Retirement villages in Australia are by no means lacking – there are at least a couple of lifestyle resorts in every Australian state, yet these spaces are still filling up fast. As such, the development of lifestyle villages may seem a worthwhile investment for property developers. Here are some guides that may be helpful for developing these resorts.
Lay Out Your Finances
Development projects take up a substantial amount of money. You need to assess the budget that you have and align it with the project’s scale and timeline while the project is still in the initial planning stage.
Good financial planning will ensure that you have enough money in the budget for each phase of the development and provide you with the guidance you need to have financial security to complete your project.
As an example, a financial planner may give you tips on the insurance policies and tax matters that may be relevant to you throughout the course of your development.
Know the Trends of Lifestyle Resorts
Surveys are carried out annually to find out how retirees feel about their lifestyle community and the retirement homes that they are living in.
Information from the past surveys and reports show that the upcoming trends for lifestyle resorts usually revolve around the amenities and services that you can provide to the seniors as they age, such as memory care and transportation services.
Stay up to date on the latest data and information that you can get from these surveys and more. Gather and analyze the data to make an informed prediction of the lifestyle resort trends so that you can tailor your development to meet current trends and needs.
Decide on a Retirement Resort Type
Retiree’s lifestyle communities can generally be divided into three types – fully independent, assisted living or nursing care.
An independent retirement village will allow retirees to live in their own homes or apartments, where they can connect with other tenants. Meanwhile, assisted living provides means for retirees to access health care or help with their daily life.
A nursing care type of retirement village will be similar to a hospital where seniors can receive medical care, although the village will have a live-in setting that makes the resort not as drab or dull as a hospital.
Get a Building Permit
No project developments can take place without a permit from your city council’s town planner. Apply for one with your proposal, qualifications, and any other required documents at your local council.
The application will need to include the exact location of your proposed retirement village, the project timeline, and a detailed project proposal of how you are going to complete the project in time.
Once you have the council’s approval, you can start setting up the basic groundworks involved in your project.
Take Care of Ground Stabilisation
A development project will not be safe for your workforce and its subsequent tenants if you do not start with soil stabilisation for the project grounds first.
You can start by assessing the risks of rock slides or soil slips for your project grounds, and then working on developing the resort while maintaining the natural environment around the site.
This process is even more crucial if your project site is located close to rocky areas or near the mountains. Lay out a stable foundation for your development project for an improved project success rate later on!