Security, freedom from home maintenance worries, support, companionship and on-site healthcare are just some of the reasons why you might be contemplating the move to a Retirement Village. But, the implications of buying in a Retirement Village are varied and often seem quite complex. It’s not the same as buying a residential property. The most important thing to remember is that this decision is about you and the type of lifestyle you want. Here are some things to keep in mind when you’re thinking about the move to Retirement Village living.
The Lifestyle – what kind of lifestyle do you want? Think about the things that are “must haves” for you and pick a Village which enables you to achieve your goals. Look at different Villages and speak to the residents if possible, to ensure that the Village you pick ticks all your boxes.
Your Future – does the Village have Hospital or Dementia level care? If your needs change, are you able to move within the Village to a different level of care? And what costs are involved?
Ownership – there are different legal structures used in Retirement Villages with the most common being Licences to Occupy. These do not transfer ownership, as such, but rather, they confer a licence to occupy a certain unit at the Village until a given event.
The Money – make sure you understand exactly what your purchase price or “Entry Payment” is paying for. What on-going fees are there? Will those fees change? If so, how will they change? On ending your Agreement, what money will be refunded to you? How is this calculated? What costs will be taken out of any refund and when will you receive it?
The decision to move into a retirement village is not one you should rush. Take time and consider all your options. Make a checklist of the reasons for and against and involve your family and friends in your decision making process. It is also important to ensure you have the appropriate legal and financial advice.
At Harmans we have a specialist seniors team experienced in dealing with purchasing in a Retirement Village. Give our Seniors Law Team a call on 03 379 7835 to arrange an appointment to discuss your situation.
The information contained in this site is provided for informational purposes only, and should not be construed as legal advice on any subject matter.