may be smaller, usually one bedroom or a studio apartment, with a kitchen suited to light meal preparation only. The main meal of the day is normallyprovided in a communal dining room.

They are ideal for people living on their own and becoming increasingly frail, experiencing difficulty in day-to-day living such as shopping and cleaning the house. You have your own space but with the companionship of others in the village. Plus you have built-in support and care management as your age advances.

Operators of serviced apartments

A serviced apartment is a form of retirement village with the same contract, financial and regulatory requirements that apply.  The difference is that there will be a charge for each additional service such as laundry, cleaning and meals.

Designed to support ageing 

Serviced apartments are often physically designed to be age friendly – wider bathrooms, no trip hazards etc. 

You rent. You don’t own

Your serviced apartment is like a retirement village unit.

You rent your serviced apartment with an upfront lump sum, which is in effect rent paid in advance. 

This entry price for serviced apartments is considerably cheaper than a retirement village unit because you are receiving a significantly smaller dwelling.

Be aware that the average length of stay in a serviced apartment is four years compared to a retirement village unit which is between eight and 10 years. 

The finances

The price of a serviced apartment varies from village to village and operator to operator, depending on its location and age. Expect to pay between $200,000 and $400,000 as your upfront lump sum payment (like rent in advance).

The Contract

The contract will be similar to a retirement village contract.