The Financial Implications of Living in a Retirement Village: A Comparative Review of the Financial Terms of the Occupation Right Agreement

Abstract

Retirement village living is a popular accommodation choice for retired elderly New Zealanders of financial means. Retirement villages have appeal because they offer a secure and safe community within which to live, freedom from house and garden maintenance, organised social activities and access to shared facilities. They allow the elderly to maintain as much independence as they wish while at the same time reducing some of the stresses associated with home ownership and living alone.