Retirement village or lifestyle resort. What’s the difference?

Many of us have heard the terms retirement village and lifestyle resort – but, what’s the difference? 

While there are similarities between the two (in that they both appeal to older people who live independently and have communal facilities), but they differ significantly in ownership, costs, and lifestyle focus, with the key difference between the two sectors being 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. 

Key differences 

Typically, retirement villages involve buying or leasing a home on owned land. This comes with high entry fees, deferred management fees (that range from 25-35% of your original price), and exit fees. Homeowners in retirement villages are also exposed to different rules and regulations of the operator, limiting their control – financially and in their lifestyle. 

Lifestyle resorts, like Living Gems, or manufactured home parks are often marketed as ‘over-50s lifestyle resorts’. Operating on a land lease model, homeowners own the home and lease the land it sits on, while being protected under the Manufactured Homes (Residential Parks) Act 2003. The ongoing costs associated with lifestyle resorts are a weekly site fee. That means no exit fees, deferred management fees, and stamp duty. This model offers greater financial clarity, security, and flexibility.

Residents of lifestyle resorts have access to a wealth of premium facilities, including outdoor and indoor spaces and amenities. At Living Gems, the social side of resort living really appeals to homeowners, as all facilities are right on their doorstep, and it’s situated within the community. 

Living Gems locations are also ideally set in close proximity to local shops, medical centres, entertainment and attractions. Along with secure homes, our residents have the freedom to explore the nearby areas and also enjoy extended travel. 

Homeowners of Living Gems lifestyle resorts can choose from a selection of architecturally designed floor plans – all boasting quality, style and unequalled value. Opt for two- or three-bedroom designs; then they can add their signature style with a designer decorator scheme. Ultimately, this allows owners a flexibility unlike other retirement developers. 

Living Gems has standard inclusions that are guaranteed to exceed buyers’ expectations with multi-zone air-conditioning, high-quality European kitchen appliances, top-quality floor coverings, window treatments and much more.