Many of us have heard the terms retirement village and lifestyle resort – but, what’s the actual difference?While there are definitely similarities between the two (in that they both appeal to older people who live independently and have communal facilities), the key difference between the two sectors is the contractual and financial models that apply.Whatever option you are looking at that best meets your needs, it’s important to seek professional financial advice.The Queensland Government website has excellent guides for retirees about understanding the risks of retirement units as investments.They explain that living in a traditional retirement village is not the same as owning your own home or renting. In most cases, you do not purchase the property title to the unit. Instead, you purchase a right to live in the unit and the right to benefit from the lifestyle facilities the village offers.Lifestyle Resorts or manufactured home parks are often marketed as ‘Over 50s Lifestyle Resorts’. Once a purely affordable...